USDINR 25 August 2013 : EW Counts Revisited

The price action in USDINR far exceeded my perceptions posted at USDINR 12 Aug 2013 : Peaking out and prompted me to revisit the EW setup.  A fresh look after seeing data for past 15 years revealed the following:

The larger frame work....
 



















A closer view...


















EW counts :

I	39.48	-	51.94	=	-12.46
II	51.94	-	43.225	=	8.715		-69.9438
III	43.225	-	69.5	=	-26.275		210.8748**

Fractals of III

1	43.225	-	53.74	=	-10.515
2	53.74	-	48.57	=	5.17		-49.1679
3	48.57	-	69	=	-20.43		194.2939**

Fractals of 3

(1)	48.57	-	57.335	=	-8.765
(2)	57.335	-	51.36	=	5.975		-68.1689
(3)	51.36	-	65.561	=	-14.201		162.0194**

Fractals of (3)

i	51.365	-	55.875	=	-4.51
ii	55.875	-	52.89	=	2.985		-66.1863
iii	52.89	-	61.53	=	-8.64		191.5743
iv	61.53	-	58.6	=	2.93		-33.912
v	58.6	-	65.57	=	-6.97		154.5455**

Max 65.9.  But if v started from 58.66, it may go upto 59.96 (which should be the basis for SL)

Fractals of v
  

(i)	58.6	-	61.905	=	-3.305
(ii)	61.905	-	60.245	=	1.66		-50.2269
(iii)	60.245	-	65.561	=	-5.316		160.8472
(iv)	65.561	-	63.206	=	2.355		-44.3002**
(v)	63.206	-	65.89	=	-2.684		81.21029***

** In progress
*** Projected.

(iv) may be over, but has scope to go down till 61.905.
(v) should not go over 65.9/65.96 based on count at one degree higher.
(iii) is not yet extended but it would be extended if v started from 58.66.  In other possibility, (iii) could be extended with respect to (v), as it remains restricted to 65.9/65.96

Based on these counts, shorts could be initiated above 65.57 with SL of 65.96/66.01 for a target of 60.