[B]An excerpt from FX-Strategy’s Pro Commentary[/B]
[B]Bias:[/B]I look for a correction back to 1.0639-53 (max 1.0665) before lower again
[B]Daily Bullish:[/B]The breach of 1.0635-40 has triggered stronger losses. However, within the decline I see potential for a pullback from the 1.0572 low and this will require a break back above 1.0606 which should retest the 1.0539-53 area at least. At the most we may just see a retest of 1.0665. However, this should be the most we see. Thus a stronger bullish stance will require a break above 1.0670 and then we would see the elastic band whip us back to the 1.0757 high. [B]MT Bullish:[/B]The break of trend support suggest the upside is complete. Thus to revert to a more bullish picture we shall need to see break above this line around 1.0653-65. Then we’d be looking for 1.0757 again & above. ([B]June 29th[/B])[B]Daily Bearish:[/B]The break of the trend support opens up the downside again. However, I do feel we should see a retest of the trend line which is around 1.0653-65 and from there we should see stronger losses. A move below the 1.0572 low seen yesterday would extend the downside through the 1.0547 low and down to 1.0467-97 at least. [B]MT Bearish:[/B]The break lower looks ominous although we are not that far from an initial low. While 1.0653-65 caps we should see losses down to 1.0467-97 at least – below and the floor opens up… ([B]June 29th[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
The break of the trend line does suggest losses. Now I find the recovery to 1.0757 to be very, very shallow for a full correction and thus I want to take things step by step.
However, in the decline from 1.0757 I see we seem to have reached a 176.4% projection in minor Wave ii at 1.0572 and this should cause a 41.4%-50% correction in Wave iv around 1.0639-53 which is where the prior trend support lies and this should produce a good selling point for a Wave v lower.
As this progresses we can establish targets.
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