EUR/USD - Blue wave 4 needed on last rally to 1.2671, ideally we should now see a break below support at 1.2434 to confirm that wave 4 is done and blue wave 5 down towards 1.1994 is under way.
USD/JPY - There is a possibility, that minor wave ii is already done a wave iii towards at least 81.23 is under way. A break above resistance at 79.78 will be the first indication that wave iii is under way.
AUD/USD - Is have been asked how I find the extension target of wave iii at 0.9449. What I do is calculate the length of wave i from 1.0856 to 1.0221 = 6.35 I then multiply 6.35 by 1.618, which gives me a sum of 10.27, which I then subtract from the high of wave ii at 1.0474, which gives me a target of 0.9447 to be precis. Normally I just let my charting system do it for me and the can be a minor difference between the to outcomes, but this is not an exact science, so use the calculation as a possible target. There is also the possibility, that wave iii extends more than 1.618 times wave i as it could extend to 2 times wave i or even further to 2.618; 3.0; 3.618 or 4.236 times wave i. There is no way telling which extension target is the correct one.
We most likely have seen red wave iv end at 1.0008 and should expect a break below 0.9817 as first indication, that red wave v down to 0.9449 have begun.
EUR/JPY - Wave 4 down most likely ended at 100.88 and we should soon see a break below 98.55 as first indication, that wave 5 down towards the ideal target at 94.58 is under way.
EUR/NZD - We have seen a break below 1.6259 telling us that we are in a expanded flat correction. Ideally we will see wave b end near 1.6225 for a rally in wave c towards the ideal target-area between 1.6533 - 1.6544, from where the next impulsive decline can begin.
Thanks for explaining the fibo extension i really appreciate . if you wont mind when you say that aussie to break below 0.9834 but the channel support is around 0.9880 and it broken and went back to 0.9834 then it retraces to the broken trendline resistance and now holding . The only reason I find out you wrote the post afterwards that final leg towards from 0.9834 to 0.9905 area and Now you are looking for price to move back to 0.9834 and broken for a final decline towards the targets
ReplyDeleteSorry to bother you if you can mention I would really appreciate As I have just started marking the waves and learn lot from your blog. We all from India a Bundh of more than 20 Individuals watch your blog everyday
Thanks from All
Take care and keep posting
Hi Amanarora,
ReplyDeleteYou are always welcome to ask me anything.
I know that I sometimes take things for granted, which should be explained better, if I do that don't hesitate to ask.
If you haven't already read Precther's book "The Elliott Wave Principle - Key to stock markets profits" you should do so.
You can read it here for free: http://www.elliottwave.com/club/elliott-wave-principle/default.aspx?code=47572
I would also like to draw your attention to Ramki N.Ramakrishnan book "Five Waves To Financial Freedom" you can find it here http://www.amazon.com/Five-Waves-Financial-Freedom-ebook/dp/B005JC5WWU/ref=tag_dpp_lp_edpp_img_in#_
This book is the icing on the cake, when you have read Precther's book, Ramki connects all the missing links in a very easy to understand way.
Ramki's book is a Kindle version, but you don't need to buy a Kindle to read it you can download a PC-version here:
http://www.amazon.com/gp/feature.html/ref=dig_arl_box?ie=UTF8&docId=1000493771
Reading these two books will give you an almost complete insight to the Elliott Wave Principle.
All the best
EWS