Translate

Tuesday, October 30, 2012

Elliott wave analysis of EUR/USD; EUR/JPY and EUR/NZD

 EUR/USD - I think the Triangle concept has just grown on me. I like it more and more and I think we could see one more low closer to the 1.2860 - 1.2870 area, before wave C is done and wave D starts building. I would be looking for wave D to top out near 1.3110.
 EUR/JPY - We might see the ongoing small correction a little higher, but once it's done we should see the next powerful decline towards 101.45 on the way to the next ideal target near 100.19.
At this point only a break above 104.42 will invalidate this count and call for a new high above 104.59, but that is not my preferred count at all.
EUR/NZD - Did we see the C-leg of the expanded flat correction from the 1.5967 high end with the test of 1.5690 yesterday? It's clearly a possibility and a break above 1.5787 will be the first strong indication, that is indeed the case, while a break above 1.5845 confirms the bottom and the next powerful rally higher. However, as long as resistance at 1.5787 has not been penetrated we still could see one last decline towards the ideal target-area between 1.5635 - 1.5652, from where the next rally could commerce.

1 comment:

  1. Just found this blog. excellent article. how long have you been writing? this is good writing. are you a journalist aswell?


    limo service austin

    ReplyDelete