An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 110.37
[B]Resistance:[/B]110.55110.73111.04111.32[B]Support:[/B]110.12109.73109.48109.21
[B]Bias:[/B]Slightly mixed though still prefer an eventual move to 111.62 - support now at 109.73
[B]Daily Bullish:[/B]Break of 110.44 has generated losses but without much momentum. There are a few alternative counts here and we have seen a move to just below the last corrective high at 111.32. We shall need confirmation of gains. First resistance is at 110.73 and breach will assist higher. However, we shall still have to be cautious around the 111.2132 area again and at the very least we should see a minor correction. A final break above should allow a test of 111.62 (max 111.87) but then cap for losses. [B]MT Bullish:[/B]We should see the 111.32-62 area but I suspect this will cap for a while. Only above extends the upside to 112.56 and possibly 113.30. ([B]29th November[/B])[B]Daily Bearish:[/B]Having seen a move to just below the old corrective high at 111.32 and the break of 110.44 the chances of a pullback lower increase. However, there is still sufficient ambiguity to require confirmation of losses. 110.55-73 should cap and any move below 110.12 would allow a decline to 109.73. It is here and 109.48 that we need breach to confirm additional losses. If seen then look for losses to move to 109.10-21 at least. Next support is at 108.74 and then 108.15. [B]MT Bearish:[/B]The break higher reduces the risk of a new low but does not eliminate it. Only a break above 111.62-74 would do that. Until then we still need to remain vigilant for possible losses to 106.54 & 105.40. ([B]29th November[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]4th December[/B]
Having almost reached the prior Wave b at 111.32 there is ever-present risk of the downside being tested again. We should also keep in mind the 50% retracement in the alternative Wave –iv- which rests at 111.62 which could still be seen on a small extension higher.
I somehow doubt we’ll see any move above there on the first test and thus the marginal greater risk remains lower. Within the count shown the 50% retracement in Wave iv is at 109.73. Below there would see additional losses and we’ll need to see how they develop to judge whether they’ll cause one more additional low…
[B]Ian Copsey[/B]
[B]See Also[/B]
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