After having pin-pointed the top to 0.8836 we have been looking for a strong decline. We saw the first five wave decline from 0.8836 to 0.8646, which was followed by a running flat correction and we should now expect extension in wave 3 lower. The minimum target for wave 3 is at 0.8411, but I think wave 3 will extend even further towards the 361.8% extension-target of wave 1 at 0.8030. Longer term we should ultimately see a break below the November 25- 2011 low at 0.7369.
Short term Resistance is found at 0.8597, which will ideally protect the upside for a continuation lower, but only a break above 0.8708 will invalidate the bearish long term count.
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hi...u have been right about the nzd/usd...as for aud/usd..do u think a new count is required as it looks set to break the july high of 0.9505...
ReplyDeleteHi Ang,
DeleteI don't think AUD/USD will break above 0.9505, so no new count should be needed here.
Kind regards
EWS
hi Ews..thanks for the reply..
Delete