An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 1.0151
[B]Resistance:[/B]1.01751.02121.02361.0258[B]Support:[/B]1.01451.01181.00751.0047
[B]Bias:[/B]Cautiously, while 1.0118-34 supports look for further gains to 1.0236 – max 1.0258-85
[B]Daily Bullish:[/B]Gains reached into the 1.0166-94 area as expected. There is no sign of a peak as yet. Thus, while the internal structure is a bit clouded, watch the 1.0118-34 area. While this supports there is still risk of further gains that should move back above yesterday’s 1.0175 high but should then stall at 2.0212 minimum with a small risk of 1.0236. Care as this could cause a further pullback. Only above extends to 1.0258-85 which I feel should cap for losses.[B]MT Bullish:[/B]The sharp reversal higher is raising the chance of a large sideways consolidation which would imply a target at 1.0258-85 which should cap. Only breach extends back to 1.0316 and 1.0376. ([B]19th February[/B])[B]Daily Bearish:[/B]Gain seen which have stalled at 1.0175. I still feel there should be additional gains so any bearish stance will require a break below the 1.010-20 area. Only if seen will this generate stronger losses that would allow a move through the 1.0070-80 pivot area and to 1.0047 minimum and at most 1.0016. [B]MT Bearish:[/B]It is looking more and more that we are seeing continued sideways trading. Thus only below 0.9918 would re-open the possibility of a drop to 0.9750-55 again. ([B]19th February[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]19th February[/B]
The sharp recovery from 0.9918 appears to suggest that the decline was merely a Wave –x- and thus we should see gains back to the 1.0258-85 area in an irregular triangle.
Only below 0.9918 now would re-open the bearish structure for a retest of the 0.9755 low in Wave efc of an expanded flat.
[B]20th February[/B]
I feel now that we are seeing a new ABC pattern higher with a wave equality target at 2.0212 but then the 138.2% projection is at 1.0285 which is also where a 66.7% triangle projection lies in Wave ^d.
However, take care at 2.0212 as we could still see a Wave x and final ABC pattern to target.
[B]Ian Copsey[/B]
[B]See Also[/B]
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[li]FX-Strategy Pro Commentary[/li]Unique, insightful analysis at your fingertips[/ul]