EUR/USD - Here I'm looking for a big flat correction, which means that we currently is in a large C-wave down. This C-wave should end below the bottom of wave A, ideally at 1.2740.
Short term a break below the support line from the 1.2042 low will add confidence in my count and will likely accelerate the decline.
EUR/JPY - With the break below support at 103.15 we got the confirmation, that a top is firmly in place at 104.59. We should now look for a continuation down towards 101.85 as the next support. However, the long term target for this correction will be at 99.35.
Facebook - First take a look at my post from October 20 here:
http://theelliottwavesufer.blogspot.dk/2012/10/elliott-wave-analysis-of-apple-and.html
You don't get a more timely call for a bottom than that. Since the low at 18.80 we have seen a 25% rally, which clearly is what we can expect from a wave 3. The first target for wave 3 is at 28.43.
Freeport McMoRan Copper & Gold - As a proxy for Copper this stock is close to confirm a new powerful decline towards at least 28.70 and if this support (S/H/S neckline) breaks then we should be looking for a decline all the way back to just below 7.85. But for now it's a question of how prices will react to support at 38.80 and break will open up for a decline towards the neckline support at 28.70.
Stock has been getting crushed since the huge pop. When does your count get invalidated?
ReplyDeleteHi JKF,
ReplyDeleteSorry for my late response.
The possible S/H/S top-formation is still valid and it will take a break above 48.96 to suggest that something else is developing. That said we need a break below the neckline at 28.70 to activate the pattern for a big drop.
Short term a break below support at 38.80 will confirm a test of the neckline at 28.70.
Kind regards
EWS
It is my great pleasure to visit your website and to enjoy your great post here. I like it very much.
ReplyDeleteliberty dentist