Friday, August 8, 2014
Elliott wave analysis of USD/INR - The 161.8% extension target at 61.78 almost tested
Since my last update on July 31, we have seen a perfect impulsive rally and is sitting just below the 161.8% extension target at 61.78 (the high till now has been 61.73). Even if we does see a set-back from 61.78, it should only prove short-lived and it should just be a matter of time before the next impulsive rally breaks right through resistance at 61.78 for a continuation higher to 62.93 and possibly even higher.
Short term support will be found at 61.19
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