Today's Support and Resistance Levels:
R3: 138.30
R2: 137.99
R1: 137.58
Current Spot: 137.33
S1: 137.02
S2: 136.60
S3: 136.02
Technical Summary:
After a high at 137.99 yesterday, we have seen a correction towards the important support at 137.02, but as long as this support protects the downside we should be looking for one last rally to a new high just above 137.99, but not beyond 138.30. As a break above 138.30 will make wave iii the shortest wave and that is not allowed under the Elliott Wave Principle. That means from just above 137.99 or upon a break below 137.02 we should be looking for a major correction towards at least 124.74.
Today's Support and Resistance Levels:
R3: 1.6498
R2: 1.6457
R3: 1.6412
Current Spot: 1.6382
S1: 1.6341
S2: 1.6298
S1: 1.6259
Technical Summary:
The correction from 1.6636 has become deeper than expected and that opens up the case of an alternative count (see the chart below). I still prefer the bullish Count, that I presented yesterday, but the break below support at 1.6458 has opened up for a deeper correction towards 1.6341, which will ideally protect the downside for a break above 1.6457 confirming a new rally towards 1.6636 and beyond. Under the preferred count we can under no circumstances allow a break below support at 1.6259. A break below 1.6259 will cause an overlap between wave i and wave iv, which is not allowed under the Elliott Wave Principle and that will cause a shift towards the alternative count below.
If the alternative count becomes the preferred Count. This count will call for a continuation lower towards 1.5831 in wave c of Y.
Hi EWS,
ReplyDeleteWelcome from vacation!! Feel free look to the pairs of audusd and audjpy? Thanks
Hi EWS,
ReplyDeleteWelcome back from here also.Hope you had a wonderful time..Please a few words for GBP short term.
You think GBP will test 6070-50 before going to 1.70xx?Or we go higher from the current levels?
Thanks in advance ,
Panos