Today's Support and Resistance Levels:
R3: 131.98
R2: 131.74
R1: 131.52
Current Spot: 131.43
S1: 131.24
S2: 130.80
S3: 130.39
Technical Summary:
We are currently developing the final e-wave of a symmetric triangle. I expect wave e to fall towards 130.18 and maybe even lower towards 129.61 before the next powerful rally higher. A break above 131.98 will be the first good indication, that the triangle has finished and the next impulsive wave higher is developing, while a break above 132.30 will confirm the next rally higher towards 139.21.
Looking at the larger picture (see the chart below) this triangle represents a B-wave triangle and the coming rally higher will be the C wave of a major zig-zag correction, that began at 94.10. The ideal target for wave C of the zig-zag will be at 170.00.
EUR/JPY DAILY
Today's Support and Resistance Levels:
R3: 1.7182
R2: 1.7143
R1: 1.7110
Current Spot: 1.7082
S1: 1.7042
S2: 1.6989
S3: 1.6936
Technical Summary:
We have seen wave i from 1.6325 to 1.7197 of a new major impulsive rally. Currently we are in a wave ii correction, which ideally will correct 38.2% of wave i, which would call for a decline towards 1.6864. The reason why we only are looking for the minimum correction is the speed of which wave i developed. However it should be remembered, that second waves are allowed to correct 100% of the first wave, but they can never break the starting point of wave one. Once this wave ii correction is over we are looking for a new very powerful rally higher towards at least 1.7775, but it is more likely to extend higher towards 1.8314. but for now let's stay focused on the possible termination of wave ii.
I see perfectly, thanks EWS
ReplyDeleteKind Regards
Good morning Manuel,
ReplyDeleteYou are welcome!
Kind regards
EWS
Good morning EWS:
Delete...And also I see the very early part of the c movement of a flat B of Ibex35...
Thanks a lot...
Have a great day
Hi EWS
ReplyDeleteThanks for the update I have one question when you would be free please if you can check the chart of Reliance Industries I am sending you in the link and I would really be looking forward for your reply to know whether it is still B wave triangle because if it is wave IVth then wave IVth has enter in the territory of wave 1 so it has to be B wave triangle and after it finished we should be looking for upside but if you draw you counts then will it be similar to which I have drawn or something different .
Tomorrow is holiday in Dalal Street due to festival and I would looking for your reply when market opens on thursday .
regards
Kindily check the chart
My kindest regards
Aman
here is the link to the chart
http://img11.imageshack.us/img11/6563/7g0y.png
Hi Aman,
ReplyDeleteHave a nice festival tomorrow.
My reply will be awaiting you.
Kind regards
EWS
Hi EWS ,
ReplyDeleteEUR/NZD has made a new high before satisfying the minimal correction required for wave 2 of 38.2%. With this new upmove do we consider that wave 2 is just about to start or we consider this as start of wave 3? Please kindly guide.
Hi Kiran,
ReplyDeleteWave ii only corrected 23.6% of wave i, which is rare and we should consider wave ii finished and wave iii under way higher. Short term I will be looking for a correction towards 1.7080 before a break above 1.7202 confirms that wave iii is developing.
Kind regards
EWS
Howdy,
ReplyDeleteBeing to lazy to look through the archive could I trouble you to post a link for your long term EurYen wave count so that we may see the context for this huge a-b-c correction?
Thanks, I appreciate your daily updates !!!!!!
dojitrader
Hello EWS,
ReplyDeleteYour daily updates help me with the direction of the market - do appreciate your work. Could you pls. provide the near term lvls/trend in GBPCHF, GBPJPY and GBPNZD.
Thanks in advance.
Regs
Sanjay