EUR/USD - The decline from 1.2443 has become deeper than expected and odds now favor, that wave "W" ended with the test of 1.2443 and an "X" wave is now seen towards at least 1.2134 and likely even 1.2040 from where we can expect the next rally higher towards the 1.2500 - 1.2600 area.
EUR/NZD - As long as minor resistance at 1.5200 protects the upside wave 2 could still be ongoing as an expanded flat correction, if this is the case we should expect a decline to 1.5043 before the next rally in wave 3 take us up to at least 1.5444. If however support at 1.5087 for a break above 1.5200 we 3 is already under way.
EUR/JPY - Wave c of red wave ii has become slightly deeper than expected, but support close to 96.07 to protect the downside for the next rally above 97.00 towards 100.30 and likely even 101.43. At no point can a break below 94.93 be accepted as that will leave us with a clear three wave rally from 94.09 and call for a new test of 94.09 and below.
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Hello Ews,
ReplyDeleteWhat would you call the correction from 1.24410 to 1.22400?
From 1.24410 to 1.23140 its (abc)a, from there to 1.24400 ( slight below to 1.24410 )(abc) b.
Now C, surely 12345.
What kind of pattern is this? is it expanded flat?
Why the wave b above didn't cross wave a? while C is massive, like it should be in irregular or expanded flat..
Thanks
Ray
Hi Ray,
ReplyDeleteThe decline from 1.2441 is for now a double zig-zag correction. The first zig-zag went from 1.2441 down to 1.2341 and was followed by an X-wave up to 1.2440 and we have just ended the second zig-zag at 1.2241. The question is now if we will see a second X-wave and then the third and final zig-zag down closer to support at 1.2134 and possibly even 1.2040.
You could regard the decline as a flat correction, where wave b corrected almost all of wave a and wave c is 2 times the length of wave a.
Even though wave c have been massive (twice as long as wave a) it's still "only" a flat correction. It would only have been an expanded flat correction if wave b went well above the start of wave a.
Hope that answer your question.
Kind regards
EWS
Ews thank you,
ReplyDeleteAnswer of your just cleared my whole week confusion, your conclusion that c = 2a !
Ah, I missed it !
I agree with the later one But the question here is spanish yeild at the moment if it keep on increasing then euro is in real danger and I think it does not have enough leg to go test 1.2500 area again. And looking at S&P lot of questions been put through close above 1402 it has tested this area in last three days several days ............I would like to remain on the sideline till we get a real clue on nzd/usd close below 0.8070 and aussie below 1.0420 ..........and usd/cad is another possiblility of Z wave end near 0.9900 or will test 0.9878 ...........Looking for your help as always about the dollar index and if you can post possible count on eur/cad Because on monthly chart it is the final wave 5 which is in progress but where would it end is a question
ReplyDeleteTake care and I hope you charting system has start working
Regareds
This red 4th wave has been like this :-
ReplyDeletedouble zig-zag + double irregulars + double zigzag + a single zigzag+ unknown..
It has to make New High for Last wave C//