Elliott wave analysis of EUR/NZD for January 8, 2015
January 8, 2015 7:50 am
Technical summary:
The decline have been even strong than we expected. This strong decline has forced us to evaluate the previous count and the new short-term count shows that blue wave iii is close to a bottom at 1.5153 form where we should expect a correction towards 1.5341 and maybe even slightly higher towards 1.5450 before blue wave v lower towards 1.5079 to end blue wave v and red wave iii. Once red wave iii is in place, we should be looking for flat correction in red wave iv. As red wave ii was strong correction that took back most of red wave i, the alternation principle tells to look for a shallow and flat red wave iv.
Trading recommendation:
We will book our profit from 1.5620 here at 1.5183 for a nice profit. We will then look for a new EUR selling opportunity near 1.5450.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
The decline have been even strong than we expected. This strong decline has forced us to evaluate the previous count and the new short-term count shows that blue wave iii is close to a bottom at 1.5153 form where we should expect a correction towards 1.5341 and maybe even slightly higher towards 1.5450 before blue wave v lower towards 1.5079 to end blue wave v and red wave iii. Once red wave iii is in place, we should be looking for flat correction in red wave iv. As red wave ii was strong correction that took back most of red wave i, the alternation principle tells to look for a shallow and flat red wave iv.
Trading recommendation:
We will book our profit from 1.5620 here at 1.5183 for a nice profit. We will then look for a new EUR selling opportunity near 1.5450.
The material has been provided by InstaForex Company – www.instaforex.com
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