Elliott wave analysis of EUR/JPY for November 1, 2013
November 1, 2013 6:15 am
Today’s Support and Resistance levels:
R3: 134.22
R2: 134.05
R1: 133.83
Current Spot: 133.57
S1: 133.45
S2: 133.01
S3: 132.61
Technical summary:
Our new preferred count has worked out perfectly and red wave c of b is developing now. With the decline below 133.60, red wave c could end any time now. However, we are looking for minor resistance at 133.83 to protect the upside for one last decline towards 133.01, before red wave c of b is finally in place, and the c wave of wave v will take over for a rally towards 137.69 and maximum 138.39.
Only a direct break above 134.20 indicates that red wave c already has finished and the final wave c of v is developing already.
Trading recommendation:
We recommend to book your profit on the short positions from 134.70 here at 133.57 for a nice profit. Place a new EUR buy order at 133.20 or upon a break above 134.20.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 134.22
R2: 134.05
R1: 133.83
Current Spot: 133.57
S1: 133.45
S2: 133.01
S3: 132.61
Technical summary:
Our new preferred count has worked out perfectly and red wave c of b is developing now. With the decline below 133.60, red wave c could end any time now. However, we are looking for minor resistance at 133.83 to protect the upside for one last decline towards 133.01, before red wave c of b is finally in place, and the c wave of wave v will take over for a rally towards 137.69 and maximum 138.39.
Only a direct break above 134.20 indicates that red wave c already has finished and the final wave c of v is developing already.
Trading recommendation:
We recommend to book your profit on the short positions from 134.70 here at 133.57 for a nice profit. Place a new EUR buy order at 133.20 or upon a break above 134.20.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: