USDINR: At a crucial point

Both the counts of USDINR, which I had mentioned in my last post on USDINR : Technical Perceptions, still remain valid.  However, USDINR is currently knocking at a crucial door to open the flood gates for the count that was mentioned in blue.

At this juncture, the blue TL shown in the chart above, needs to be re-captured by the bears.  Coz if it went to bulls, there will be a decent possibility of USDINR continuing the rise.  A confirmation will come when 55.38 also is taken by bulls.

Trade Setup.  For Bulls, Longs can be initiated above the blue line with SL below the Black LTL for a targtet of 54.87, 55.62 and 56+.

For Bears, shorts can be initiated either below Blue TL or Below Black TL with SL just above the respective TLs for a target of 52.88, 51.36 and may be lower.