Wave 3 of iii Potential - Jan 19 Low is critical

2016年1月20日

For those intimate with Elliott Wave counting, check out this chart.

The EUR/USD and AUD/USD have been diverging in price over the past few days creating some large moves in the EUR/AUD cross pair. The Elliott Wave picture has a wave count that suggests a wave 3 of iii underway from the Jan 19 low. If this is the case, then prices are likely to aggressively climb higher.

A drop below the Jan 19 low does not negate the bullish counts, but does hamper how I have the .1 and .2 labeled.

The pair was highlighted in a published article 2 weeks ago - you can view it here for a refresher.

Best of luck and happy trading!

2016年1月22日

註釋

The intensity of this scent diminished on a poke below the Jan 19 low. What smelled like a wave .iii ended up being the scent of a 'b' wave or something else.

This 1.53 handle is a potential support area. Below there, we may see support at 1.51 but the odds are quickly shifting that Dec 3 - Jan 15 was a zig zag.

Bottom line, might be a small sized long trade in the 1.53 handle in a last gasp effort on wave .iii. Otherwise I'll need to see resistance levels break to get me smelling wave .iii again.