Elliott wave analysis of EUR/JPY and EUR/NZD for November 12 - 2013

 EUR/JPY

Today's Support and Resistance Levels:

R3: 134.24

R2: 133.73

R1: 133.44

Current Spot: 133.25

S1: 132.91

S2: 132.21

S3: 131.50 

Technical Summary:

Well the rally of the 131.20 low has become larger than expected, but then second waves are allowed to correct all of the first wave, however, the second wave can never break beyond the starting point of the first wave, which is at 133.73. It is most likely that we have already seen the end of red wave ii at 133.44, but we need a break below 133.21 and more importantly a break below support at 132.91 to confirm that red wave ii is indeed over and red wave iii lower towards at least 129.35 has begun.

Only a break above 133.73 will invalidate our bearish count and cal for a more complex wave ii correction.

EUR/NZD

Today's Support and Resistance Levels:

R3: 1.6488

R2: 1.6422 

R1: 1.6320

Current Spot: 1.6267

S1: 1.6228

S2: 1.6114

S3: 1.6035 

Technical Summary:

The break above resistance at 1.6294 has forced me to a new short term count, but my overall bearish expectations is still intact. However, the break above 1.6294 has also opened up more possible counts and the one above is my preferred count. For this count to stay valid resistance at 1.6422 may not be broken. 

I'm currently looking for a break below 1.6228 to confirm, that blue wave ii is over and that blue wave iii lower towards at least 1.5812 is developing. Longer term I'm looking for wave A and the ongoing C wave to be equal in length, which would call for a wave C target at 1.5525.