An excerpt from Pro Commentary [B]Price:[/B] 0.9907
[B]Resistance:[/B]0.99500.99881.00051.0050[B]Support:[/B]0.98950.98730.98450.9812
[B]Bias:[/B]I still see risk for the downside to reach the 0.9845 target
[B]Daily Bullish:[/B]Frustratingly the 0.9945 resistance broke but only by 6 points and as such I still feel that the downside is more likely to bear more fruit. Thus only a move above yesterday’s high at 0.9951 would bring more chance of additional gains. If seen look for price to extend higher to 0.9988 and probably the 1.0005 area which stands a good chance of holding. Next resistance is then found at 1.0048-57. [B]MT Bullish:[/B][B]21st May:[/B] We can lower the reversal resistance to around 0.9955 and above there would likely yield greater gains. Initial resistance is at 1.0005 and further at 1.0048-57 and 1.0100. [B]Daily Bearish:[/B]While the 0.9945 resistance was broken it was only by 6 points and thus I’ll cautiously stick with a scenario calling for additional losses towards the favored 0.9845 target. Somewhere around this level should hold. Also note support at 0.9812 and 0.9780. [B]MT Bearish:[/B][B]16th May:[/B] With limited recovery the downside is not necessarily over and while 1.0051-84 caps there is still some risk of seeing losses through to the original 0.9845 support.
[B]ELLIOTT WAVE COMMENTS[/B]
[B]16th May[/B]
The whippy price development is confusing things and we need watch for breaks. A small potential triangle exists with resistance around 1.0046-51 and a base around 0.9900-10. Thus consider these as break levels.
Since we haven’t really seen a big correction higher, a direct decline should see wave equality in Wave © at least which is at 0.9931. Only below extends to the 76.4% retracement in Wave (ii) at 0.9845.
[B]20th May[/B]
Cautiously I feel we may just see the 138.2% projection in Wave © at 0.9841 where Wave (ii) will have retraced by 76.4%.
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]Pro Commentary[/li]Probably the most comprehensive technical report in the market[/ul]