With the break below 106.93 I have changed my short term count slightly. Instead of having the top of wave i at 107.17 I have moved it up to 107.96 and that means we currently are in a wave ii correction. This wave ii could make it all the way down to 105.28. That said we still have to remember, that we are in wave 3 higher and corrections in wave 3 tend to be small and even sub-normal, so we should not be surprised if we already have seen wave ii end at 106.20. A break above 107.08 is need to get the first indication, that wave ii has finished and wave iii higher begun. If we break above 107.08 we should soon see 107.96 tested for the next move higher towards the next major target at 110.85.
The deep correction has of cause invalidated my previous count, but the only other impulsive wave structure that allow overlaps is a leading diagonal and as long as important support at 1.5390 hasn't been broken I will stick to that count. Short term we need a break above 1.5600 to get the first indication, that wave ii is over and wave iii higher is building for the next rally higher towards 1.5927 and 1.6059. That said a break above 1.5390 (not expected) will be bearish and call for a decline towards 1.5158 if not deeper.
Hi again!!
ReplyDeleteI think eurusd and eurjpy should rise quickly and most important rise above last hight, otherwise make the rigth shoulder of an H&S chart pattern then down!!!
What you think?
you are crushing it with your facebook call!! seems like we are in wave 4 of the 3rd wave. what is your target for the completion of wave 3? $32-33?
ReplyDeleteAs far as I am concerned Insted of eur pushing it higher I would be lookinig usd/yen to strenghten to move eur/yen Because Us fiscal cliff is getting near and if it is not resolved we will see the S& P and Dow moving lower quickly and will push Eur lower as well. But one thing is quite sure Japane central banks wont at any cost would like usd/jpy to move below 79.00 this time and they will itervene for sure and these intervention would be longer than one can anticipate.
ReplyDeleteAs long as 104.60 and 1.2670 is intact for eur and eur/yen I would kee buying on dips.
Regards
Aman
I agree is not for now euro go up to 1,32 or higher!bad candle in weekly chart
ReplyDelete