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 that a relatively deep weakness as an impulsive wave(C) is likely in progress.
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.