Today's Support and Resistance Levels:
R3: 135.76
R2: 134.95
R1: 134.50
Current Spot: 134.38
S1: 134.18
S2: 133.60
S3: 133.33
Technical Summary:
We keep gaining ground, but we still lack acceleration towards the upside, which we normally would expect during wave iii, but then we are still only in the early stages of wave iii and therefore the expected acceleration can take place any time.
Short term I would like to see support at 134.18 protect the downside for the next rally higher towards 134.95 and higher towards our next target at 135.76. If however, we does see a break below support at 134.18 we will find the next minor support at 134.03, but at no time should we trade below 133.60 as that would delay the expected rally higher.
Today's Support and Resistance Levels:
R3: 1.6263
R2: 1.6233
R1: 1.6211
Current Spot: 1.6177
S1: 1.6120
S2: 1.6057
S3: 1.6017
Technical Summary:
With the break above minor resistance at 1.6136 we knew that blue wave iv would extend higher towards 1.6183 and possibly even 1.6211 before blue wave v will be ready to take over, for the final decline towards 1.5872 where we expect wave C of the large expanding flat correction, which began from 1.7153 in early August. However, to end.
A break below 1.6120 will confirm that blue wave iv is over and blue wave v lower is developing. At no point should we see a break above resistance at 1.6233 as that would indicate, that wave C of the expanded flat correction is already in place.
hello! how high do you think that the euro/jpy pair will go in the long therm? i think we are in usd/jpy in wave 5 from 1890-2013 the high was about 1000usd/jpy that was wave 3. thanks for comment
ReplyDeleteHi Joe,
DeleteThink EUR/JPY is about to become more tricky and we have just taken out important support at 134.10, but as long as support at 133.60 protect the downside I will be looking for a new rally higher towards 136.00 and higher. A break below 133.60 indicates that a very complex correction is developing.
Kind regards
EWS
Hi EWS,
ReplyDeleteDo you think we are in a 3 of 3 on the EUR/USD or do you think we are finishing 1 of 3 on the eur/usd?
Also, if this is a wave 3 of 3 do you think we could get a pullback to 137.43?
ReplyDeleteHi Todd,
DeleteYes I think this is wave iii of 3, but of wave C of the correction that began 1.2756.
I think we are headed for 1.4247 as the first major target, but this rally could develop into something much bigger.
I would not be surprised to see a short term setback towards 1.3648 before higher Again.
Kind regards
EWS
Thank you very much, EWS!
ReplyDelete