AUD/NZD - Bottom in place at 1.0617
In Sunday's update (you can that update by clicking here) I called for a bottom near 1.0600 and yesterday we saw a test of 1.0617 followed by a rally above the ending diagonal resistance-line confirming that the low is in place and a rally back to the origin of the ending diagonal at 1.0921 should be seen within half the time it took the ending diagonal to build.
Please observe that a throw under the ending diagonal support-line was seen, before the low and reversal from 1.0617 was seen. This is normally a strong sign that an important low is in place.
The low at 1.0617 terminated the wave ii correction from 1.1333 and ultimately, this high should be exceeded in wave iii for a continuation towards at least 1.2133 and likely even higher to the 161.8% extension target at 1.2871.
If you like the above post and want more like it, then you should consider joining my service elliottwavesurfer.com. Click at the link and see, what I have to offer.
No comments:
Post a Comment