A bearish explanation on this elliottchart :

After five impulsive waves up from May 2009 to Jan 2013 peak at 3970, USDIRR is likely to correct in three waves [ leading diagonal (A) – Zigzag (B) – (C) ], and ultimately will retest extreme of its previous fourth-wave at 2644 .

Currently, the recent weakness of USDIRR is likely as an initial subwave down of impulsive five-waves sequence (c).

Note : The leading diagonal wave(A) before the corrective wave(B), as a bearish concept, would suggest a relatively deep weakness as an impulsive wave(C) is likely ahead.

Fibonacci targeting :

The ultimate target for the wave(C), could be around 2500 where establishes an equality ratio with wave(A), near the area of previous fourth wave.



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