An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 161.97
[B]Resistance:[/B]162.05162.32162.54162.85[B]Support:[/B]161.72161.50161.25160.85
[B]Bias:[/B]While 161.50-72 supports there is still room for gains to the 162.85 target before reversing
[B]Daily Bullish:[/B]While the 158.99 low broke the 158.51-77 area remained intact and generated a stronger rally in line with the medium term view which broke higher very quickly stalling at 162.54. It is possible this has provided a high but I suspect that the 161.50-72 area should continue to support for a final rally above 162.54 and to the 162.85 target which I feel will cap for a larger correction lower. Next resistance is at 163.45 and then not until 164.27.[B]MT Bullish:[/B]We have seen a rally toward the 162.85 target but I feel this will this will cause a pullback. Overall I still feel this has upside to 164.27 but before that we should see a correction lower. ([B]19th September[/B])[B]Daily Bearish:[/B]With the 162.85 target very close this should provide a good selling opportunity. Stops to be placed above 163.10. A break back below 161.50 will assist and cause losses back down to 160.28 over time. Any earlier break below 161.40-50 would suggest direct losses. [B]MT Bearish:[/B]The upside has been too strong and seems to suggest we shall reach 162.83 before a cap. Only an earlier break below 158.51 would trigger earlier losses – then look for 157.48. ([B]14th September[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]18th September[/B]
I suspect the 158.99 low may well have completed Wave iv – but do keep in mind the 50% retracement at 158.51. This should generate gains in Wave v.
[B]19th September[/B]
We are now approaching the 162.85 target where Wave © will have extended by 161.8% and Wave v will have projected by 76.4%. Also within this Wave v I see that Wave c at a projection of 138.2% will also come to this level.
Thus look for the start of a second Wave (x) lower.
[B]Ian Copsey[/B]
[B]See Also[/B]
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