An excerpt from FX-Strategy’s Pro Commentary
[B]Bias:[/B]While 1.0239-50 supports I look for the correction higher to extend to 1.0377 and probably 1.0415
[B]Daily Bullish:[/B]As expected we saw losses to the 1.0244 target and just 5 points more. This has occurred with a strong bullish divergence and thus I feel we should now see the 1.0250 area support for additional gains back above 1.0311-20 and onto 1.0377 at least. Overall the correction appears to have potential to 1.0415 but we need watch carefully how this will progress as it could be choppy. [B]MT Bullish:[/B]The 1.0280 support has been achieved but there is still a chance of seeing 1.0244. However, any direct recovery will need to break above 1.0433-60 to trigger stronger gains. ([B]17th September[/B])[B]Daily Bearish:[/B]With the 1.0244 target met I feel we may need to wait for the next leg lower. Thus only below yesterday’s 1.0239 low would imply extension of losses towards 1.0211 at least – take care there – only below sees additional losses to 1.0160 and probably 1.0129. [B]MT Bearish:[/B]The 1.0244 target has been met and while there is a risk of a correction from here, while this remains below 1.0415 I still see potential to 1.0129 over time. ([B]18th September[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
We can’t rule out the 1.0275 low as having satisfied a Wave equality target in Wave©. However, there is a 176.4% projection in Wave –iii- at 1.0244 that seems more likely.
We have seen the 176.4% projection in Wave iii satisfied at 1.0239 satisfied and this should provide the basis for a 50% correction to the 1.0415 level. Form there I will be looking for Wave v to extend down to the 1.0129 target.
Note that Wave © will have extended by 138.2% at 1.0129.
[li]FX-Strategy Pro Commentary[/li]Possibly the best analysis report in the market[/ul]