Today Support and Resistance Levels:
R3: 132.42
R2: 132.14
R1: 131.84
Current Spot: 131.21
S1: 131.03
S2: 130.86
S3: 130.63
Technical Summary:
Wave ii went a little deeper than the expected 130.64 (the low has been 129.89), but that does not change anything in the larger picture. Short term I am looking for support at 130.86 to protect the downside for a break above 131.84 and more importantly a break above 132.14, which would call for 132.42 on the way towards 134.49 and possibly even higher as we thrust out of this B-wave triangle. Long term I am looking for much higher levels and a rally towards 170.00.
Today's Support and Resistance Levels:
R3: 1.6744
R2: 1.6626
R1: 1.6551
Current Spot: 1.6484
S1: 1.6408
S2: 1.6325
S3: 1.6225
Technical Summary:
Prices continue to plunge lower and we are getting awful close to the start of wave i, which comes in at 1.6325. If my preferred count (see the chart above) is the correct count, a break below 1.6325 can not be allowed. Therefore we need to see some impulsive price-action higher soon. The first positive sign will be a break above 1.6551, but we need a break above 1.6626 and even more importantly a break above 1.6809 to confirm, that wave ii is in place and confirm, that wave iii is developing for a rally back towards 1.7274 and higher towards at least 177.80. However, if we break below 1.6325 the above count can not be correct and we will need to consider an alternate count (see Jeff M's Count from Sunday here: http://theelliottwavesufer.blogspot.dk/2013/09/elliott-wave-analysis-of-eurnzd.html). This count tells us, that we currently are in the c-wave of an expanded flat correction and the c-leg of this expanded flat will likely continue lower towards 1.6117, where this X-wave will have corrected 50% of the rally from 1.5080 and wave c of the expanded flat correction will be 1.382 times wave a.
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