An excerpt from FX-Strategy’s Pro Commentary
Price: 162.40
Resistance:162.60162.87163.06163.27Support:162.14161.76161.30161.07
Bias:While 162.87-06 caps I feel the downside should push lower to 160.49
Daily Bullish:Losses seen but not quite as expected. There is risk of a recovery being seen today towards the 162.87-163.06 area. However, that is as far as I’d like to see the move. Thus a stronger bullish stance will require a break above 163.06 and if seen it would help to pressure higher again back to 163.52 and possibly the 163.93-00 area. Again, above is required to trigger a stronger attempt higher. MT Bullish:Loss of 163.55-80 appears to have broken the upside and the only way to see this gain the upper hand is a break above 163.20 and then 163.70-00. If seen then the ideal 165.05 target is possible. (June 8th)Daily Bearish:We didn’t see as deep a recovery as expected but direct losses that stalled at 161.76. Overall I remain bearish although we do need to take into consideration the possibility of sideways consolidation. Once 161.76 is broken we should see follow-through to 161.23-37 – do take a little care there though I suspect we should see stronger losses towards 160.49.MT Bearish:The break below 163.60 has triggered losses to just above the 162.18 low and this should continue towards 161.32 and while this should allow a correction the eventual target is back around 159.60. (June 8th)
ELLIOTT WAVE COMMENTS
11th June
Basically no change but I note that the decline to 161.76 included a 76.4% projection of the move down from 163.98 and therefore I have shifted the Wave a low to 161.76. We now need to see the 162.87-163.06 area cap being the 50%-58.6% retracement in Wave b. From there I note a 176.4% projection in Wave iii at 161.23 and a 223.6% projection at 160.49 which I tend to prefer seeing.
Ian Copsey
See Also
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