An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 165.83
[B]Resistance:[/B]166.00166.24166.39166.63[B]Support:[/B]165.365165.15164.65164.31
[B]Bias:[/B]Mixed – waiting for breaks
[B]Daily Bullish:[/B]Well, gains were seen that reached 164.24 but these didn’t really impress. I also see resistance at 164.39 and its only above here that would see follow-through higher to 166.93 at least. Take care here as this could cause a pullback. Breach would extend the upside more aggressively towards 167.52 and 168.02. [B]MT Bullish:[/B]The structure is still not clear but I still have bullish cycles into the end of the year and thus respect any breaks above 166.39 and 166.93 which should see follow-through to 168.02 min and max 168.95. ([B]11th October[/B])[B]Daily Bearish:[/B]Losses stalled at 165.35 to confuse the wave structure. Watch the 166.39 resistance. While this holds there is still chance of losses developing though these would then probably not get very much below 165.35. Any loss of this support and 165.15 would see follow-through to 164.65 – this may cause a pullback – and more likely down to 164.31 and 163.89.[B]MT Bearish:[/B]I am beginning to get more bullish. Thus only a break back below 163.40-45 would imply deeper losses back to 162.66 and possibly all the way down to 160.68-00. ([B]4th October[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]11th October[/B]
The entire wave structure is clouded though I have a minimum overall target at 168.95 where (alternative) Wave (iii) will have extended by 138.2% and is of course the high for this year. I suspect this will hold once seen.
In the short term I am really mixed although there seems room for only shallow pullbacks now to keep the momentum intact for the ideal 168.95 target.
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]FX-Strategy Pro Commentary[/li]Unique and insightful analysis[/ul]