EUR/USD - With a low at 1.2160 on Friday, just 4 very small pips above the ideal target at 1.2156 and odds do favor, that blue wave iii is done and blue wave iv towards 1.2362 - 1.2404 have begun.
NZD/USD - Has now entered the target-area between 0.7965 - 0.8011 and risk is again turning towards the downside. That said before the pressure towards the downside really takes over we should expect one last push closer to the upper part of the target-area near 0.8011. The next decline should be very dynamic and powerful as it will be wave iii down from 0.8074.
EUR/JPY - Here we should be looking for some kind of complex and shallow blue wave iv setting the stage for the last decline towards the ideal target near 94.58 to end the entire decline from 111.43.
EUR/NZD - Did we see the final bottom of the decline from 1.6969 at 1.5311 on Friday or do we still need one last decline into the 1.5205 - 1.5245 area before the decline is finally done? As long as minor resistance at 1.5410 protects the upside we could see one last push towards the 1.5205 - 1.5245 area, but a break above 1.5410 should turn your focus towards the upside and a break above 1.5505 will be the deciding factor and call for a rally towards 1.5808 - 1.5885 as the first upside target-area, but the coming rally should be much bigger once it gets going.
Dow Jones Industrial Index - Important support at 12,450 still hasn't been broken, which leaves us with two possible counts. The first (shown above) is that we have seen a series of wave one's and two's. If this is the case we should not see a break above 12,830 if however resistance at 12,830 is broken the second count will see one last rally higher towards 13,029 before down through support at 12,450.
Gold - Has staled at 1,59650 just below its target-area between 1,598 - 1,604. We still could see one more rally into the ideal target-area, but risk is clearly turning towards the downside again.
In the bigger picture we are still capped above important support at 1,521 and only a break below here will turn the tide and call for a much bigger decline.
Crude Oil - Has just finished a double zig-zag correction from the 84.00 low, which marks red wave ii and we should see pressure build towards the downside for a break below support in the 84.00 - 84.21 area for the next decline into the ideal target near 72.00.
Hello EWS
ReplyDeleteI would like to comment on your current eur/usd elliott wave count.
The second wave has retraced more than 61.8% thus wave 4 would likely retrace 31.8% OR less.
As for now, Eur/usd is surely finishing double zigzag formation from 1.216 low area ! now @ 23.6% 1.22770. Well, the 5th wave would likely start from 1.229.. area..
I am student and have learnt a lot of things from your blog!
Hi
ReplyDeleteThank you. I'm just happy if you can learn or take anything with you from my work.
I totally agree with you, that wave four should be a shallow correction. I can see that we have tested 1.2313 overnight and still think there is a possibility for wave four to get closer to 1.2362,but we have entered the zone from where wave five can begin any time now.
Kind regards
EWS