1. Sir,
    first of all thanking you for introducing us to such a wonderful simple interpretations of elliottwave never thought it could have been this simpler. Thank you once again.
    secondly if you can look at the monthly chart of rupee since 1995 there might be a remote possibility that rupee has made a long term high where in rupee was in a diagonal pattern of 5-3-5-3-5 which might have ended at the previous high. the previous highs being 52.72 52.35 49.16 all were impluses 5 waves up and there subsequent corrections have been in three waves. if this has any credibility could you please let me know and if not what would be right wave count in the medium to long term. thanking you
    regards dipesh shah

    1. Dipesh, My approach to EWP is any analysis should have a value in terms of how we can make money for ourselves or our employers. For this reason, I don’t spend too much time on monthly charts. Besides, it is always possible to come up with patterns or relationships to suit one’s fancy. For example, someone is touting the view that the NSEI is having a huge head and shoulders pattern where none exists. So be wary of falling into the trap of too much useless analysis. Regarding the diagonal triangle, I suggest you revsit my book on where a 5-3-5-3-5 diagonal triangle will show up, and how to deal with it. Good luck.

  2. Wow!, 52.78/52.83 are taken out!!
    Unreal. EWA is becoming almost like fortune telling – kind of forecasted the outcome of EU meeting over the weekend. (My assumption is since EU meting did not resolve the crisis effectively, Euro fell and hence Rupee followed) .
    Or is it that what would have happened in normal world over very long period of times (like months / years) is happening now in weeks? – Any comment?

    Thanks for wonderful analysis.

    1. Hi Satya, your assumption is partly correct that he Usd strength is impacting usdinr as well ( in addition to India centric issues). EWP does a god job of guiding us what to expect, but remember it is not a forecasting tool, rather it allows you to assign probabilities more effectively.

  3. Great Sir today hit Your first target , I think wave 5 finished here. I dont expected your second target . God only Knows…………..

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