Wednesday, August 24, 2016

Elliott wave analysis of USD/SGD - Look for the next impulsive rally towards at least 1.4507





USD/SGD - Look for the next impulsive rally towards at least 1.4507 


It has been a while since I touched base here, but those of you who has been a member for a long term, know I track this from time to time. The latest development is very encouraging and indicates the correction in wave 4 finally is completing calling for wave 5 higher to at least 1.4507 and likely even closer to 1.5282. 
Going back to the top of wave 3 at 1.4365 in October 2015, I called for the top of wave 3 and the onset of wave 4 on October 6 - 2015 (you can see that post by clicking here). 
Wave 4 became slightly deeper than I first expected in my April 4 - 2016 post (you can see that post by clicking here) as the low came in at 1.3311. 
I'm currently looking for a break above the minor resistance-line from 1.3836 near 1.3539 and more importantly a break above resistance at 1.3638 to confirm that wave iii of 5 is unfolding for the rally to 1.4507 and likely closer to 1.5282. 
Support is now seen at 1.3467. 
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