[B]Bias: [/B] Cautiously, we may have seen a low here...
While we did see losses yesterday these have been pretty limited and momentum is now being stretched to the point where a reversal higher appears imminent. It's not impossible that the 114.96 low end this move - if not then 114.70 should. Thus, keep your eyes on this support area. A break back above the 115.50 corrective high should confirm stronger gains but may well hold to retain a sense of sideways consolidation so be aware of this risk of stalemate at this stage. Above 115.50 would allow gains through to 115.90-05 and to the 116.40-47 corrective high - another area that could generate a correction. Much higher is 117.59...
Only back below 114.70 would extend losses through to 117.37-47 minimum and possibly 113.93-01. This lower support must hold to retain a bullish outlook. Below 113.54 would imply stronger losses.
Please view the complete analysis in the attached PDF file. For a full description of how to use the analysis please see the Analysis page of my website.
[B][CENTER][URL="http://www.harmonic-ewave.com/Services.html"]HARMONIC ELLIOTT WAVE FORECASTS NOW AVAILABLE FOR U.S. INDICES[/URL][/CENTER][/B]
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
English
Español
Français
中文
Deutsch
Italiano
العربية
Sverige
Ελληνικά
Go to Profile
Mark as Read
