Forex are the biggest market in the world where trillions of transactions are executed between millions of people and the sword for this battle is the channel,
when combined with Elliot wave counts it can be lethal. In the below chart we can
see that channel played its role and price have respected the same on both
This was the
year of political surprises first Brexit and now the victory of the republicans.
Both the events exhibited a lot of volatility within the currency markets. During
the key reversal point the Elliot wave study jumps up and warns about the event
because the market has peculiar behavior of surprising and it turns when none
showed high volatility in last few months. In the month of November 2016 sharp
up move from 66.26 to 69.04 level was witnessed. Post that INR has appreciated
against USD in last 2 weeks and has moved lower from 69.04 to 67.30 level till
now. During such sharp up move and down move one should trade with strict stop
loss to minimize the risk and capitalizing on profits.
chart shows that prices are trading in minor wave v of intermediate wave v
(blue color) from the start of November 2016 which is subdividing further.
After consecutive 10 trading sessions, in last session positive attempt was
seen which has tested the high of prior bar. However by end of day prices
failed to hold at higher levels and reversed on downside which has doji
candlestick pattern. This suggest indecisive over short term.
USDINR is in range post the sharp fall and arrived near --- of prior up move.
Move below ----- will resume down move towards ----. 68 is the resistance on
mentioned research clearly highlights that we were expecting USDINR to
depreciate and prices have behaved in same manner. To trade such moves,
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