Thursday, December 8, 2016

Elliott Wave Analysis of EUR/GBP - Wave 4 completed at 0.8303 wave 5 towards at least 0.9452 is now unfolding

EUR/GBP - Daily 

EUR/GBP - 4 Hourly 

EUR/GBP - Wave 4 completed at 0.8303 wave 5 towards at least 0.9452 is now unfolding

The decline in wave 4 spiked the 38.2% corrective target at 0.8396 and moved lower to test the low of wave [4] of one lessor degree to complete the correction in wave 4. 

With the low of wave 4 in place, we should be looking for wave 5 higher to above 0.9270 with the first target for wave 5 seen at 0.9452, but I would not be surprised to see a continuation higher to the 0.9723 target. 

Short-term, I expect support at 0.8484 max. 0.8404 to protect the downside for the break above minor resistance at at 0.8551 for a rally towards 0.8707 on the way higher. 

Only a break below 0.8404 will invalidate this count. 

Do you want to be ahead of the crowed? Then join my service at www.elliottwavesurfer.com



No comments:

Post a Comment