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Monday, April 21, 2014

Elliott wave analysis of EUR/JPY - Short term count

EUR/JPY

Today's Support and Resistance Levels:
R3: 142.52
R2: 142.17
R1: 141.82
Current Spot: 141.78
S1: 141.64
S2: 141.23
S3: 140.98
Technical Summary:
As long as support at 141.64 and more importantly as long as support at 141.55 protects the downside I will be looking for the finally move higher towards 142.17 before red wave iii lower towards 136.33 takes over. Only a direct break below 141.55 indicates that red wave ii ended early and red wave iii lower already is developing. A break below support at 141.23 confirms that red wave iii is under way towards 136.33
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4 comments:

  1. ZinkApril 21, 2014 at 3:46 PM

    Hi!
    EWS what do you think about my labels in usdjpy?

    https://www.dropbox.com/s/ohsu2397ex4x06r/USDJPY.jpg

    ReplyDelete
    Replies
    1. Elliott wave surferApril 22, 2014 at 10:25 AM

      Hi Zink,

      You have a valid Count as long as wave 4 does not enter the territory of wave 1.

      Kind regards
      EWS

      Delete
  2. AnonymousApril 22, 2014 at 9:26 AM

    Hi EWS,
    do we need a daily close below 141.23 or just a break? I'm wondering because we just broke 141.23.

    Thanks!
    HaiGo

    ReplyDelete
    Replies
    1. Elliott wave surferApril 22, 2014 at 10:21 AM

      Hi HaiGo,

      I don't think we need a daily close below 141.23, bu I would like to see an hourly close below 141.23 to confirm that his support is broken.

      Kind regards
      EWS

      Delete

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