The wave 4 triangle is still unfolding. We are currently in wave d of the triangle, which I expect will move higher towards 129.45 and possibly closer to 130.00 before terminating and the final e wave takes over for a minor decline towards 129.00. Once the e wave is done we expect a thrust out of the triangle towards the upside for the final rally higher towards 135.47, which will terminate the entire rally from 94.10 and wave (1) or A. Short term we are looking for minor support at 127.85 to protect the downside for the next rally higher. A break above 128.42 will be the first indication that the rally towards 129.45 is under way.
We have finally seen a clear break above the decending channel, which confirms my long term bullish view. Short term I expect support at 1.5484 to protect the downside for a continuation higher towards at least 1.5601 and likely even higher towards 1.5675. From 1.5675 we could see a minor set-back towards 1.5484 again before the next powerful rally higher. That said, I would like to point out, that we are in wave iii and corrections can easily be sub-normal as we saw yesterday, where there was no time for a set-back to 1.5324 before the continuation higher.
My long term forcast for EUR/NZD can be seen here: http://theelliottwavesufer.blogspot.dk/2013/03/long-term-elliott-wave-analysis-of.html
Hi EWS big push down i think from news out today on eurnzd would you still be looking to buy at these current levels (i.5380)
ReplyDeleteBest Regards JT
Hi EWS ,
ReplyDeletePlease advice how do we go about with the large fall seen in EUR/NZD . Do we consider this fall as wave 2 of 3 and how far down can we expect this correction.
Regards,
Kiran
Hi EWS,
ReplyDeleteIt appears that SPWR just went into wave 5.
What would be a logical pullback? Or do you need to see where wave 5 ends first?
Also,
ReplyDeleteIs it possible that wave 5 already completed at the high of 13.88? And now we are in a Major wave 3?
Hi JT and Kiran,
ReplyDeleteSorry for the late reply, but I had a meeting to late last night.
I think my update today answers all your questions.
Looking at the price-action one should believe that the rate cut from ECB was a major surprise, but it wasn't. Almost all Economist had expected the rate cut, but was is more important I have yet to see a trend be changed due to rate cut or a publication of a economic key figure. The Market simply doesn't Work this way.
Kind regards
EWS
Hi Todd,
ReplyDeleteI think you wave 5 call is the correct one and the logical conclusion will be, that we should expect a top soon and the a pullback towards the former resistance-line, which has now turned into a support-line.
See my post for a better indication of what I'm expecting.
Kind regards
EWS