The monthly chart below for AUD/INR analyses the wave structure since the bottom made in April 2001. The currency pair is showing perfect Fibonacci relationship since then.
- Wave 2 retraced 61.8% of wave 1.
- Wave 3 completed at 161.8% extension of wave 0-1.
- Wave 4 may have completed at 50% retracement of wave 3.
If the count shown are correct wave 5 is currently unfolding. The target for the same to be assessed as the move progresses.
Alternate possibility : It is possible that the wave labeled 3 in the above chart is actually a wave V of a higher degree, in which case the AUD/INR may have only completed first leg of correction and the downward trend will resume once counter trend rally is complete. This alternate count is shown in blue below. But till proven otherwise the count show in the chart above and also in red in chart below remains my preferred count.
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