Decoding USDINR with Elliott Waves: A Comprehensive Analysis

18 déc. 2023

Decoding USDINR with Elliott Waves: A Comprehensive Analysis

Weekly Perspective:


Daily Perspective:


4 Hourly Perspective:


Hourly Perspective:


Current Stage: Inside iv of (c) of 2 of ((1)) of wave V of wave (III).

Current Bias: Presently showing a bearish inclination on the hourly chart.

Future Outlook: Post the completion of wave (c) of 2 , a potential swing towards the north is anticipated.

Invalidation Level: Post starting journey towards north Strictly set at the recent swing low of (c) of 2, serving as a critical point for the bearish bias. If breached, it might prompt a re-evaluation of wave counts on the hourly time frame.

Elliott Wave Concept:

Elliott Wave Theory proposes that market prices unfold in specific patterns, providing insights into potential future price movements.
It identifies waves of various degrees, each with its own subdivisions, illustrating the cyclical nature of market psychology.
Corrections, labeled as 2 or (b), are temporary pauses in the prevailing trend before the larger trend resumes.
Validation of Elliott Wave counts often comes from adhering to strict rules and guidelines, including confirmation of trend reversals and respecting key invalidation levels.

Conclusion:
The USDINR pair, as per Elliott Wave analysis, is currently navigating a complex pattern with bearish signals on the hourly chart. However, the prospect of an upcoming swing towards the north is plausible post the completion of wave 2. Traders are advised to closely monitor the invalidation level as it holds the key to potential shifts in the Elliott Wave counts.

I am not Sebi registered analyst. My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses.

Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business.
If you treat like a hobby, hobbies don't pay, they cost you...!

Hope this post is helpful to community
Thanks
RK💕

Disclaimer and Risk Warning.

The analysis and discussion provided on in.tradingview.com/u/RK_Charts/ is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.