Dollar Rupee Chart(Fig 1)
The above shown diagram is a dollar rupee chart which is currently at 45.88 .I have inverted this chart to make some comparisons.
Elliott Wave Principle ( Fig 2. It has 3 figures inside labeled as fig 2.1 ,2.2 ,2.3 drawn from top to bottom)
If you compare Fig 1 of inverted dollar rupee chart and Fig 2.1 ,we can see that its exactly the same and I have labelled too for more understanding.
Now we have completed Fig 2.1 and we are currently at point 3 labeled in Fig 2.2 because Fig 2.2 is extension of Fig 2.1.
So the conclusion is we are following this theory from last 1.5 years so we assume that it can follow this again till we find any aberrations.So If the rupee appreciates from here on the first target for dollar rupee is 40 in next one year and then 35 within 2 years.
(Disclosure: These views are my personal views which can be right or wrong and I am not responsible for any profit or loss made using this info.)
Reference for Elliott wave Principle
