Today's Support and Resistance Levels:
R3: 142.02
R2: 141.78
R1: 141.49
Current Spot: 141.31
S1: 141.09
S2: 140.79
S3: 140.49
Technical Summary:
We are clearly in wave iii lower and should see resistance at 141.49 protect the upside for the next decline lower towards 139.89. Looking at the larger picture (please see the chart below), we have a clear five wave rally of the 94.10 low to the 145.69 top. For the coming weeks/months I will be looking for a major correction towards the 38.2% corrective target at 125.99, but already at the 23.6% corrective target at 133.52 strong support will be meet.
Today's Support and Resistance Levels:
R3: 1.6403
R2: 1.6363
R1: 1.6340
Current Spot: 1.6310
S1: 1.6268
S2: 1.6223
S3: 1.6187
Technical Summary:
Red wave v extended its decline, but after one more new low closer to 1.6223 we should see a correction higher to just below resistance at 1.6575. Looking at the larger picture, I'm looking for wave C lower to 1.5793 in a zig-zag correction. Wave A of this zig-zag correction was pretty straight forward and it seems wave C will be pretty clear wave too, but wave B was a bit of a nightmare to read as it became a complex expanded flat correction.
Hi EWS,
ReplyDeletethanks a lot for the update. What do you think about NZDJPY? I am currently short with a stop at the recent high.
regards,
HaiGo
Hi HaiGo,
DeleteI think you have already gotten your answer by now, as the former top has been broken towards the upside.
I think you are close to a top, but you might see 89.00 tested before the top is finally in place.
Kind regards
EWS