Today's Support and Resistance Levels:
R3: 143.63
R2: 143.25
R1: 142.81
Current Spot: 142.59
S1: 142.30
S2: 142.10
S3: 141.76
Technical Summary:
The powerful break below the base-channel support-line does support my count perfectly. Short term we should see support at 142.30 protect the downside for a red wave iv correction towards 143.26. The red wave iv correction will likely be a simple zig-zag correction as the red wave ii correction was a flat correction. Once red wave iv is done near 143.26 we will be looking for red wave v lower towards 140.98.
Today's Support and Resistance Levels:
R3: 1.6659
R2: 1.6623
R1: 1.6577
Current Spot: 1.6537
S1: 1.6517
S2: 1.6470
S3: 1.6443
Technical Summary:
We have tested important support at 1.6569 and have even broken it slightly. The important question now is, whether we are ready to challenge the upside again or the downside pressure is too strong. A break above minor resistance at 1.6577 will be the first indication, that a bottom could be in place, but to confirm the bottom a break above 1.6659 is needed. If however, the downside pressure continues to force prices down it will take a break below 1.6443 to invalidate my bullish preferred count and instead make my alternate count (see below) the preferred count.
Hi EWS,
ReplyDeletewhat you think about eur/nzd if we count from 1,5910 as simple 1-2-3-4-5 ......1 (1,6428), 3 (1,6840), 3 (1,6993) ?
Thanks in advance
Alessandro
Hi Alessandro,
DeleteYou have a valid Count. and if its only wave one of the larger degree we could see a deeper correction 1.6327 and mayby even 1.6231 before the next rally higher.
What is of concern is the speed, with which the decline from 1.6996. It makes this look like a wave three decline and therefore would fit into the Picture calling for more downside.
Kind regards
EWS
EWS maybe wave v trunicated at 1.6920? Then a double nested 1,2---currently in wave 3?
ReplyDeleteHi Jeff,
DeleteThat's abosolutly a possibility too.
Kind regards
EWS
Hi EWS,
ReplyDeletesorry but I wanted to say that your count of January 2, could still be valid until at the minimum of 1,5910 that you labeled as X and then, from there, instead a series of 1,2 ...i,ii ....we could count 1,2,3,4,5 waves upward. with 1 (1,6428), 3 (1,6840), 5 (1,6993).
What you thing about this ?
Thanks in advance.
Alessandro