Elliott says
1. Wave 5 in commodities is extended because of fear . Since INR dependents on crude so wave 5 is extended .
2, Truncated wave 5 , Ending diagonal , extended wave 5 result in a sharp correction . If wave 5 is extended it will correct to wave 2 of the same degree.
3. In commodities post triangle thrust is an extended wave 5 . In this case triangle can be disputed but I feel that is the only feasible explanation.
Further
We are having a positive RSI Divergence in wave C . So strength in INR seems to be coming to and end .
Conclusion -- I feel currency volatility is over . INR will depreciate gradually .
Regards
1. Wave 5 in commodities is extended because of fear . Since INR dependents on crude so wave 5 is extended .
2, Truncated wave 5 , Ending diagonal , extended wave 5 result in a sharp correction . If wave 5 is extended it will correct to wave 2 of the same degree.
3. In commodities post triangle thrust is an extended wave 5 . In this case triangle can be disputed but I feel that is the only feasible explanation.
Further
We are having a positive RSI Divergence in wave C . So strength in INR seems to be coming to and end .
Conclusion -- I feel currency volatility is over . INR will depreciate gradually .
Regards