Today's Free Elliott Wave Analysis: EUR/AUD - Bottomed or is one last low needed?

EUR/AUD - Bottomed or is one last low needed?

Bottomed or is one last low needed

EUR/AUD bottomed or is one last low needed?

With the test of 1.4037, we have seen an almost perfect correction back to the 38.2% corrective target of the rally from 1.1605 to 1.5430 at 1.4074 and below the wave iv bottom of one lessor degree at 1.4050. This argues for a bottom of wave B being in place for a strong rally in wave C to above 1.5832, with the ideal target for wave C at 1.8025, where wave C will be equal in length to wave A.

However, looking at the 4-hourly chart, it could be argued, that we still need one last decline to 1.4018 before the bottom is finally in place. My preferred count is that the bottom already has be found at 1.4037 and a new impulsive rally is developing. However, to confirm this count, we need the low at 1.4037 to protect the downside for a break above 1.4172 for a strong rally higher to 1.4478 and higher.

For now we will just have to wait and let the Market show us its real intensions.  

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Hani
2014-06-06
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
Hani
Thomas
2014-05-28
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2014-06-23
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