The failure to break clearly below support at 120.40 followed by a break above 121.48 indicates, that the x-wave is still under development. Short term we should expect support at 121.66 protecting the downside for a move higher towards 122.75, where I expect the x-wave will terminate and the last zig-zag combination to unfold towards the ideal target, for this wave 4 correction, at 117.28. Once this wave 4 correction is finished we are looking for wave 5 to take over for a move above 127.70.
I'm still looking for a very powerful decline to unfold any time soon. A break below support at 1.5730 should accelerate the decline for a test of support at 1.5638 and 1.5592 on the way down to the ideal target near 1.5200. Short term only an unexpected break above 1.5816 will delay the decline for a minor rally towards 1.5847 before the downside pressure takes over again.
Hi!
ReplyDeleteIn eurjpy you are waiting for another a-b-c down to 117.28, rigth?
Hi Zink,
ReplyDeleteYes that's right. I expect one final a-b-c correction lower towards 117.28.
Then we have a combination of three zig-zag corrections and you can't have more than that. So once this is over then up we go again.
Kind regards
EWS
Why you think it will be abc X abc X abc then UP and not abc X abc then UP?
ReplyDeleteHi Zink,
ReplyDeleteThat's because of the triangle that developed just after the minor rally from 118.73 - 121.36. Triangles can never be second waves and therefore it has to be a b-wave triangle and because of that you will need one more decline.
When will I be wrong (more important than being right as nobody can be right all the time) if we break above 125.22.
Kind regards
EWS
Iam just learning from you! nothing more..Great joB!
ReplyDeleteHi EWS,
ReplyDeleteI am trying to donate $10 to $25 USD to your website, but it seems to not let me do it. Have you had others have difficulty donating from the US?
The Paypal is also in Danish. Is there a minimum of DKK it accepts?
Hi Todd,
ReplyDeleteA donation would of cause be glady appriciated.
I don't think there is a minimum, but $10 would equal something like DKK 50.00
Kind regards
EWS
Hi EWS, I have been following your good work but there is something I do not understand.
ReplyDelete"Should we expect Short term support at 121.66 Protecting the downside for a move higher towards 122.75, where I expect the x-wave will terminate and the last zigzag combination to unfold towards the perfect target, for this wave 4 correction, at 117.28 . wave 4 correction Once this is finished we are looking for wave 5 to take over for a move above 127.70 "
I understand that this means that wave 4 has ended? and wave 5 has taken over with a new rally to 127.70 or 130 maybe.
Kind regards
Toni