An excerpt from FX-Strategy’s Pro Commentary
[B] Price:[/B] 151.24
[B]Resistance:[/B]151.70152.25152.60152.98[B]Support:[/B]150.91150.64150.30149.68
[B]Bias:[/B]Care – watch for breaks
[B]Daily Bullish:[/B]A drop over the side of the cliff always produces challenges in identifying the wave structure. The 149.68-99 area is now key support and if this manages to hold we could just see some calm enter the market, but only for a correction. A move back from there would need a reversal above 151.50 to maintain some upside potential which could bring a retest of 152.98 and yesterday’s 153.88 corrective high. [B]MT Bullish:[/B]153.02 was taken out without any exertion and we can only watch until some stability occurs – which should be around the end of the month. Next major supports are at 148.40-90, 145.25 and 143.26… ([B]17th August[/B])[B]Daily Bearish:[/B]It didn’t take long for even the 153.02 support to be eradicated and we have seen a low at 149.99. I do see one reason for a low around 149.68-99 and this should be watch carefully. Only breach here would extend the downside more aggressively again with next supports at 148.90, 148.40 and then it seems not until 146.48. [B]MT Bearish:[/B]The downside is relentless and we can expect losses for another 2 weeks or so but which should hopefully see a pullback soon so that I can generate amore meaningful target but 143.25-145.25 is possible. ([B]17th August[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]17th August:[/B]
Once again, back to the drawing board…
A 238.2% projection in Wave –iii- lies at 149.68 which is also were the Wave –c- of Wave –iii- has a 161.8% projection and thus I feel we should consider this carefully.
What I am hoping to see is a correction that will establish Wave –iv- and from which I can generate a target for Wave –v-.
A 223.6% projection in Wave [C] lies at 146.48, a 238.2% projection is at 145.25 and a 261.8% projection is at 143.26…
[B]Ian Copsey[/B]
[B]See Also[/B]
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[li]FX-Strategy Pro Charts[/li]Unique and insighful analysis[/ul]