This will be the last update for today. I know I'm still missing AUD/USD, but I haven't changed anything from my update on June 5. You can see it here: http://theelliottwavesufer.blogspot.dk/2013/06/elliott-wave-analysis-of-audusd-aussi.html
Back to AUD/NZD. Peter asked me for my opinion on this cross, which I last wrote a post about on October 28 - 2012. You can see the post here:
http://theelliottwavesufer.blogspot.dk/2012/10/elliott-wave-analysis-of-eurtry-and.html
Since that update we have seen a couple of wave 1-2 extra, but overall the Picture from then is intact. I'm still looking for a decline into the strong support-zone between 108.56 -109.35, where we can find multiple possible targets for a bottom. We have the S/H/S target at 109.35 and wave C will be 1.618 times longer than wave A at 108.56.
Short term I'm looking for a decline to 114.71 in red wave v and Black wave iii, but after a shallow correction higher we should see renewed pressure towards the downside.
The break below the base-channel support-line confirms, that we currently are in wave three. It will likely be tempting to call for a bottom, but we should be very careful doing that, as third waves can keep on pushing in the direction of the trend forever it seems.
So stay focused towards the downside and use correction as a selling opportunity.
Hello again EWS,
ReplyDeleteYou tell that short term you wait for a fall at 1.1475 and then a shallow retracement..So what is the maximum level you wait for this retracement upwards?
Thanks in advance,
Panos
Hi Panos,
DeleteI would expect a minor rally higher towards the top of red wave iv at 1.21 as the maximum. However it will take a break above 125.28 to invalidate the impulsive decline.
Kind regards
EWS