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Wednesday, December 4, 2013

Elliott wave analysis of EUR/JPY and EUR/NZD for December 4 - 2013

 EUR/JPY

Today's Support and Resistance Levels:
R3: 139.83
R2: 139.62
R1: 139.54
Current Spot: 139.36
S1: 139.18
S2: 138.93
S1: 138.69
Technical Summary:
After some small stabs above the ideal target at 139.89 with a high at 140.02, we saw the expected decline and we we also saw a short term break below important support at 138.97, but was it enough to confirm, that we have seen an important top at 140.02? The decline from 140.02 does have some impulsive characteristics, which does support that an important top could be in place, but we do need more evidence to confirm the top. Short term we will ideally see a small rally to 139.54, before a break below 138.93 and more importantly a break below 138.69, confirms the impulsive decline for a continuation lower towards at least 138.31.
Only a break above 140.02 will invalidate the bearish count and indicate more short term stabbing to the upside, but we should not see much upside progress.
EUR/NZD

Today's Support and Resistance Levels:
R3: 1.6658
R2: 1.6636
R1: 1.6607
Current Spot: 1.6577
S1: 1.6560
S2: 1.6540
S3: 1.6520
Technical Summary:
After a quick decline, to just below the ideal target at 1.6446 (the low came in at 1.6443, just 3 small pips below the ideal target), we have seen a impulsive rally higher. This first rally will likely end at 1.6658, for a small decline to towards the 1.6540 - 1.6545 zone, before the next powerful rally higher, towards important resistance at 1.6843 and a break above higher will be very bullish long term.
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8 comments:

  1. ZinkDecember 4, 2013 at 12:08 PM

    Hi!
    In last analisi you told that eurjpy will at least to 124!! Today you wrote 138,31!! You dont think that will not go down to 124?

    ReplyDelete
    Replies
    1. Elliott wave surferDecember 4, 2013 at 7:41 PM

      Hi Zink,

      I'm looking for both 138.31 short term and 124.92 longer term.

      I'm sorry if it could be misunderstood, ut I was simply refering t different time frames.

      Hope it clears my mistake.

      Kind regards
      EWS

      Delete
    2. ZinkDecember 4, 2013 at 9:48 PM

      thanks! you are the master!

      Delete
  2. AppellDecember 4, 2013 at 12:40 PM

    Hello EWS,
    can you please make an update to gold?

    Thank you very much

    ReplyDelete
    Replies
    1. Elliott wave surferDecember 4, 2013 at 8:02 PM

      Hi Paulina,

      I have updated my gold Count.

      Kind regards
      EWS

      Delete
  3. AnonymousDecember 4, 2013 at 5:33 PM

    Hi EWS,

    Im a little confused from the GBP.You told that from around 1.64 it will goes to 58xx area..From there what we can expect a thrust of the triangle for 1.90?Or something else?Can you ellaborating a little more to me please?

    Thanks in advance ,
    Panos

    ReplyDelete
    Replies
    1. Elliott wave surferDecember 4, 2013 at 8:05 PM

      Hi Panos,

      I have updated both my long term Count and medium term Count for Cable.

      For the long term I'm looking for a rally towards 1.90, but for the medium term I'm looking for a top near 1.64 before lower towards at least 1.5854 and maybe even lower before the rally higher.

      Hope this clears the Picture.

      Kind regards
      EWS

      Delete
    2. AnonymousDecember 4, 2013 at 9:21 PM

      Hi EWS,

      I read it and it it totally clear ,thank you my friend i appreciate it a lot.

      Best regards,
      Panos

      Delete

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