First looking at the daily chart we are just a few pips away from the August 2011 high at 0.8843. If we then zoom in on the price action since February 2014 we can see a clear five wave rally is wave C of Y. If we measure the distance from the bottom of wave 1 to the top of wave 3 and calculates 61.8% of that distance and add this to the bottom of wave 4 then we get a target of 0.8836 (just below the August 2011 high). This cluster of targets should be able to protect the upside, but then I would like to see some evidence of a possible top and the first thing would be a strong reversal lower through support at 0.8775 and more importantly below support at 0.8708 confirm that a top is in place.
By the way, the 61.8% target was tested in early trading today, so keep a close eye on this cross for signs that a top might be in place.
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hi, in ur previous analysis, 0.8749 marks the 92% correction of wave i, at what price would mark the 100% correction? thanks
ReplyDeleteHi Ang,
Deletehe 100% correction was at0.8794. A that resistance was broken too a re-count was needed. So wave iii ended at 0.8794 and not wave v.
Kind regards
EWS
thanks
ReplyDeleteBtw, whats your view about aud/usd currently?
Is it at near top too?
since both aud/usd and nzd/usd tend to moves relatively closely
I think you saw the top at 0.9505 on July 1 and I'm looking for a decline to strong support at 0.9198 as the first downside target. However, longer term I looking for much lower levels
DeleteKind regards
EWS
yes...i agree tat it has much lower to go..so ur analysis is tat 0.9505 is the top and its now starting a new wave downwards?
ReplyDelete