The rally of the 126.57 low has been very dynamic and the fact, that we have broken above the falling channel resistance-line. Has forced me to make a slight change to my count. The most likely count is now, that we are in wave b towards 131.27 before the next downside pressure should be expected. I did warn yesterday, that the overlapping structure down from 129.90 could be either a leading diagonal or a correction of the 129.90 high and the impulsive rally indicates, that the decline of the 129.90 high was a red b correction. I'm now looking for red wave c higher towards 131.27. Once this red wave c is finished we should expect a new powerful decline down to at least 124.96 again.
We have seen the expected minor rally higher. It went a little higher than the expected 1.6789 (the top has been at 1.6801), but that does not damage the larger count. I'm now looking for a break below 1.6705 and more importantly a break below 1.6665 to confirm the next decline towards 1.6600 and 1.6541. Once we reach support at 1.6541 we should expect a new correction higher, but this correction should stay well below 1.6801. For now we should stay focused towards the downside and a break below 1.6705 as the first indication, that a decline to 1.6541 is in Progress.
HI T Thanks for the USD/CAD count As expected the top is formed in Eur/nzd as it never did break above 1.7130 But you think in Eur/Aud Does this similar thing happens with a break below 1.3950 and then 1.3850 is needed to confirm the rally And how lower do you expect the Wave 2 of these two pairs . May be towards 38.2% or 23.6% of the rally .
ReplyDeleteAnd One more thing Can you please guide How to take benefits of the wavetrack AS I have not received any alert since last two days since the time of opening account with them
REgards
Thanks a lot for the efforts you put up
Take care
Nice Monthend
Hi Aman,
ReplyDeleteIt seems that EUR/AUD has topped too and we should be looking for a correction towrads the bottom of wave iv of one lessor degree, which comes in at 1.3811. That is just below the 23.6% corrective target at 1.3898.
As wave ii of 3 was very deep I would expect wave iv to be shallow and complex in its structure.
Regarding WaveTrack I think the make two reports a week. If you lock into EW-Compass room you can find the report there. You will be able to read the report directly or print it out as a PDF-file.
I don't think this service provides any alerts. If you need a more detailed answer, I'm sure WaveTrack will be happy to answewr all your questions.
Also a nice weekend and monthend to you.
Kind regards
EWS
Hi EWS,
ReplyDeleteEUR/NZD broke through the 1.6801.
Does this mean we need to alter our wave count and are still in wave v of 1 and targeting higher ?
Hi Kiran,
DeleteThe break above 1.6801 does force us to alter our wave count.
we should now expect support at 1,6747 for a move higher to 1.6962 before the next possible move lower.
Only a break below 1.6690 will invalidate the call for a move higher.
It is possible that we are looking at a more complex correction, than I first antipated, but only time will show.
Correction and especially b-waves of corrections is very hard to forsay so we need to stay as flexible as possible.
Kind regards
EWS