Elliott wave analysis of Apple - Getting close to a bottom

Apple

We are about to head Down in the last part of wave c of the first zig-zag combination. The ideal target for this zig-zag is at 391.03, from where I expect some kind of X-wave to take place. X-wave tend to be rather Sharp, but they can take on what ever of the corrective shapes they want. So we will just have to trail along and see what happens. Longer term I expect this correction to be a complex wave 4 and that means, that the X-wave I'm looking for could be wave B in a triangle or a B wave in a flat correction.

Elliott wave analysis of EUR/JPY and EUR/NZD

 EUR/JPY

As expected the rally out of the ending diagonal became very powerful and the clear break above the possible triangle resistance at 124.50, has reinforced my stand that wave iii of 5 is developing. Short term we expect minor support at 124.28 will protect the downside for the next rally higher towards 126.54 and likely higher towards 127.05. However, if we take a look at the long term picture the first possible target for wave 5 is at 131.60, but this rally could easily extend further.

EUR/NZD

With the break above 1.5376 we had confirmation, that a bottom is firmly in place with the test of 1.5180, but more importantly we now know that a new major rally is developing to above 1.6359 and likely much higher over the coming years. Short term I'm looking for support at 1.5307 to protect the downside for the next powerful rally higher towards at least 1.5535 and likely even higher towards 1.5917.

Breakout in Facebook - A bottom in place?

Facebook

We have finally seen a break out of the channel towards the upside. This is the first good clue, that wave 4 did end at 24.98 just below my ideal target. However. I would like to see more confirmation that a bottom is indeed in place and a break above 28.58 would do the trick for me a call for wave higher towards at least 34.07 and possibly even higher towards 39.66 if wave 5 becomes extended. An extension in wave 5 is clearly a possibility as wave 4 has been an expanded flat correction, but remember there is no grantee and we will have to Watch the wave structure in wave 5 closely to determine, where wave 5 will most likely terminate.

Elliott wave analysis of EUR/JPY and EUR/NZD

 EUR/JPY

We are locked in an extremely tight rang presently, which should resolve in a powerful move once we sees a breakout. I still favor, that a small ending diagonal is developing and that would call for a break towards the upside. A break above the minor resistance at 120.18 will be the first indication, that a bottom is in place, while a break above 120.86 will confirm the bottom for a rally higher to at least 124.50. If wave iii of 5 is developing, then resistance at 124.50 should not prove to be any obstacle at all, but if we see 124.50 holding, then we will shift my preferred count towards the triangle scenario. However, as long as resistance at 120.18 protects the upside the risk is still towards the downside, but if my bullish count is correct, then at no point can a break below 118.73 be allowed. If support at 118.73 breaks, the wave 4 is still developing and a continuation down to 117.05 will likely follow.

EUR/NZD

I'm are looking for a break above 1.5319 as the first indication, that a bottom is in place with the test of 1.5180. That said, we need a break above 1.5376 to confirm the bottom and that a new major rally is developing. A rally that will ultimately take us back above 1.6359 and possibly much higher. However, as long as resistance at 1.5319 and more importantly at 1.5375 protects the upside we must accept the possibility of a new attack towards the downside, but the potential room towards the downside should be very limited.

Elliott wave analysis of EUR/JPY and EUR/NZD

 EUR/JPY

We are clearly seeing a loss of downside momentum and a small ending diagonal building, which indicates that we are close to a bottom, but we need confirmation, that a bottom is indeed in place. A bottom will be confirmed if we do see a break above 120.86 and more importantly a break above 121.87, which will confirm a new rally higher towards at least 124.50 and possibly even higher trough 127.70 if wave iii of 5 is developing. However, as long as support at 120.86 is protecting the upside we can not rule out more downside pressure, but it should very limited and only a break below 118.73 will invalidate my bullish call and indicate a decline to 117.05 before the next rally higher.

EUR/NZD

I was quite surprised to see a break below 1.5227 yesterday, which invalidated my bullish call and confirmed, that the E wave of the large expanding triangle still is evolving. That said, the downside potential is limited and a bottom can be in place any time soon. However, we need prof in the form of a break above resistance at 1.5319 and more importantly a break above 1.5376 to confirm the bottom and that a new major rally higher have begun. Until the break above the resistance is seen the downside pressure will prevail, but as we said it should be limited from here.

Elliott wave analusis of EUR/JPY and EUR/NZD

 EUR/JPY

Minor resistance at 120.25 protected the upside for the next downside pressure. Even though I think, that further downside action will be limited, we need some firm prof, that wave ii of 5 is over. The first indication, that wave ii of 5 is over will be a break above 120.25 and more importantly a break above 120.86. A break above the later should accelerate the rally higher towards at least 124.50 and possibly even higher through 127.70. However, as long as minor resistance at 120.25 protects the upside we must accept the continued small progress towards the downside, but we can not accept a break below 118.73 as that would invalidate my bullish count and call for a continuation down to 117.05 in wave 4 before higher.

EUR/NZD

I'm still looking for more evidence, that a new major rally has begun. Yes we did see a break above 1.5342, but the follow through was very limited and not prof enough that the new rally has indeed begun. Short term I'm looking for support at 1.5303, which will ideally protect the downside for a break above 1.5350 and more importantly a break above 1.5363 for the next strong rally higher. However we must accept the possibility for an expanded flat correction building in red wave ii and that would call for a continuation down to 1.5263 before the next rally higher.

Elliott wave analysis on EUR/JPY and EUR/NZD

 EUR/JPY

The failure to break above resistance at 120.85 has preserved the downside pressure, but I still think that a bottom is very close at hand and is looking for a break above resistance at 120.85 soon to confirm the next rally higher. A break above 120.85 will open up for a rally towards 121.88 and higher towards at least 124.50. Depending on whether we have begun wave 5 higher resistance at 124.50 should be broken without much trouble or if it protects the upside our alternate triangle count comes into action for one last decline down to 121.59 before the final thrust out of the triangle towards the upside. That said, as long as resistance at 120.88 protects the upside we could see slightly more downside pressure, but at no point can a break below 118.73 be accepted, as a break below 118.73 will invalidated my bullish count and call for a decline closer to 117.05 before the next rally takes place.

EUR/NZD

I'm still looking for a break above 1.5342 to confirm, that we have seen a bottom at 1.5227 and the next powerful rally higher towards 1.5409 and1.5627 longer term. Ideally support at 1.5279 will protect the downside for the break above 1.5342, but only a break below 1.5227 will invalidate my bullish count for a push slightly lower, but the possible downside is very limited and we should stay focused towards the upside.