An excerpt from Pro Commentary [B]Price:[/B] 1.9442
[B]Resistance:[/B]1.94741.94931.95461.9572[B]Support:[/B]1.94281.93891.93631.9335
[B]Bias:[/B]While the 1.9474-93 caps there is still room for one more decline to the ideal 1.9300-35 target
[B]Daily Bullish:[/B]Once again the downside developed well although did overshoot slightly the 1.9382 intermediate target. It does confuse slightly but I still feel the downside has legs for one more decline. Thus only look for a stronger move higher if the 1.9493-05 area gives way. If seen then we should see stronger gains to 1.9546 and probably 1.9572 at least. Take care here as this could cause a correction. Breach extends gains to 1.9631-66 again. [B]MT Bullish:[/B][B]15th May:[/B] With losses having come within a whisker of the ideal 1.9300-35 downside target we must be aware of the risk of reversal higher. Back above 1.9505 and 1.9572 would see 1.9631-66 and probably higher. [B]Daily Bearish:[/B]Further downside progress seen but we are close to a potential low. To see this last leg lower I’d prefer to see the 1.9474 resistance hold but should allow for 1.9494-05. This resistance should allow a move back below 1.9428 to 1.9389 at least – take care here in case a sideways consolidation develops. More likely we shall see a direct test of the 1.9301-35 target from where a larger recovery is anticipated. Only breach would trigger stronger losses to 1.9223, 1.9175 and 1.9097. [B]MT Bearish:[/B][B]14th May:[/B] The downside has developed and should make its way down to the 1.9300-35 area. However, bullish divergences are forming in the daily chart and I suspect this will hold for a stronger recovery.
[B]ELLIOTT WAVE COMMENTS[/B]
[B]15th May[/B]
Progress is being made in Wave © which has a wave equality target at 1.9301 while the old daily low was at 1.9335. Within the daily flat correction I am looking at we should see this support hold and generate a stronger move higher.
Within the decline I count yesterday’s low at 1.9363 as Wave iii and thus while Wave iv remains below the 50%-58.6% retracement at 1.9474-93 the way is open for the last decline.
A break above 1.9505 would cause an earlier reversal higher.
Below 1.9269 would maintain stronger losses for the 161.8% projection in Wave © at 1.9097.
[B]Ian Copsey[/B]
[B]See Also[/B]
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[li]Pro Commentary[/li]Insightful analysis to guide you through the trading day[/ul]