Elliott wave analysis of EUR/JPY for November 4, 2013
November 4, 2013 6:15 am
Today’s Support and Resistance levels:
R3: 134.84
R2: 134.15
R1: 133.69
Current Spot: 132.85
S1: 132.60
S2: 132.44
S3: 132.20
Technical summary:
We are hoovering just above strong support in the 132.44-132.60 zone, which we expect will protect the downside for a break above 133.69 confirming the final rally higher in wave c of v to end the ending diagonal. The ideal target for wave c of v is at 137.69, but we could see a rally a little higher, but under no circumstances, it can break above 138.39, as that would make wave iii of v the shortest wave, and that is not allowed under the Elliott Wave Principle. Once wave v of the ending diagonal is in place, we should see a correction towards at least 124.85.
Trading recommendation:
Stay long in EUR from 133.20 and place your stop at 131.10. If you are not long in EUR, buy near 132.60 or upon a break above 133.69 with the same stop at 131.10 expecting to raise your stop soon.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 134.84
R2: 134.15
R1: 133.69
Current Spot: 132.85
S1: 132.60
S2: 132.44
S3: 132.20
Technical summary:
We are hoovering just above strong support in the 132.44-132.60 zone, which we expect will protect the downside for a break above 133.69 confirming the final rally higher in wave c of v to end the ending diagonal. The ideal target for wave c of v is at 137.69, but we could see a rally a little higher, but under no circumstances, it can break above 138.39, as that would make wave iii of v the shortest wave, and that is not allowed under the Elliott Wave Principle. Once wave v of the ending diagonal is in place, we should see a correction towards at least 124.85.
Trading recommendation:
Stay long in EUR from 133.20 and place your stop at 131.10. If you are not long in EUR, buy near 132.60 or upon a break above 133.69 with the same stop at 131.10 expecting to raise your stop soon.
The material has been provided by InstaForex Company – www.instaforex.com
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