USD/INR - Is almost testing the 161.8% extension target at 61.78

USD/INR is almost testing the 161.8% extension target at 61.78

Since my last update on July 31, we have seen a perfect impulsive rally and is sitting just below the 161.8% extension target at 61.78 (the high till now has been 61.73). Even if we does see a set-back from 61.78, it should only prove short-lived and it should just be a matter of time before the next impulsive rally breaks right through resistance at 61.78 for a continuation higher to 62.93 and possibly even higher.

Short term support will be found at 61.19.

UNG (Natural Gas ETF) - Close to a bottom

UNG (Natural Gas ETF) close to a bottom

Since the February high at 27.89 we have seen a very complex double zig-zag correction, which should be very close to a bottom. Ideally we will see this wave IV end in the 20.12 - 20.42 area for a break above resistance at 21.95 being the first strong indication, that the bottom is in place for the next major rally higher to above 27.89 in wave V.

At this point only a break below support at 19.98 will be of concern as that will leave us with an overlap between wave I and IV, which is not allowed under the Elliott Wave Principle.

Thomas
2014-05-28
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...
Tommy
2015-02-26
Great call on nat gas

Just wanted to drop you a note to say great call on nat gas as it held 2.67

Great job.

Tommy
Roelant
2016-06-26
Hi Elliotwavesurfer,

Your forecast of the EURUSD waves and reversals on Brexit day were spot on! This was not chaos, the crowd followed a pattern!

GBPUSD was abolutely 100% too!Unbelievably accu...