Elliott wave analysis of EUR/JPY and EUR/NZD for November 1 - 2013

I will have a very busy Schedule tomorrow and I will not be able to update as usual, therefore this late update.

EUR/JPY

Today's Support and Resistance Levels:

R3: 134.22

R2: 134.05

R1: 133.83

Current Spot: 133.57

S1: 133.45

S2: 133.01

S3: 132.61

Technical Summary:

my new preferred count has worked out to perfection and red wave c of b is developing nicely. With the decline below 133.60 red wave c could end any time now. However, I'm  looking for minor resistance at 133.83 to protect the upside for one last decline towards 133.01 before red wave c of b is in place and the final rally higher towards 137.69 and maximum 138.39 will be seen.

Only a direct break above 134.20 indicates that red wave c already has finished and the final wave c of v is developing.

EUR/NZD

Today's Support and Resistance Levels:

R3: 1.6515

R2: 1.6487

R1: 1.6461

Current Spot: 1.6433

S1: 1.6390

S2: 1.6356

S1: 1.6312

Technical Summary:

Support at 1.6469 was broken without trouble and we are now close to the next target near 1.6390. We could still see a slightly deeper decline towards 1.6312 as long as resistance at 1.6485 protects the upside, before this wave ii is over and a new powerful rally higher towards 1.7424 is expected as wave iii develops. Longer term I'm still looking for much higher levels once this new impulsive rally really gets going. It should also be remembered, that wave three's is the wave we really want to be exposed to as this normally is the longest wave.