I don't have much to add to my original post, other than EUR/NZD seems to have bottomed at 1.5453 marking wave 2. If this is correct we should soon see a clear break above 1.5650 and more importantly 1.5773 as wave 3 will work its way towards 1.6969.
Apple also seems to have topped out in wave 3, which a clear break below 656.00 (close below on a daily basis) will indicate.
EUR/USD - Ready to take of in blue wave 5, we just need a break above 1.2960.
EUR/JPY - Here to we are ready to take of in blue wave 5 too. A break above 101.05 and more importantly 102.10 will do the trick.
EUR/NZD - Wave 2 might be over with the test of 1.5453 (just above the 50% retracement target at 1.5435
Apple - It finally seems as wave 3 have topped and we should be looking for a shallow but complex correction in wave 4 - A triangle maybe? As wave 3 clearly extended (just above 300% of wave 1) we should not expect a deeper correction than a 23.6% correction of wave 3, which will mean a decline to 557.
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Showing posts with label Elliott Wave analysis of EUR/USD; EUR/JPY; EUR/NZD and Apple. Show all posts
Showing posts with label Elliott Wave analysis of EUR/USD; EUR/JPY; EUR/NZD and Apple. Show all posts
Tuesday, October 2, 2012
Tuesday, August 21, 2012
Elliott Wave analysis of EUR/USD; EUR/JPY; EUR/NZD and Apple
EUR/USD - I'm still looking for a move higher towards 1.2550 in wave c of Y. The price-action the last couple of days hasn't given us much clues, but as we continue to make higher lows I do favor an upside break above minor resistance at 1.2382 for a move closer to the ideal target at 1.2550.
Only a break below 1.2255 will delay the move towards 1.2550 for a deeper decline towards 1.2040 in the b-wave of a flat correction.
EUR/JPY - The shown count is my favorite short term count and I'm still looking for a break above 98.40 for a move towards 99.42 in blue wave v and red wave 3. That said we should take note of the possible leading diagonal, which could be developing. If a leading diagonal is developing resistance at 98.68 will hold firm for a break below 97.47 for a deeper correction towards the 95.35 - 95.75 area for wave 2, before the more dynamic and powerful wave 3 takes over.
EUR/NZD - I still think that blue wave ii should head a little to just below 1.5187 before the more dynamic and powerful wave iii takes over for a move higher towards resistance near 1.5500.
In the bigger picture a break above 1.5500 will confirm, that we saw an important bottom at 1.4968 and much higher levels should be seeing longer term.
Apple - The world most valuable company, made new all time highs yesterday. Should we be calling for a rally towards 1,000? I don't think so. In my view the top was seen at 643.88 and we are in an expanded flat correction. If this count is correct we should see a top in the 670.55 - 671.78 range for a very powerful wave C down towards support in the 500 - 504 range.
The positive message that this expanded flat correction is sending us is, that once this correction is over (is could become even more complex) we should expect a new rally to new highs, but first I think it's time to worry about the downside...
Only a break below 1.2255 will delay the move towards 1.2550 for a deeper decline towards 1.2040 in the b-wave of a flat correction.
EUR/JPY - The shown count is my favorite short term count and I'm still looking for a break above 98.40 for a move towards 99.42 in blue wave v and red wave 3. That said we should take note of the possible leading diagonal, which could be developing. If a leading diagonal is developing resistance at 98.68 will hold firm for a break below 97.47 for a deeper correction towards the 95.35 - 95.75 area for wave 2, before the more dynamic and powerful wave 3 takes over.
EUR/NZD - I still think that blue wave ii should head a little to just below 1.5187 before the more dynamic and powerful wave iii takes over for a move higher towards resistance near 1.5500.
In the bigger picture a break above 1.5500 will confirm, that we saw an important bottom at 1.4968 and much higher levels should be seeing longer term.
Apple - The world most valuable company, made new all time highs yesterday. Should we be calling for a rally towards 1,000? I don't think so. In my view the top was seen at 643.88 and we are in an expanded flat correction. If this count is correct we should see a top in the 670.55 - 671.78 range for a very powerful wave C down towards support in the 500 - 504 range.
The positive message that this expanded flat correction is sending us is, that once this correction is over (is could become even more complex) we should expect a new rally to new highs, but first I think it's time to worry about the downside...
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