An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 0.8222
[B]Resistance:[/B]0.82380.82700.83140.8373[B]Support:[/B]0.81800.81510.81290.8111
[B]Bias:[/B]Only above 0.8238 extends the upside towards 0.8314 which should cause a correction
[B]Daily Bullish:[/B]The upside indeed extended, reaching the 0.8216 resistance where we have seen a correction. I still suspect a much higher target around 0.8270 & 0.8316 but we need to break above the 0.8238 resistance first. While this holds there is still risk of a pullback. Thus take care at the 0.8238 resistance and only follow-through above there but look to take profits around 0.8300. Any reversal from 0.8238 can be bought around 0.8111-30.[B]MT Bullish:[/B]The upside has begun to develop as suggested and there should be further to go. While the upside has direct risk we should see the 0.8110-30 area support. Next targets at 0.8314, 0.8373 & 0.8533-88. ([B]24th August[/B])[B]Daily Bearish:[/B]For the moment while the momentum remains positive we need be cautious about the downside. However, do watch the 0.8238 resistance and if this caps a good decline could well develop. A move back below 0.8200-10 will assist and then 0.8180 which should then seal a return to the 0.8129 low and possibly as far as 0.8110. However, that should hold for a reversal back higher. [B]MT Bearish:[/B]I remain bullish but we can now raise the reversal area to the 0.8100-10 area below which we could see a deeper consolidation. ([B]24th August[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]23rd August:[/B]
I suspect we are seeing wave © develop higher and that this morning’s 0.8158 high may well be Wave a of Wave –iii- of Wave ©. Thus be aware of a 50% pullback to around 0.8080-95 but then continuation of the move to the 176.4% projection in Wave –iii- at 0.8216 and quite possibly closer to the 223.6%-261.8% projection at 0.8270-0.8314.
Overall I am looking for a major daily triangle to develop which should see a peak in Wave ^b at the 76.4% retracement at 0.8588 which should occur in a series of ABC moves.
[B]24th August:[/B]
I feel we have seen a possible end to minor Wave ii of Wave ©. However, the current rally must move above a 38.2% expansion of the pullback from 0.8197 else we could see a move back to 0.8110-29 first.
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]FX-Strategy Pro Commentary[/li]Powerful analysis for profitable trading[/ul]