(please double click on the charts to see them better)
EUR/JPY:
Today's Support and Resistance Levels:
R3: 143.10
R2: 142.78
R1: 142.52
Current Spot: 142.25
S1: 141.94
S2: 141.73
S3: 141.49
Technical Summary:
Red wave v and black wave i fell short of its ideal target near 141.24 and we are now in black wave ii, which ideally will make it to resistance at 143.10. However, we have to remember, that second waves are allowed to correct up till 100% of the first wave.
Short term we should be looking for a move closer to 143.10 as long as support at 141.94 and more importantly as long as support at 141.73 protects the downside. From 143.10 or upon a break below 141.73 we should expect black wave iii to take over for a powerful decline towards at least 138.85 and likely even lower towards 136.26.
Today's Support and Resistance Levels:
R3: 1.6575
R2: 1.6546
R1: 1.6505
Current Spot: 1.6474
S1: 1.6444
S2: 1.6398
S3: 1.6366
Technical Summary:
The red wave iv correction extended more that expected, but the upside potential is limited from here and I expect minor resistance at 1.6508 will protect the upside for a break below 1.6444, which calls for red wave v lower to 1.6200.
Even if we does see an unexpected break above 1.6508 the upside should be limited to 1.6546 and maximum 1.6575 before red wave v takes over.
Is this the beginning of a huge correction towards 124? Is this down movement labeled as wave A of a (A-B-C) correction?
ReplyDeleteWhat you think?
Hi Zink,
ReplyDeleteYes I think this is the beginning of the huge wave 2 correction towards at least 124.
And yes the labeling will be A-B-C once done.
Kind regards
EWS