An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 163.40
[B]Resistance:[/B]163.60163.94164.20164.40[B]Support:[/B]162.95162.61162.50162.25
[B]Bias:[/B]I suspect a correction lower
[B]Daily Bullish:[/B]The 163.90 resistance held perfectly and this should provoke a correction lower. Thus only back above 16.60 would cause follow-through to 164.20 at least although this should cause a correction. Above extends gains to 164.94-00 and 165.58-68. [B]MT Bullish:[/B]We have seen a bullish divergence in the hourly chart but only back above 164.00 would appear to confirm the low is complete and we should see gains back tot eh 167.72 high once again. ([B]23rd October[/B])[B]Daily Bearish:[/B]We are seeing a reversal from 4 points above the 163.90 resistance and this may well be quite deep. The break below 163.44 should see losses to 162.95-05 which should cause a pullback. However, the downside is likely to extend thereafter to 162.61 and probably 162.05-25. At this point we need to take care. Only breach of 162.00 would maintain the downside to 161.28 and the 160.46 low. [B]MT Bearish:[/B]Losses extended to 160.46 and I suspect this completed the correction and thus only below would extend the downside to 159.60-97 but we should be seeing a major low soon. ([B]23rd October[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]24th October[/B]
We have seen a 3-wave rally to 163.94 and this will either be a Wave –i- or it is complete pullback. However, I’d only really want to become bearish on a break below the 50% retracement at 162.00 (also a pivot support) which would keep the pressure lower to the 61.8% & 76.4% retracements at 161.79 and 161.28.
Only below 161.28 extends the losses below 160.46 for 159.60-95 where Wave (iv) will have retraced by 58.6%.
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]FX-Strategy Pro Commentary[/li]Unique and comprehensive analysis[/ul]