The minor correction from 130.41 has been a little bigger than I expected, but that does not change my view, that the next powerful rally higher is to begin soon. I'm currently looking for a break above 129.81 and more importantly a break above 130.23, which confirms that the next rally higher towards at least 132.07 is under way. However, I expect this next rally to extend and find it more likely that we will see a continuation higher towards 133.90. Short term I expect support at 129.47 and more importantly support at 129.23 to protect the downside for the break above 129.81. That said, an unexpected break below 129.23 will only indicate a slightly deeper decline towards 128.97 and maybe 123.67 before the next move higher sets in.
The price-action has been very inconclusive since yesterday,I'm still expecting support in the 1.5300 - 1.5310 area to protect the downside for the next rally higher. However, a break above 1.5424 and more importantly a break above 1.5456 is needed to confirm the next rally higher towards 1.5575 and 1.5611. It will take an unexpected break below 1.5251 to invalidate my bullish call.
Hi EWS,
ReplyDeleteCan you please do analysis on Meru stock?
Thank you.
Hi Jasmin99,
DeletePlease see my post regarding Meru Networks.
Kind regards
EWS
Hi ews. Looks like FB broke back through the neckline. The RSI seems like it is getting really oversold on the 60min. You think it is a bear trap?
ReplyDeleteHi HFM,
ReplyDeleteYes I think it's a bear trap, but we must allow for a slightly deeper correction towards 26.65, where wave (ii) will have corrected 61.8% of wave (i) of iii of 5
Kind regards
EWS