EUR/USD - Has we finally seen the end of the flat correction from 1.3172? I do think the low is in place, but we need a break above 1.2876 to confirm the bottom and a new rally to at least 1.3100 and likely even above 1.3172 for a move towards 1.3500 longer term.
EUR/JPY - We saw a break below the base channel support line for a decline to 101.03 (just 1 pip below my target at 101.04). We should now see resistance in the 102.19 - 102.23 area for the next pressure towards the downside. The ideal target for this correction is at 99.35.
EUR/NZD - The red wave iv correction has extended, but the should be no more room towards the upside. I will be looking for a break below support at 1.5575, which will confirm that red wave iv is over and renewed downside pressure will be seen for a decline towards 1.5363 and ideally towards 1.5300. However a break above 1.5693 will cause a overlap between red wave i and red wave iv, which is not allowed under the Elliott Wave Principle and indicate, that we have already seen an important low.
Apple - Is close to the first major support in the area between 516-522, which will likely cause a sizeable correction towards the 61.8% Fibonacci retracement target at 639. However longer term I expect a deeper decline towards at least 465.
Facebook - Is close to strong support and a new rally in wave iii should commerce any time now. This wave iii will be an extended wave which should take us much higher towards 26.75.
are you sure your FB count isnt wrong? how is the stock going to go up next week when 800m shares are being released onto the market?
ReplyDeleteI like the writing structure of your blog and it does a pretty decent job of presenting the material.
ReplyDeleteleilao online
Hi JKF,
ReplyDeleteNo I not sure that my count on FB is correct, but It's my best and preferred count.
What I like about the Elliott Wave Principle is that I have three rules and if one of them is broken I know that I'm wrong and I will have to do my homework over again till I get the rigth count or at least the count that works for now.
I don't know anything about 800m shares being released into the market next week. What I know is, if we break below 18.80 I'm wrong and will have to find a new workable count.
Kind regards
EWS