USDINR

After a long time. USD INR broke out of its trading range. This means wave 4 has ended and wave 5 has begun.

Wave 3 had extended. So wave 5 could equal wave 01. That gives us a target of 72.
When wave 5 ends, it will also end the larger wave 3. So we could expect a prolonged correction in the form of larger wave 4.
Here are the long tern counts....

It all started in October 2007 when Dow topped out. USD INR was just 39!Now it is in the 5th wave of the Third. Since wave 2 was a complex correction, we may expect the larger wave Four to be a correction of the simple type.
That Fourth  wave  after 72, could bring in the benefits of demonetization.
This does not mean that Nifty would decrease.
One worry is that FII money would leave us, if Rupee depreciates fast  on a response to the Dollar.. This is because they are operating in Indian Rupee and they are subject to big currency risk. Their investments in US are in Dollar terms and so there is no currency risk there.
But Astro points to a rise in Equity in the first quarter of 2017.So maybe the Don would be India friendly in his policies?