An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 1.1222
[B]Resistance:[/B]1.12291.12611.13001.1320[B]Support:[/B]1.12041.11611.11271.1100
[B]Bias:[/B]Mixed – waiting for breaks
[B]Daily Bullish:[/B]The sideways consolidation still leaves the picture a little awkward. The downside could easily move to 1.1161 but then recover. Only an earlier break above 1.1262 would extend the gains from yesterday’s low to the 1.1300-10 area. However, we will need to be careful there as this could cap. Thus a stronger bullish stance will need a move above 1.1310 and if seen would allow the upside to extend more strongly towards 1.1381 and probably 1.1423. Further resistance is at 1.1465.[B]MT Bullish:[/B]The low at 1.1176 may well have formed a major low but we need this confirmed given the bearish cycles. I see room for a move to 1.1423-65 but it is only a break above here that would trigger 1.1623+. ([B]15th November[/B])[B]Daily Bearish:[/B]Still no break below 1.1204-10 which is required to take us down to the 1.1161 support. However, take care here as this could cause a move back higher. Only breach would maintain the downward momentum for 1.1127 and probably 1.1075. However, by then I think we’ll be at risk of having seen a major low. Next support is at 1.1014. [B]MT Bearish:[/B]Test has been seen of 1.1187 and at most I see room for a test of the 1.1075-00 area and will expect a reversal higher. Only below 1.1075 would maintain downward momentum for 1.1014 at least. ([B]13th November[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]15th November[/B]
The question is whether we’re going to see the 1.1075-00 target seen directly or whether we are just seeing a more choppy correction in Wave iv.
If we’re going to see a rally to the 41.4%-50.0% retracement in Wave iv at 1.1381-1.1423 (58.6% at 1.1465) then we should ideally see the 1.1200-10 corrective lows hold. Back above 1.1299 would trigger that test.
Any earlier move to the 1.1176 low or the 23.6% expansion at 1.1161 would limit any upside to just above the 1.1300 peak.
Below 1.1161 would target the 1.1075-00 area directly.
[B]Ian Copsey[/B]
[B]See Also[/B]
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[li]FX-Strategy Pro Commentary[/li]Unique and comprehensive analysis[/ul]