USDINR: Has Rupee Bottomed Out ?

USDINR WEEKLY CHART

Startng from lows of Aug 2007 at 39.06 wave 3 is nearing completion, if it happens to be a normal wave i.e. 161.8% of w1.  

The wave 3 in the weekly chart can be still shown as incomplete (if we go by the form i.e. looking for 5 waves within wave 3 with 3(iv)  and 3(v) yet to be done)  it would be suggestive of greater weakness in the rupee.  For the present I am  assuming that  W3 is likely to close nearer to 161.8 of W1  on weekly chart, and discarding the form.   We can see a slow and grinding larger wave 4 recovering upto Rs 57.

The internal strucutre as seen in hourly chart shows that there is still a small upmove pending and which is likely close around 67.  Expect a mild recovery closer to 63.08 - 62.33 ranges and a final push to 66-67 before a decent recovery in Rupee begins. 

USDINR  HOURLY CHART