Today Support and Resistance Levels:
R3: 132.42
R2: 132.14
R1: 131.84
Current Spot: 131.21
S1: 131.03
S2: 130.86
S3: 130.63
Technical Summary:
Wave ii went a little deeper than the expected 130.64 (the low has been 129.89), but that does not change anything in the larger picture. Short term I am looking for support at 130.86 to protect the downside for a break above 131.84 and more importantly a break above 132.14, which would call for 132.42 on the way towards 134.49 and possibly even higher as we thrust out of this B-wave triangle. Long term I am looking for much higher levels and a rally towards 170.00.
Today's Support and Resistance Levels:
R3: 1.6744
R2: 1.6626
R1: 1.6551
Current Spot: 1.6484
S1: 1.6408
S2: 1.6325
S3: 1.6225
Technical Summary:
Prices continue to plunge lower and we are getting awful close to the start of wave i, which comes in at 1.6325. If my preferred count (see the chart above) is the correct count, a break below 1.6325 can not be allowed. Therefore we need to see some impulsive price-action higher soon. The first positive sign will be a break above 1.6551, but we need a break above 1.6626 and even more importantly a break above 1.6809 to confirm, that wave ii is in place and confirm, that wave iii is developing for a rally back towards 1.7274 and higher towards at least 177.80. However, if we break below 1.6325 the above count can not be correct and we will need to consider an alternate count (see Jeff M's Count from Sunday here: http://theelliottwavesufer.blogspot.dk/2013/09/elliott-wave-analysis-of-eurnzd.html). This count tells us, that we currently are in the c-wave of an expanded flat correction and the c-leg of this expanded flat will likely continue lower towards 1.6117, where this X-wave will have corrected 50% of the rally from 1.5080 and wave c of the expanded flat correction will be 1.382 times wave a.
when you say long term eurjpy reach 170 what you think in wich time?
ReplyDeleteHi Zink,
ReplyDeleteI would expect it to be reached some time during 2014, but you some wirde correction could drag out the time, but 2014 would be my best estimate.
Kind regards
EWS
Great call on EURJPY bullish EWs, at the time of this comment being written, EURJPY has break above R1 131.84. I'm hanging tight to ride the move and I bet you doing the same, aint you :)
ReplyDeleteDuc
Eurusd again....not going with the same side of prefered elliot count!
ReplyDeleteHi Zink,
ReplyDeleteEWs's suggested count on EURUSD is for longterm. Today bullish price action is considered as correction within larger bearish trend.
1 day doesn't create a trend. As long as we have a plan and trade with care, we shouldn't be sweating ourself. I mightshare my LT view on EURUSD tommorow, please return to have a look
Duc
This comment has been removed by the author.
DeleteHi!
DeleteI follow this blog since jun 2012, and my clue, so far, is the best acuracy forecast i ever see!!! I learnt a lot reading day by day!!Share your forecast too!!
Thanks!
Hi sir
ReplyDeleteAny caution there now for stops when price breaks above wave d at 132.42 may be just few pips below the trendline or still there is a fear of gap remained unfilled
my sincerest regardr
aman