Elliott wave analysis of EUR/JPY for November 18 – 2014
November 18, 2014 1:15 pm
Today’s support and resistance levels:
R3: 146.69
R2: 146.40
R1: 146.18
Current spot: 145.95
S1: 145.71
S2: 145.60
S3: 145.35
Technical summary:
Despite a new high at 146.69, the odds favor this as being a b-wave rally of an expanded flat correction, this means that we should still see an impulsive decline in wave c soon towards 142.06. A break below support at 145.35 will confirm the rally to 146.69 as being a b-wave and tell us that wave c lower is developing. The risk is a bottom above 145.35 followed by a new rally to above 146.69 calling for a new top near 147.00 before the top finally is in place. Ideally, resistance at 146.50 will protect the upside for now.
Trading recommendation:
Our short position from 145.75 was stopped out at 146.60, but we will sell EUR again at 146.35 with a stop at 146.75.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 146.69
R2: 146.40
R1: 146.18
Current spot: 145.95
S1: 145.71
S2: 145.60
S3: 145.35
Technical summary:
Despite a new high at 146.69, the odds favor this as being a b-wave rally of an expanded flat correction, this means that we should still see an impulsive decline in wave c soon towards 142.06. A break below support at 145.35 will confirm the rally to 146.69 as being a b-wave and tell us that wave c lower is developing. The risk is a bottom above 145.35 followed by a new rally to above 146.69 calling for a new top near 147.00 before the top finally is in place. Ideally, resistance at 146.50 will protect the upside for now.
Trading recommendation:
Our short position from 145.75 was stopped out at 146.60, but we will sell EUR again at 146.35 with a stop at 146.75.
The material has been provided by InstaForex Company – www.instaforex.com
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