Today's Support and Resistance Levels:
R3: 130.79
R2: 130.40
R1: 130.25
Current Spot: 129.89
S1: 129.79
S2: 129.32
S1: 128.89
Technical Summary:
The decline from 131.98 broken through strong support at 130.40, without any trouble and I'm now looking for minor resistance at 130.25 or maybe resistance at 130.40 to protect the upside for the next part of the decline towards 128.89. However, the target for this decline lays at 126.89, where blue wave iii will be 1.618 times longer than blue wave i. Longer term I'm looking for a decline to strong support at 124.96 in a flat correction from the 133.81 high.
Today's Support and Resistance Levels:
R3: 1.7047
R2: 1.6972
R1: 1.6942
Current Spot: 1.6929
S1: 1.6857
S2: 1.6813
S3: 1.6771
Technical Summary:
The correction from the 1.7153 high has been deeper than expected, but as long as support at 1.6771 (the high of blue wave i) stays intact I will be looking for the next powerful rally higher soon. In fact I expect that support at 1.6813 will protect the downside for a break above 1.6972 and more importantly a break above 1.7023 which confirms, that a new impulsive rally above 1.7153 is developing. I'm still looking at 1.7326 as the first target for this rally. That said we will have to be alert to a break below the top of blue wave i at 1.6771. If that happens, this rally can not be impulsive and we should expect a new decline to 1.6225 in a flat correction.
Greetings for the great work! On submission of the levels of resistance and support I think it's a great idea. Say something about GBP/USD. Best wishes!!!
ReplyDeleteIn EUR / NZD seems that we have five waves down?
ReplyDeleteHi Diversanta,
ReplyDeleteThank you for your feed-back.
Re GBP/USD we should be very close to a top if we haven't seen it already. A break below 1.5320 should be the first indication, that an impostnat top is in place, while a break below 1.5257 will confirm tha top for a new decline to below 1.5102.
Yes it lookes like a five wave decline. As long as 1.6771 protects the downside I will regard it as a c-wave, but a break below 1.6771 will indicate, that we are looking as wave C of a flat correction and that a new decline to 1.6225 should be seen.
Kind regards
EWS
S&R good idea
ReplyDeleteBest Regards jt
Hi EWS,
ReplyDeleteThe additions are the toppings and certainly very useful.
Again, do appreciate your time and effort in providing the Resistance and Support levels.
Could you provide the short term view on GBPNZD and AUDCHF - thanking you in ancipation !
Regards
Sanjay
Hi Sanjay,
ReplyDeleteWill take a look at both GBP/NZD and AUD/CHF later today.
I will post the charts, but the text will be added later. However, a little note regarding AUD/CHF. We har reached the S/H/S target and should be close to a possible wave 3 bottom as wave 3 is almost 2 times longer than wave 1 and wave 4 could take over any time now.