USD/INR an Inverse S/H/S bottom is building
I'm still looking for acceleration higher towards 63.49 and higher to 65.17, but we need to allow for the right shoulder to finish completely before the expected acceleration higher will take place.
From an Elliott Wave perspective, the rally since the late May low at 58.22 has developed nicely into a series of waves one's and two's. Once this phase of one's and two's is over, we should see a strong impulsive rally in wave three, with the first upside target being 63.49, but longer term even the August 2013 top at 69.22 should be exceeded.
Short term support will be found at 63.14, which ideally will protect the downside for the rally above the neckline resistance at 62.01, but only a break below support at 60.64 will be of concern.
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