An excerpt from FX-Strategy’s Pro Commentary
[B] Price:[/B] 0.8898
[B]Resistance:[/B]0.89300.89620.89840.9009[B]Support:[/B]0.88840.88520.88320.8772
[B]Bias:[/B]We have probably seen the high but should allow for 0.8952-62 – below 0.8840-44 signals losses
[B]Daily Bullish:[/B]Gains reached the 0.8937-62 target area perfectly from where we have seen moderate losses. I feel we have probably seen the high. The only possibility of seeing a second attempt at the 0.8952-62 ideal target is if the trend support at 0.8880-84 holds and we then see a reversal back above 0.8930 but then look for a cap in that 0.8952-62 area. Only an unexpected breach of this resistance would imply additional gains through 0.9009 and onto 0.9060.[B]MT Bullish:[/B]The uptrend has resumed and this should see a minimum test of 0.8792 with a more aggressive target at 0.8861-69. Overall I suspect this rally has potential for 0.8937-62. ([B]27th September[/B])[B]Daily Bearish:[/B]We should now be planning for a larger correction. While there is a risk of seeing a second attempt back at the 0.8952-62 ideal target area, any earlier break below the trend support shown around 0.8880-84 would undermine the support and we should then see a larger correction begin. Be aware that this correction can move quite deep – with the minimum target at 0.8605. What is uncertain at this point is whether this will occur directly or whether we’ll see a more erratic decline. [B]MT Bearish:[/B]Having seen the 0.8937-62 target achieved we must look for the risk of a larger correction back to 0.8605 minimum while a full correction lies at 0.8499. ([B]2nd October[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]1st October[/B]
It looks as if we are seeing a direct attack at the 138.2% extension in Wave (iii) at 0.8962. Once seen Wave (iv) should take a while to complete.
[B]2nd October[/B]
Wave (iii) appears to have been seen at 0.8948. However we should be a little careful in case we see a second attempt at the ideal 0.8952-62 target area.
This means we can plan where Wave (iv) can reach with a minimum 38.2% correction at 0.8605 and a 50% correction at 0.8499.
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]FX-Strategy Pro Commentary[/li]Powerful analysis for profitable trading[/ul]