Monday, December 10, 2012

Elliott Wave Analysis on EUR/JPY and EUR/NZD

 EUR/JPY

As we have seen a 23.6% retracement of wave i of 3 we could have seen the end of wave ii. However, it would take a break above 107.08 to ease the downside pressure and more importantly we need a break above 107.67 to confirm the bottom and at the same time indicate that wave iii of 3 is developing. That said, we shall remember that we are in wave 3 and correction during wave 3 tend to be small and even sub-normal. As long as we have not broken above 106.67 we must accept, that we could see a deeper correction of wave i down to the 38.2% retracement target at 105.04 before wave ii is finally over.


EUR/NZD

I'm still looking for wave ii to end soon as the room towards the downside is becoming very limited. Therefore I'm looking for a reversal above minor resistance at 1.5543 as the first minor clue, that a bottom is in place. However I would like to see a break above 1.5602 before I feel more confident that wave ii is indeed over and wave iii of 3 is developing towards 1.5927 and higher. The good thing is, that we know exactly where our invalidation point is. A break below 1.5390 will invalidate our count and call for a much deeper decline towards the bottom at 149.67 and maybe even lower.

5 comments:

  1. Hi EWS As far as I am concerned it will break below 1.5390 through 1.5250 Because one more low should be needed before the expanded flat is completed because last correction was lower than point A but it did not manager to break below current break below this point wil point provide a good shorting opportunity with stop around the 1.5615 for a move towards 1.5250 and Lower. Rest You know better I am trading waves since last 5 years But you are one of the best I have seen

    Please do post gold chart

    Regards

    Aman

    ReplyDelete
  2. Please do post you gold chart next time you have time as I would like to see One more leg downwards because 1711 is broken on daily.

    Request

    Regards

    ReplyDelete
  3. Hi

    See my chart


    ؟؟؟ it is possible

    http://im26.gulfup.com/gZIC1.gif


    Thank you

    ReplyDelete
  4. Hi Ahmad,

    Yes that's a perfectly valid count.

    You know if/when you are wrong, so stay with your count.

    Kind regards
    EWS

    ReplyDelete
  5. Hi again Ahmad,

    With the break above 107.17 your count was invalidated and you should now switch to you preferred alternate count.

    Kind regards
    EWS

    ReplyDelete