With the break above 111.43 we have had the next long term confirmation, that a very important long term bottom is in place at 94.10. With the break above 111.43 we should also be looking forward to a test of the next major resistance at 113.68 soon. Will 113.68 mark a top? Not likely it will rather mark a short term top for yet another minor or even sub-normal correction before the next advance higher towards 116.38 and likely even 117.17, where wave 3 is 1.618 times longer than wave 1. I have said for quiet some time now, that I expected this wave 3 to be an extended wave and with the break above 111.43, that seems to be the case. Short term support will be at 111.26 and again at 110.81.
Once resistance at 1.5600 finally gave away there was no looking back and we are now well on the way to test strong resistance at 1.5927. However, resistance 1.5927 should only be able to put up a fight for so long and once it is broken the next target is 1.6011. Short term support should be found at 1.5771 and a more solid support at 1.5739. That said, it should be remembered that we are in wave iii of 3 and corrections during wave 3 tend to be small and even sub-normal, so do not expect too much price-action towards the downside.
HI dear first of many many thanks for the eur/yen 450 pips ride I am closing the month and year off .............
ReplyDeleteI would like to know your name because it is very awkward to prounce you as EWS.........You are one of the best wave rider I ever seen and you also change my feeling as a trade I would like to know one more thing gbp/yen current 137.19 point is equal to the prior wave 125.60 to 132.51 and 131.30 to 137.19 do you there is a chance of correction of wave 4th of minor degree .................It would be very helpful and Please post the Gold chart because according to previous chart low of wave 2 has been broken and I am hope to enter long only above 1723 and 1760 and would like to know your View on Gold daily and h4
Regards
Hi Aman,
ReplyDeleteOnce again congratulations with an othe succesful month trading EUR/JPY.
Please send me an e-mail on elliott.wave.surfer@hotmail.com and I will be happy to tell you.
Regarding GBP/JPY I don't see a top here, but you will likely see strong resistance in the 139.24 - 140.02 area. That said 140.02 should only put up a fight for so long as we should at least see 144.57 tested.
I will take a look at Gold later today. However,
as long as support at 1,629.50 isn't broken I will keep a slightly bullish bias, but a break below 1,629.50 will change that outlook and call for a new decline towards 1,526.50.
Kind regards
EWS
Hi!
ReplyDeleteWhat about euro?
Hi Zink
ReplyDeleteNo change in my view there. UP UP and AWAY!!
I'm still looking for 1.3491 as the first target, but I would not at all be surprised to see 1.3778 - 1.3833 tested as wave C progresses.
It's worth to remember, that wave C has wave personality charaters like wave 3 with powerful relentless moves.
Kind regards
EWS
I know that about wave c but i think i close too yearly my longs!!!Iam wating for a retrace to enter long again in eurusd and eurjpy!!!
ReplyDeleteOkay I understand.
ReplyDeleteWith a little luck you will see resistance near 1.3300 followed by a correction down to 1.3257 and maybe even 1.3229 before the next move higher towards 1.3491.
For EUR/JPY that would mean somthing like 112.25 followed by a correction towards 111.77 and maybe even 111.53. But the weakness in USD/JPY could suddenly spark EUR/JPY much higher...
Kind regards
EWS
Thanks man!!!you are the best!!!
ReplyDelete