With a low at 126.11 we did see a very slight break below my target at 126.15, but the following rally has broken above the bottom of wave i at 129.41 and therefore it can not be wave iv of c. Therefore I have changed my count slightly to a finished wave c and w at 126.11 and we are now in a x-wave towards 130.36 and possibly even 130.88 before the next decline towards my major wave 2 target near 118.73. Short term I'm looking for support in the 129.10 - 129.20 range for the rally higher to 130.36 and possibly even 130.88 before the next decline set in. A break below 128.79 confirms that the x-wave is over and the second zig-zag correction has begun.
EUR/NZD
The wave 3 rally just keeps moving higher and higher. We most likely ended green wave v and blue wave iii at 1.6687 and after the a very small a brief blue wave iv we saw the next move higher in blue wave v, which when it ends near 1.6921 or maybe even first at 1.7053 only will end red wave iii. As I said trying to sell EUR looking for a deeper correction could easily leave you with a loss and no chance to get onboard the train higher again. Short term I'm looking for support at 1.6726 and 1.6678 to protected the downside for the rally higher towards 1.6921 and 1.6961 as the next small targets.
Hi my friend
ReplyDeletehow are you
Why not be Ending Diagonal??
http://imgur.com/ZKVBqyz
What do you think about this Count?
Hi Ahmad
ReplyDeleteYou clearly have a valid count in you ending diagonal wave C.
I can only say stay with it and enjoy the ride lower shortly.
Kind rgards
EWS
Hi EWS just out of interest how did you come to 130.88 resistance is 61.8 fibo from 5 to c or 78.6 fibo from b to c or is it another way
ReplyDeleteBest Regards jt
Since the count was a/b/c(W) then X I believe 130.88 was 61.8 fibo 133.81- 126.15. I noticed that I can't ever get the exact same pips +/- 3 but I think It's just a broker thing Or the TF that I place the Fibs on in mt4.
ReplyDeleteHi JT and Jeff,
ReplyDeleteJeff got it right. When I knew that we couldn't/shouldn't expect a deeper decline I could say to my self, that the first a-b-c decline was over and the correction I should be looking for, was of the hole move from 133.81 Down to 126.11 and the 61.8% of that is 130.88.
But what if resistance is clearly broken? then I would look for the 70.7% correction target (this is correction target Works best for currencies), this target comes in at 131.57
I don't think we will reach 131.57, but should be close to some kind of top, but as we are in a correction we will have to be even more flexible, than when we are in an impulsive rally.
a break below 130.15 will indicate, that we have seen the top of wave x and the next zig-zag decline is developing.
Kind regards
EWS