Today's Support and Resistance Levels:
R3: 133.37
R2: 132.80
R1: 132.57
Current Spot: 132.33
S1: 132.15
S2: 131.73
S3: 131.37
Technical Summary:
The correction from 133.37 has become deeper than first expected and by breaking below 131.84 I have had to change my count slightly. The change has only left us with an even more bullish 1-2/1-2 count and once wave three really takes over it should be a very powerful rally higher towards 138.00, but first we need to figure out is, what we can expect for the short term. For the short term I am looking for a minor correction towards the 132.15-132.24 area before the next rally higher. A break above 132.57 will confirm the rally higher towards 133.37 and higher towards 138.00. Only a break below 131.73 will delay the rally higher for a push low towards 131.37 before we move higher again.
EUR/NZD
Today's Support and Resistance Levels:
R3: 1.6514
R2: 1.6452
R1: 1.6412
Current Spot: 1.6369
S1: 1.6315
S2: 1.6283
S3: 1.6247
Technical Summary:
With the break below important support at 1.6325 we knew, that the previous preferred count was incorrect and the alternative count, that I have been showing for the last few days has now become the preferred count. This count tells us, that the C-wave of a large expanding flat correction is still developing. The first target for this C wave is at 1.6247 and we could even see it lower towards 1.6117, where we find a cluster of support. In an expanded flat correction, the A and C wave normally relate to one another with some Fibonacci relationship. And the first comes in at 1.6247, where wave C will be 1.236 times longer than wave A. If we break clearly below 1.6247 the next target becomes 1.6117, where wave C will be 1.382 times longer than wave A.These slightly odd Fibonacci extension target are only used when we are in a correction. Looking at the internal structure of wave C a bottom near 1.6247 we fit the picture nicely, but we need to stay flexible.
To confirm that wave C has ended we need a break above 1.6515 and more importantly a break above 1.6565.
Hi EWS,
ReplyDeleteI would like to ask as soon as this C wave bottoms what will be the maximum target for the new upmove?1.72 will be valid or lower?
Thanks in advance ,
Panos
Hi Panos,
ReplyDeleteOnce this correction is over (the bottom of wave C in place), then resistance at 1.7274 should only be a temporary stop on the way higher.
Kind regards
EWS
Thank you so much EWS.Keep up the good work..There isnt any morning passing by without open your homepage..
ReplyDeleteMany regards,
Panos
Me too! This is the most acuracy forecast using elliot waves!
ReplyDeleteHi Panos and Zink,
ReplyDeleteThank you very much.
Have a nice weekend both of you.
Kind regards
EWS
Hi EWS,
ReplyDeleteEURJPY: what do you think is the correction today complete with today's daily deep or we see soon or next week even 131.35, 130.9 and 130.50?
because I'm long, if possible, a chart with lines of possible price movement would be great, a gift to the reader.
best thanks for your answer
Hi Paulina,
DeleteI think that 131.37 is possible, but I would not like to see a break below 130.98 as that would invalidate the
1-2/1-2 Count and likely indicate that the correction from 133.81 is becoming even more complex than it has already been.
My charting system is not designed to fill in the lines that you would like and therefore I will have to do it in a different system and that will simply take way to long. Remember I keep this blog running in my spare time and it's a lot of Work. So you have have to do without the lines.
Kind regards and have a great weekend
EWS
HELLO EWS,
ReplyDeleteCould you please take a look again at NZD/USD as on monthly chart there is a clear AB=CD pattern with a finally objective at around 0.92.I really hope im wrong here as in case this is valid the eur/nzd will be go deep down.
Thanks in advance,
Panos
Hi Panos,
DeleteI have made a new post regarding NZD/USD.
I can see your point, but in my view you meassure to the wrong high and therefore gets a wrong possible top-target. The wave I meassure it the AB = CD pattern is already fulfilled.
Kind regards
EWS