With the decline at the start of todays trading session, we now have a nice five wave decline from 1,129.23 in the S&P 500. We should soon see a correction in wave 2 up towards the 1,100 - 1,106 area, from where the next decline should begin.
EUR/USD has also finished a nice five wave decline from the 133.31 high to finish wave 1 down. Wave 2 should take us up to the 130.33 - 131 area, from where the next decline should begin
Finally we have the same picture in the AUD/USD cross. From the top at 92.21 we have seen a nice five wave decline to 88.57, very close to the bottom of my target area for wave v of 1 and we should now see a wave 2 take us up to the 90.35 - 90.71 area from where wave 3 down should be seen.
With the decline at the start of todays trading session, we now have a nice five wave decline from 1,129.23 in the S&P 500. We should soon see a correction in wave 2 up towards the 1,100 - 1,106 area, from where the next decline should begin.
EUR/USD has also finished a nice five wave decline from the 133.31 high to finish wave 1 down. Wave 2 should take us up to the 130.33 - 131 area, from where the next decline should begin
Finally we have the same picture in the AUD/USD cross. From the top at 92.21 we have seen a nice five wave decline to 88.57, very close to the bottom of my target area for wave v of 1 and we should now see a wave 2 take us up to the 90.35 - 90.71 area from where wave 3 down should be seen. 
I can now see five minuette waves up off the 88.57 low for Minute wave A on the AUD/USD.
ReplyDeleteWe hit the lower end of the target range, and should roll nicely into the higher end of your projection area over the next few days as Minute B & C form a zig-zag correction to make up Minor wave 2...
Your analysis is great, and really helpful...thanks. It's very detailed, and it's great to get a view of the big picture as well as the detailed minor & minute waves unfolding ...much appreciated :)
Jem
Hi Jem
ReplyDeleteI agree that it's possible to count five waves up from 88.57, but notice, that the possible wave 4 is overlapping wave 1, which is not allowed. So the most likely scenario is that we are looking at a double zig-zag. One could easily argue, that the second zig-zag ended at 90.82 and we should soon see a break below 90.11 to confirm that. If support at 90.11 isn't broken soon that could mean, that we need a rally higher towards the 91.03 area, before minor wave 2 is finally over.
So the key is support at 90.11, keep an eye on that.
EWS
Right, I see! I'll watch that line...
ReplyDeleteThanks,
Jem
Excellent one EWS...! Kudos!
ReplyDeleteI have a similar view on AUD|USD
http://ewforecasting.blogspot.com/2010/08/audusd-daily-hourly-updated.html
Cheers,
Aurum