An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 1.1535
[B]Resistance:[/B]1.15571.16001.16291.1651[B]Support:[/B]1.15101.14911.14511.1425
[B]Bias:[/B]Would prefer to be bearish but wait for break of 1.1490-1.1510
[B]Daily Bullish:[/B]Sideways range trading has been seen below the 1.1560 resistance and this remains the break area for a bullish stance. Only if seen must we accept a larger correction that should then take price higher to 1.1629-51 at least. Take care since the levels are rather vague. However, there is stronger pivot resistance at 1.1670 and a Fibonacci retirement at 1.1695 that should hold any initial recovery. Next resistance is then found at 1.1725 and 1.1784-98.[B]MT Bullish:[/B]It looks as if the downside is intact but risk is rising for a pullback from the 1.1422 area. However, assuming this is hit first the correction should be limited to 1.1555-75. Above here sees 1.1784-98. ([B]5th November[/B])[B]Daily Bearish:[/B]The fact that we have seen a sideways range below 1.1560 does raise the chance that we have seen a triangle correction. To confirm the downside we now need a move through 1.1510 initially and then the 1.1491 low. Once seen it should take price down to the 1.1422-30 area which should hold and generate a larger correction higher. Next support is then found at 1.1370. [B]MT Bearish:[/B]The downside has progresses well but could see a period of correction from the 1.1422 area. While this remains below 1.1555-75 we should eventually see losses to 1.1244-83 by early December. ([B]5th November[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]5th November[/B]
We’ve seen the bounce from the wave equality target at 1.1490 but I still feel this is part of Wave c of Wave iii lower. The current consolidation should be Wave iv which could develop as a triangle ahead of losses to the 423.6% projection in Wave iii at 1.1422. Then look for Wave iv to develop.
[B]6th November[/B]
The triangular Wave iv appears to have developed but we now a quick break below the 1.1510 level to confirm. Wave v would have a 76.4% projection at 1.1430 while the 423.6% projection in Wave –iii- is at 1.1422. Expect a reversal higher in Wave –iv- from this support. Only an earlier move above 1.1560 would suggest an alternative pattern.
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]FX-Strategy Pro Commentary[/li]Unique analysis to guide you through the trading day[/ul]