An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 1.4320
[B]Resistance:[/B]1.43441.43661.43831.4406[B]Support:[/B]1.43081.42851.42601.4235
[B]Bias:[/B]The 1.4383 target still look attainable but from there look for losses
[B]Daily Bullish:[/B]Gains were seen in line with my sneaky suspicions and these have failed thus far at the 1.4347 high. I suspect the first move will be lower towards 1.4282-87 but while this holds I still feel there is potential for the upside to extend a little higher above 1.4347 and to the 1.4383 resistance. If this is approached with a bearish divergence then this should be a great selling opportunity. Thus only above 1.4385 would extend gains more strongly to 1.4458 and eventually to 1.4584.[B]MT Bullish:[/B]Yesterday’s sharp losses may well provide the consolidation ahead of the final rally into Dec/Jan. Only back above 1.4347-83 will trigger direct follow-through to 1.4740-1.4805. ([B]23rd October[/B])[B]Daily Bearish:[/B]Having reached 1.4347 once again, and even though my suspicions still favor a test of 1.4383, we should not forget the risk of a flat correction and thus a direct decline. The first move today should be back to the 1.4285 area and it is here that needs to hold else the chances of direct losses rise. On breach it would lead to stronger losses to 1.4187-1.4209 at least. Exercise caution there. Breach would extend losses further to 1.4093-1.4125. [B]MT Bearish:[/B]The downside is still questionable and we may still need to allow a move up to 1.4383. Only back below 1.4202 & 1.4160 would open the way for losses back to 1.4125 and 1.3949-71. ([B]24th October[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]24th October[/B]
This structure is really quite open. Whether the 1.4347 high was Wave (iii) or whether the earlier 1.4281 high was and we are now seeing a complex correction is really difficult to be certain. A 38.2% expansion in a possible Wave (iv) would be at 1.4383 and this would still allow a move down to 1.4014 and just below.
On the other hand, if the 76.4% retracement at 1.4295 and a pivot resistance at 1.4318 holds any gains we could still easily see additional losses towards 1.3949-71.
Only a direct break above 1.4383 would imply direct gains to the 1.4740-1.4805 targets…
[B]Ian Copsey[/B]
[B]See Also[/B]
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[li]FX-Strategy Pro Commentary[/li]Powerful analysis for profitable trading[/ul]