USD -INR

The expectation of a normal wave 2 was not normal here. The 20dma has pushed it into an extended rally. USDINR now has a target of 48 for wave III and 49.5+ for wave V by the time it s complete. Lots of room to go before a meaningful halt here. The fall in volumes which in the past always triggered a correction did not work here, the sheer buy ing on the wedge breakout was enough to push prices up on the least of buying due to lack o f sellers it seems. Makings of a short squeeze, overbought readings won t work here except for one day corrections. The Dollar index is heading towards 79.8 in the coming days ahead. The questions to answer are 1) What shall be the impact on the economy? What about the crude imports?? 2) Where will precious metals/ base metals go??? 3) Will it lead to panic selling by the FII s???