We have seen a slight break below support at 129.46, but i'm looking for even more acceleration towards the downside, as this possible wave iii of C progresses for a decline towards at least 128.80 and likely even down to 127.19. Short term we would like to see resistance at 130.31 protect the upside for the next break below 129.42 confirming the next decline towards 128.80. However even a rally towards 130.65 would not invalidate our bearish call, but we should not break above 130.65 as that would call for a new test of resistance at 131.40 before down again.
We not alone got a daily close above resistance at 1.6358 we are also have seen even more acceleration towards the upside. With the close above resistance at 1.6358 we now have a new upside target at 1.7751, but we could easily move way beyond this target longer term. As we have seen the acceleration higher getting even stronger I'm a little in doubt if green wave v is extending or we already are in blue wave v. It doesn't matter much for we shall see even more upside progress in this wave iii towards 1.6739 and possibly even higher towards 1.7045, before wave iii is done. Short term I would like to see support at 1.6464 protect the downside, but more importantly see support at 1.6392 protect the downside. A break below 1.6392 will indicate, that we have seen an extension in green wave v and blue wave iv is developing before blue wave v takes over.
bad news was released for eurusd and eurusd keep rising!!!do you think top is near? i dont think so!! what you think?
ReplyDeleteHi Zink,
ReplyDeleteTha break above 1.3060 was not good news and has opended the risk for a new rally higher towards 1.3291 and maybe 1.3342 before the next downside pressure is seen.
Only a direct break back below 1.3060 will ease the upside pressure.
Kind regards
EWS
yes!and gbpusd in same situation
ReplyDeleteHey EWS could you take a quick look at usdchf and see if this looks right to you in 4hr done a i ii iii a b and in c iv has touched fibo expansion of 161.8% of iii top to a to b and fibo ii bottom to iii top has put 78.6% just under were we are now at 0.93727 with this cluster of support would you think this is a good level to watch for price action to indicat wave iv end and get ready for wave v take over.
ReplyDeleteyour veiw would be most apperciated
Best Regards jt
Hi JT,
ReplyDeleteI'm not totally sure about your count, but if i got i right you are looking for a new rally higher right?
If this is the case I think we are pretty close to a bottom near 0.9355 and should expect a rally higher from there.
Kind regards
EWS
Thanks EWS jt
ReplyDelete