EUR/USD - With a low at 1.2223 blue wave b could be in place, but as long as minor resistance at 1.2290 protects the upside we still could see a deeper decline into the ideal-target area between 1.2174 - 1.2215, before blue wave c takes off to the 1.2522 area.
Dow Jones Industrial Index - Not much new to add here. We could have seen the end of wave 2 with the test just below 13,090 or we might need a slightly higher rally towards 13,187 before the top is in place for a break below 12,830 to confirm that wave 3 down is under way.
Gold - Are a rally higher towards 1,680 in work here or has we seen a top at 1,629? As long as support at 1,597 protects the downside we should accept the possibility for a move higher towards 1,680, but a break below 1,597 will ease the upside pressure and call for a test of 1,580 on the way to 1,547 and all important support at 1,521.
Silver - See my post from July 3 here first:
http://theelliottwavesufer.blogspot.dk/2012/07/i-am-back-from-vacation.html
With the break above minor resistance at 27.31 we should expect wave B towards resistance in the 29.80 - 30.47 area, from where wave C down should take over. The big questions is of cause if we will be able to break below support at 26.00 and more importantly 21.24, but time will show.
Crude Oil - After a perfect test of the ideal target-area for red wave ii at 90.95 we should now be looking for a break below support at 89.04 as first good indication, that red wave iii has taken over for a break below 86.84 for a continuation towards 83.65, 77.28 and long term target near 72.00.
Hi Sir ..........How are you. Your count for Eur/usd and nzd usd was a perfect call........bagged 100 + 70 pips But I want to take a position for long term and I am eyeing nzd/usd As per your analysis you look for eur to target 1.2522 but if euro breaks 1.2175 then do you think that minor correction of wave 4 is over and we are set for another euro ride towards 1.2060 and below............Please thats a request to post the analysis and if euro to go up correcting then 90% of chance that Kiwi will follow it and target 8205 area But I am looking for it to stop at 0.8110 and 0.8130 area and then come down and break support 0.8066 which hold yesterday after Benny's farted again........
ReplyDeleteThe best scenario is usd/cad which is playing well according to our plan which should target 1.0120 area and possible final decline for c wave which would be the final leg of z wave zigzag and then we will see a rally in usd/cad and possible the start of crude decline as well as these two are highly correlated........
Once again thanks thanks thanks a lot for updating you charts daily..........And if you can and have time then post Dollar index chart as well as We would like to know the possible scenario for dollar strength as it is holding above 82.50 area for new rally
Regards
Hi Aman Arora,
ReplyDeleteCongratulations with your trade - Well done!
Regarding EUR/USD I would not consider the correction from over just because we break below 1.2175. A break below 1.2175 will delay the rally towards 1.2522, but that's it.
In regards to EWP the clear five wave rally from 1.2040 to 1.2389 should be followed by a three wave decline (ongoing) and the we should see an other five wave rally in a simple zig-zag correction. That said this simple zig-zag will most likely just be the first part of a more complex correction (flat or expanded flat) so one we get close to the 1.25 area we should be looking for a new decline towards 1.2040 and maybe even below, but time will show.
It seems as USD/CAD has found its bottom at 1.00, which I warn could be a possibility as the c-waves all have been minor to the a-waves.
If a new impulsive rally have begun in USD/CAD, then we should ideally see support in the 1.0024 - 1.0031 area protect the downside for a rally towards at least 1.0119 and possibly higher.
Therefore buying USD ag. CAD near the 1.0024 - 1.0031 area should pose a low risk - high reward opportunity also in the longer term.
I will take a look at the Dollar index and update later today or tomorrow.
Kind regards
EWS