AUD/CHF
Sanjay asked if I would take a look at AUD/CHF and GBP/NZD, so here we go.
The S/H/S target has been reached and we might see a Little more downside action before a larger correction in wave 4 sets in. I would expect wave 4 to be a simple quick zig-zag correction, because of the alternation principle, which states, that if wave 2 was a complex correction and it was, then we should expect a simple correction as wave 4.
Wave 2 corrected almost exactly 61.8% of wave 1 and therefore we should be looking for a relatively small wave 4 correction likely not correcting more than 31.8% of wave 3, which would call for a correction towards 0.8892.
GBP/NZD
Please see my post from May 9 here first: http://theelliottwavesufer.blogspot.dk/2013/05/elliott-wave-analysis-on-gbpnzd-long.html
We have seen a very nice and powerful rally since my last update on this cross on May 9.
I think we have just ended red wave ii and red wave iii higher has taken over. If this is the case we should soon see a break above 1.9626 and more importantly a break above 1.9802 for a rally higher towards 2,0567 and possibly even higher towards 2.0879. However, longer term I'm looking for a rally much higher.
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