Elliott wave analysis of EUR/NZD for October 15, 2015
October 15, 2015 7:30 am
Wave Summary:
We clearly were a bit too early to call for a bottom at 1.6820. More downside room closer to our original target at 1.6781 is observed now. The question is whether the bottom is in place at the moment? Good news is that we are very close to a firm bottom for at least a sizable rally. However, as long as minor resistance at 1.6955 protects the upside, we could see a deeper decline in wave v, as wave v will be equal to wave i at 1.6544. Wave v has hit a downside target and could turn higher anytime soon.
Trading recommendation:
Our stop was hit for a loss. We will re-buy EUR at 1.6555 or upon a break above resistance at 1.6955 (one order done cancels the other).
The material has been provided by InstaForex Company – www.instaforex.com
Wave Summary:
We clearly were a bit too early to call for a bottom at 1.6820. More downside room closer to our original target at 1.6781 is observed now. The question is whether the bottom is in place at the moment? Good news is that we are very close to a firm bottom for at least a sizable rally. However, as long as minor resistance at 1.6955 protects the upside, we could see a deeper decline in wave v, as wave v will be equal to wave i at 1.6544. Wave v has hit a downside target and could turn higher anytime soon.
Trading recommendation:
Our stop was hit for a loss. We will re-buy EUR at 1.6555 or upon a break above resistance at 1.6955 (one order done cancels the other).
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: