An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 164.10
[B]Resistance:[/B]164.27164.48164.74165.20[B]Support:[/B]163.70163.45163.10162.66
[B]Bias:[/B]Mixed – waiting for breaks
[B]Daily Bullish:[/B]In the end the 162.66 low provided the base for gains. These do look as if they should move through to 163.44-48 at least. However, if there are to be further direct gains then we need a break above 163.50 and if seen would appear to lend support for gains through to 164.74-79 at least. Take care as this area may cause a correction. Above 164.79 extends the upside to 165.94. [B]MT Bullish:[/B]On reviewing I feel that here is an upside target around 177.00 but this is not due until January 2008. In the meantime watch resistance at 164.27 and stronger at 164.74. Next resistance is at 165.94. ([B]24th September[/B])[B]Daily Bearish:[/B]The downside has found it difficult to develop and we need take care. Before getting bearish we should really wait for losses below 163.70 but still take any decline in steps. Next support is around 163.10-20 and below there back at the 162.66 corrective low. Next support is at 162.19.[B]MT Bearish:[/B]I am watching this carefully but at most now I feel a dip to 162.19 is possible. Only below here would cause deeper losses to 160.80 and 160.20. ([B]1st October[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]28th September[/B]
I am finding the wave structure strange and will take this step by step. However, for now I have tentatively changed the count to show that we may have completed Wave (a) of Wave (iii).
If this is correct then a 50% retracement comes in at 160.12. Also take note of the 41.4% correction at 160.77.
Back above 163.95 would suggest we are moving higher in Wave (iii) which has a target back at the 168.93 high.
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]FX-Strategy Pro Commentary[/li]Unique, comprehensive and insightful analysis[/ul]