EUR/USD - We have seen the expected correction back to the top of the correction-area I mentioned on Friday. This should be correction enough to challenge the downside again, this time for a break below 1.2640 towards 1.2588 in green wave v and blue wave iii.
USD/JPY - Odds favor that wave
2 ended at 78.96, just above the ideal target at 78.86. However we need a break above 79.45 to get the first good indication that the bottom is in place, while a break above 80.55 confirms the bottom and that a new impulsive rally have begun.
AUD/USD - It have been some time since i have last talked about the Aussie dollar (See the post here
http://theelliottwavesufer.blogspot.com/2012/04/elliott-wave-analysis-on-eurusd-usdjpy_24.html). However my count hasn't change only that we are in the later part of wave iii and soon should see support at 0.9653 tested on the way to the ideal target for wave iii at near 0.9445.
Short term resistance at 0.9868 should ideal protect the downside, we must accept a move towards 0.9963 before down.
Crude Oil - Is just about to end wave iii down from 110.55 at 90.44, from where a correction towards 94.16 and maybe even 96.84 should be seen before wave v take us down below 90.44 for a decline to at least 85.39.
Longer term a much bigger decline is expected.
No comments:
Post a Comment