Elliott wave analysis of EUR/JPY for October 10 – 2014
October 10, 2014 11:10 am
Today’s support and resistance levels:
R3: 137.07
R2: 136.84
R1: 136.64
Current spot: 136.64
S1: 136. 56
S2: 136.33
S3: 135.80
Technical summary:
What a nasty wipe-saw we have seen. For now we will keep the red wave i/ii count, but the rally to 141.22 could as easily be an X-wave calling for another zig-zag decline towards at least 133.57 and likely even lower to 125.98. That said, as long as important support at 135.80 protects the downside, we will keep the red wave ii count. We have changed the short-term labeling slightly to a a-b-c correction in red wave ii and if this count is correct, we should see support at 136.33, where red wave c will be equal in length to red wave a, but to confirm a bottom, we need a break above minor resistance at 137.07 and more importantly a break above 137.94.
Trading Recommendation:
Our stop was hit again at 136.50. We will buy EUR at 136.35 with a stop+revers at 135.70 or buy upon a break above 137.07 with the same stop+revers at 135.70.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 137.07
R2: 136.84
R1: 136.64
Current spot: 136.64
S1: 136. 56
S2: 136.33
S3: 135.80
Technical summary:
What a nasty wipe-saw we have seen. For now we will keep the red wave i/ii count, but the rally to 141.22 could as easily be an X-wave calling for another zig-zag decline towards at least 133.57 and likely even lower to 125.98. That said, as long as important support at 135.80 protects the downside, we will keep the red wave ii count. We have changed the short-term labeling slightly to a a-b-c correction in red wave ii and if this count is correct, we should see support at 136.33, where red wave c will be equal in length to red wave a, but to confirm a bottom, we need a break above minor resistance at 137.07 and more importantly a break above 137.94.
Trading Recommendation:
Our stop was hit again at 136.50. We will buy EUR at 136.35 with a stop+revers at 135.70 or buy upon a break above 137.07 with the same stop+revers at 135.70.
The material has been provided by InstaForex Company – www.instaforex.com
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