NZD/JPY - Triple top triggered

NZD/JPY triple top triggered 

A major correction has unfolded in this cross since early February 2009. With the break below support at 85.69 a triple top has been triggered and we should see downside pressure mount for a test of support at 81.37 and strong support at 74.42 a break below the later will confirm a long term change in the trend and a new decline to below the ending point of wave A at 44.21.

We are of course talking many month before this low is broken, but I do expect a break below 44.21 for a continuation lower to 36.89.

Short term I'm looking for resistance at 85.69 and at 86.07, which ideally will protect the upside, but even if resistance at 86.07 should be broken it will likely only be able to produce a rally towards 86.55 before the downside pressure will take over again. 

I have been a fan of you blog for several years!
I am so impressed at your renewal.
Elliott wave analysis is so difficult to me, but so interesting and useful.

Thank you
Hey EWS,

I just wanted to thank you for your insight and your vision.

The Crude Oil call was spectacular as well as the SP 500 call. Just to name a few.

I appreciate all that you do.

phenomenal new service EWS, I have followed you for 18 months and the exceptional analysis continues unabated! I look forward to the daily updates focusing on the most interesting and potentially lucr...