Today's Support and Resistance Levels:
R3: 134.95
R2: 134.43
R1: 134.00
Current Spot: 133.85
S1: 133.56
S2: 133.05
S3: 132.68
Technical Summary:
As important support at 132.70 held for a new powerful rally above resistance at 133.56 (neckline of an inverted S/H/S bottom - see the 15 minute chart below), we had the confirmation we needed to say that the bottom was in place. It also meant, that my slightly preferred 1-2/1-2 count has turned out to be the correct count. This means we should now see a series of powerful wave three's unfold higher towards at least 137.45 and probably higher.
Short term we now will find support at the inverted S/H/S neckline at 133.56, which ideally will protect the downside for a continuation higher towards 134.43 and 134.95.
EUR/JPY 15 minute
Today's Support and Resistance Levels:
R3: 1.6542
R2: 1.6473
R1: 1.6407
Current Spot: 1.6392
S1: 1.6368
S2: 1.6329
S3: 1.6302
Technical Summary:
We saw a attempt top break clearly above resistance at 1.6380, but it was not successful, instead we are seeing a consolidation just around this resistance, but it should only be a matter of time before we will see the next rally higher. Short term we will see a slight downside pressure as long as minor resistance at 1.6407 protects the upside, which could cause a move towards 1.6329, but from there or upon a break above 1.6407 the upside is open again for the next rally higher towards strong resistance at 1.6542.
Good morning EWS:
ReplyDeleteI think thereis a b-wave triangle in the chart, but it is not important...
http://www.mql5.com/en/charts/810079/eurjpy-m15-metaquotes-software-corp-temp-file-screenshot-44717
Hi Manuel,
DeleteI agree with you. I think it's a B-wave triangle too. If it has been a wave 4 triangle I would have expected a more powerful thrust out of the triangle.
Thank you for the chart. I think you have nailed this Count.
Kind regards
EWS
Hi EWS
ReplyDeleteThanks for the eur/jpy update a break below 133.56 tells us that another 12 or you know will turned up to leading diagonal scenario. Because it is really pain when you look to enter with tight stops and stops get hit. And that has been the case with eur/jpy and I am still looking for entry
regards
Hi Aman,
DeleteYes we have seen some unexpected moves, but nothing out of the ordinary. A break above 134.00 will trigger an even bigger S/H/S and I belive that's what we are aming for.
Regarding your stop. I think we all have had our stop placed a bit to tight, but that should not discourage you.
You could buy close to 133.27 (aggressive trade) with a stop at 132.90 or you could wait for a break above 134.00 with the same stop expcteing to move it higher quickly.
Kind regards
EWS
you are the master!!!!
Delete