An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 158.04
[B]Resistance:[/B]158.25158.56158.70159.09[B]Support:[/B]157.55157.28156.93156.28
[B]Bias:[/B]Take care at 157.28-55 – only below sees further aggressive losses to 155.80 and 155.27
[B]Daily Bullish:[/B]As warned we have seen stronger losses that have reached the 157.55-80 area. There is no bullish divergence but we cannot rule out a correction. For this to develop we shall need to see the 157.28-55 area support. A move back above 158.56-70 would provide some relief. If seen then we should see the upside move through to 159.09 and probably 159.38. However, for now I think this would be the most we see. Next resistance is at 159.97. [B]MT Bullish:[/B]Yesterday’s losses don’t really give much hope for the upside. Thus only back above 159.40 would provide stronger relief for 159.97 and 160.51. ([B]16th January[/B])[B]Daily Bearish:[/B]Breach of 160.34 was seen directly as suggested and losses then duly moved to the 157.55-83 area. Momentum does still look bearish though we cannot rule out a correction at this point. Thus take the next leg lower a little more carefully. We need breach of 157.28-55 to trigger what should be a strong decline once again. This would move below 156.93 and down to 156.28 en route 155.80 minimum and at most 155.27. [B]MT Bearish:[/B]The first leg lower to 157.55-83 has already been seen and if we see breach of 157.28 we could see additional losses to 155.27. By this point we should be requiring a correction. ([B]16th January[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
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[B]15th January[/B]
I have run out of patience with the upside and this now looks pretty bearish. A 138.2% projection in Wave –iii- lies at 158.90 but this doesn’t seem to give enough room for Wave –c- to develop and thus I feel a stronger decline to the 176.4% projection is more likely and this lies at 157.55.
This should be followed by Wave –iv- before additional losses.
[B]16th January[/B]
We have seen losses to the 176.4% projection in Wave –iii- but the decline from the Wave –b- high doesn’t really look complete and I suspect this could move to the 223.6% projection at 155.80 or the 238.2% projection at 155.27 where Wave –c- will have extended by 161.8%.
[B]Ian Copsey[/B]
[B]See Also[/B]
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