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.

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Felipe
2014-05-26
Hi,

I recently tried a 30 day membership and I am very happy with the service. Pls keep up the great work!!! I will continue renewing!!

Felipe
Duane
2014-05-27
Hi EWS,

Just wanted to send a word of thanks for all of the hard work that you
do, and to show you that I personally have paid for my subscription many
times over with the fantastic work that you...
Duane
2014-08-29
Hey EWS,

Great work on the GBPCAD and the NZDCAD. These are the type of opportunities that I am looking for, monthly turns caught with daily or hourly entries. Easy money!!

Duane