EUR/USD - Overall I'm still looking for a more complex correction in red wave 4 from 1.2040. We might have seen and X-wave from the 1.2443 high, but it might also just be part of the X-wave. We are likely in the most difficult part of the correction, where the "visibility" is low, but until proven wrong I will work with the view, that the X-wave from 1.2443 ended at 1.2260 and we are now headed for new highs. I still have my first target near 1.2550.
NZD/USD - Here I'm looking for a minor corrective rally back towards 0.8160 before the next decline towards 0.7934 and likely even 0.7845 sets in.
EUR/JPY - Should soon take off higher in red wave iii towards 100.24 and likely even higher towards 101.50. A break above 97.28 confirms that red wave iii is under way. However as long as minor resistance at 97.28 protects the upside we could see on last attack on support near 96.00
EUR/NZD - The question here is whether we are looking at an expanded flat correction as red wave ii, as shown on the chart above, or we have seen a series of wave one's and two's and are now ready to take of wave three? A break above 1.5200 will indicate, that the next part of the rally from 1.4968 is under way towards 1.5445 as the next upside target.
EWS,
ReplyDeleteWave 2 in daily chart was 13 days long, wave 4 is now over 20 days. Do you think if it is making new high for Y wave, will the 4th wave stooping there?
(wave 2 in your daily chart is simple up-side correction then follows 3rd wave extension which ended as red wave 3)
Hi Ray,
ReplyDeleteIt could well be, but the is no way to tell if that will be the end just because of the count of days.
Yes red wave 2 was simple, therefore we should expect a complex correction, which could be a double or triple zig-zag correction, which is regarded as complex too. I would have preferred a flat correction of some kind, but from the looks of the chart right now it doesn't look like that whats we will get, but only time will show...
Kind regards
EWS