Thursday, October 11, 2012

Elliott wave analysis of EUR/USD; EUR/JPY; EUR/NZD; EUR/AUD and Facebook

 EUR/USD - The Triangle concept I was talking about yesterday seems to be working out perfectly.
With wave A-B and C of the triangle now in place I'm looking for wave D higher towards at least 1.2991 and likely even slightly above here before we should expect wave E.
 EUR/JPY - Here too the Triangle concept is working out nicely too and here too I'm looking for the D-leg higher to just above 101.84 before we should see the last leg (wave E) of the triangle lower.
 EUR/NZD - With a low at 1.5700 we have most likely seen the bottom of wave ii of 3 and most likely the powerful wave iii of 3 has begun. If this count is correct we should soon see a clear break above resistance at 1.5966 higher towards at least 1.6245 and likely much higher.
 EUR/AUD - My long term view posted on September 7 (see here: http://theelliottwavesufer.blogspot.dk/2012/09/euraud-long-term-view-multi-year-new.html) has worked well and it seems wave 2 only corrected the absolute minimum of 23.6% of wave 1 and wave 3 higher already has begun. If this count is correct we should soon see much higher levels as the powerful wave 3 begins to take hold.
Facebook - The correction from 23.37 has now reached my target area between 18.77 to 19.79 and we can expect wave 3 to take of anytime now and if this is the case we should soon see a break back above 22.30 and 23.37 for a rally higher towards 28.86. That would be a nice 46% rally from here.

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