Support at 0.9205 protected the downside yesterday, which has prolong the correction in blue wave iv. This blue wave iv can't break into the price-area of blue wave i, which means that it maximum can rally to 0.9324 before turning lower. Short term I will be looking for a break below 0.9268 and more importantly a break below 0.9248 as indications that blue wave iv is over and renewed downside pressure is becoming dominant again.
If resistance at 0.9324 is broken, it will force me to recount the decline from 0.9409, but it will not change much in regard to the larger picture and will only act as a delay before the next decline should be seen.
The support at 0.9205 has now been tested three time and on the next test we should see a powerful decline upon a break. Remember the rule of 4, which says that when support it tested for the fourth time, if it breaks a significant and powerful move should be expected.
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so this means that any levels < 1.8 at gbp.aud are for short term?
ReplyDeletewhere do you see aud/usd near term (6-12 months) ? do you expect low levels under 0.86 ?
ReplyDeletethank's in advance
Hi EWS
ReplyDeleteThanks for the analysis on the audusd. Price is nearing the invalidation point at 9324. Right now it is at 9303
Hi Olu and Marjan,
ReplyDeleteAUD/USD actually traded a little higher towards 0.9329, but if you had been a member to the Elliott Wave Surfer Service you would have seen, the alternate count that would allow a move closer to 0.9357 without invalidating the overall bearish picture.
I'm still looking for levels below .86 longer term for AUD/USD. For GBP/AUD, then yes it meant a move below 1.80, but only sort term. The bullish count for AUD/USD is still intact only a break below 1.7828 will invalidate this count.
Kind regards
EWS
thnx EWS, same view here.
ReplyDelete