Rieki challenges the INR Triangle

Mukul Pal ·

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.
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