USDINR Elliott Wave analysis for 26-09-2012

USDINR pair seems to have completed a correction at yesterday's low near 53.3056. Now it might start a journey up. This could be either wave b of wave 2 or it is the beginning of another impulsive move up. In either case it may retrace a minimum of 61.8% of the recent fall. If this is the 3rd wave, then it will be more violent and will travel a large distance in s very short span of time.

The correction a-b-c had an impulse in wave a. A beautiful triangle in wave b. Another impulse in wave c. This most likely confirms that the current correction is over.