Elliott Wave EURUSD 4 Hour Chart
Tuesday, 31 January 2012 at 5:33:00PM AEST

-impulsive recovery

Elliott Wave Eur/Usd is still supported by Long traders, now testing 1.3200 resistance area. We are monitoring an impulsive rise of a red wave A), which however is still not showing us any strong signs for a top in place and potential wave B) weakness.

As already said many times in the past week; "current trend remains up as long as price trades above lower support channel line"! Next stop for wave A) will be 1.3300 if highs from Friday will give way.

Elliott Wave: NASDAQ Comp
Date: 12 March 2012

Chart: Daily Chart
The price is at Major Tradinglevels 3 (TL3) 3000 as it the Dow at Major Tradinglevel TL13 13,000 The Nasdaq has been stronger than the DJI beacue of tech stocks like Apple which is also now at 500 a Major TradingLevel TL5 so we can expect these market to stick to these large numbers partly for pychological reasons, when you think about it there's not a lot the price can do at large price points, they can fail or move up straight through, however 90% + of the time we can expect a corrected pattern to work across the level, there are two basic patterns the Classic and the Overshoot and in this case becasue the price has already been in a long trend its likley to rest, so the Classic pattern is likley however in the case of Apple the Overshoort pattern is already under way.

Elliott Wave Forex

Elliott Wave EURUSD  1 Hour Chart
Tuesday, 13 March 2012 at 7:17:00PM AEST

On Euro we adjusted the count, after recent extended recovery from 1.3077 low. The price retraced for around 50% of previous fall, where wave (ii) may form a very important swing high for coming sessions. We will look for evidences of an impulsive fall below 1.3100 that will confirm a bearish outlook for the Euro!

For now, critical region remains at 1.3290.

Elliott Wave EURUSD  4 Hour Chart
Tuesday, 13 March 2012 at 6:30:00PM AEST

-downtrend continuation

Despite some Euro recovery in recent sessions, our outlook remains unchanged. A fall on Friday from 1.3295 was impulsive, which could be  only first leg of a larger black wave 3. So if that’s the case, then current recovery is only a blue wave (ii), which must not exceed a former swing high. Traders should patiently wait on impulsive fall, below 1.3070 that will confirm out bearish outlook.

Current wave count will be invalidated if 1.3295 is broken, but even then, the larger bearish wave count would not be threatened. we will just re-adjust it then.

Elliott Wave EURUSD  Daily Chart
11 March 2012 

-downtrend continuation

In the past two months we were tracking a three wave of recovery from 1.26 lows, which for now has unfolded nicely. Primary, we labelled the move as a wave (2), which means that bears may send Euro much lower in weeks ahead. In fact, a sharp sell-off in the past two weeks suggests that wave two has already reached a top at 1.3480, or that we have at least a temporary top. We expect more weakness in coming week after sharp sell-off on Friday. Short-term critical resistance is at 1.3290.

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