USDINR 10 July 2013 : Gets complicated.

 Long Term APFs

LTL of  Black APF is crucial.  If held, a new rise may be seen. 

MT APFs

A closer look on the chart above indicates that Blue APF is breached and needs to be regained, which may happen due to support of Black LTL.  If sustains below Blue LTL, the  purple APF will come into focus.

 ST APFs

Short term APFs also show that a crucial support zone was breached, which would be bearish if sustained.  Blue LTL remains the key for now.

EW

 EW has many alternates at this juncture and they all remain valid.  The correction reached 24% today, which leaves the gates open for a rise provided the breach is sustained.   Various possibilities are in the chart below:

ST Channel

The black UTL needs to be watched for an upward breach.  The presence of a positive divergence on hourly chart should also suggest that the bears should be cautious.

Wolfe Wave

I can figure out 3 bullish Wolfe waves in the short term.  The conservative WW targets 60.6+ and the aggressive may take a faster and steeper route for targets in excess of 65.

 EW Counts

Fractals of 3
i	52.89	-	55.14	=	-2.25
ii	55.14	-	53.64	=	1.5		-66.6667
iii	53.64	-	61.535	=	-7.895		350.8889
iv	61.535	-	59.645	=	1.89		-23.9392
v	59.645	-	61.895	=	-2.25		100
		-					28.49905
	T1=	62.94739	, T2=	61.895	, T3=	64.98761

Trade Setup
.
Short below 59.8 with SL 60 for target 58.5.  
Long above 59.9 with SL 59.6 (or between 58.5-58.3 with SL 57.4) for target of 60.6, 61.2 and possibly 61.9, 62.95 and 65.