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The Daily Forecaster

WEEKLY OUTLOOK FOR THE DOLLAR INDEX

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FX-Forecaster.com
, 08-14-2012 at 02:59 AM (372 Views)
[B]DAILY STRUCTURE[/B]

[IMG]http://i1079.photobucket.com/albums/w514/HarmonicElliottWave/FXS1-6.jpg[/IMG]

[B]5th June[/B]:
The rally has been developing well since the last daily update but I note the Wave a has been very deep and at this point I feel there should only be a shallow correction. Thus, while a Wave c of Wave iii could be as low as 76.4% to reach the 85.51 target, we should also keep in mind the 298.4% projection at 86.48...

[B]14th August[/B]:
The risk of an expanded flat has diminished (but note thepotential for the 80.80-20 area if this occurs.) More likely we shall see the rally higher to the 261.8% projection in Wave iii at 85.51. Only below 80.20 would begin to look more bearish...

[B]INTRADAY STRUCTURE[/B]

[IMG]http://i1079.photobucket.com/albums/w514/HarmonicElliottWave/FXS2-6.jpg[/IMG]\

[B]14th August[/B]:

Losses were limited to around the 76.4% retracement in Wave [b]. We do need to be aware of the alternative expanded flat but the alternative Wave -v- will need just over 76.4% to reach the 81.19 low… not impossible, but unlikely.

Thus, while we may need to allow for a deeper Wave ii of Wave [c], as things stand now the 223.6%-238.2% projection in Wave iii lies between 84.08-20 for a fairly minor Wave iv pullback and for Wave v to target the 198.4% projection in Wave [iii] at 84.78. This would then allow Wave [v] to reach the 85.51 target in daily Wave iii. I suspect Wave a (of Wave iii) will stall just below the 83.51 high...

For more information regarding the projection and retracement levels please see the attached PDF file.

Good trading
Ian Copsey

[B][URL="http://harmonicelliottwave.blogspot.jp"]HARMONIC ELLIOTT WAVE BLOG[/URL][/B]
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