Rieki challenges the INR Triangle

Elliott Triangles are five legged continuation structures that are one of the higher integrity patterns i.e. they have a higher chance of resolution. In this case up (illustration). However, that’s not what happened. Though as eager Elliotticians we were watching the triangle (which also failed us), we somehow ignored Orpheus Rieki which was clearly suggesting a topping structure. The INR USD Rieki continues to top suggesting that INR USD may have further down to go. Sub 45 prices could dip to 44 now that the high integrity five legged triangle has failed.
EUR and GBP moved up, Reiki is non confirming implying a completing structure. As anticipated JPY has bounced back sharply confirming the upmove being indicated by Reiki. The pair now seems headed towards 88-89. Key Reversal on weekly chart is further confirming the view.
AUD continued higher with its complex corrective. However with Reiki failing to confirm the new high, we continue to look at a completing structure.  CAD continued to strengthen. With Reiki bottoming the pair seems headed towards parity. CHF Reiki also points lower. We continue to look at a completing structure and expect the pair to head towards 1.06.
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Jyoti Nangrani, CMT (Chartered Market Technician) from the Market Technicians Association. She has 5 years of experience in Technical Analysis covering Equity and Commodity markets. She holds a Masters diploma in E-Business and is currently pursuing the MS Finance from ICFAI, Hyderabad. She is a Technical Analyst at Finquest Securities Pvt Ltd on the Institutional Desk. She worked as a part of the core strategy team at Tower Capital devising CRM and MIS systems for Debt/Equity and Commodity divisions. She is passionate about Technical Analysis and considers it an extremely valuable skill in current times. Jyoti covers Forex in her weekly columns.

Performance cycles is a term coined by Orpheus Capitals. This is another name for time triads, time arbitrage, time fractals but expressed in terms of relative performance. It’s a bounded oscillator that moves in a range say from 1 to 30. 1 is top relative performance and 30 is worst performance. The idea is that performance is cyclical. A top performer will underperform in future and vice versa. A top relative performer is also the worst value pick and the top relative underperformer is the best value pick.

WAVES.FOREX is a perspective product published TUE and THU. The report highlights the top traded FOREX PAIRS (e.g. Euro, Dollar, Yen, Indian Rupee, Romanian Lei, Swiss Franc and Dollar Index) The product highlights Primary (Multi Month) and Intermediate (Multi Week) price trends. The report illustrates key price levels, price targets, price projections and time turn windows. The product uses Elliott waves, traditional technical analysis tools and sentiment indicators. REUTER RICS: EURRON=, RON=, JPY=, INR=, HUF=, HRK=, GBP=, EURCHF=, CHFRON=, CAD=, =USD, EUR=

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One Response to “Rieki challenges the INR Triangle”

  1. arun kumar says:

    fantastic work.

    looking forward to see your forex report.

    have a nice day

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