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Friday, December 13, 2013

Elliott wave analysis of EUR/AUD - More upside or top in place?

EUR/AUD:

The first target for wave 5 at 1.5356 has now been hit and exceeded, that has opened the possibility of a continuation higher towards the next target at 1.5759 (the 50% target of the distance travelled from the bottom of wave 1 to the top of wave 3 added to the bottom of wave 4).

To indicate, that wave 5 is over a break below 1.5030 is needed, but for now stay cautiously focused towards the upside, but a top is closing in fast.

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