| Resistance: | 1.1802 | 1.1855 | 1.1890-06 | 1.1957 |
| Support: | 1.1745 | 1.1724 | 1.1672 | 1.1597-36 |
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Bias: While price remains above 1.1672-85 the threat is still higher - above 1.1808 seeing 1.1890 at least
Daily Bullish
The 1.1471 support held perfectlyfor gains to break above the 1.1747 high. Currently I see resistance around the 1.1795-08 area which does risk a pullback before we can see gains penerate further. While the correction remains above the 1.1672-85 area I still feel that we'll see gains move back above 1.1495-08 to see an eventual minimum test of 1.1890-06 and more likely 1.1957. By the time we reach here we have to be more cautious. Further resistance lies at 1.2010 and in the extreme 1.2093 though I doubt we'll get there.
Medium Term Bullish
3rd November: The bounce from 1.1200 is interesting as it still holds a potential bullish interpretation. We have broken above 1.1747 and this appears to suggest a likely target at 1.1890-06 and possibly 1.1957. Take care as this could cap. Next resistance lies at 1.2010.
Daily Bearish
While the upside is currently under pressure I have doubts that we'll break the 1.1795-08 area directly in favor for a pullback. This should take price down below the 1.1745 pivot and to 1.1672-85. However, this is the most I expect to see. Thus any stronger bearish stance will require a break of 1.1670 and if seen would trigger additional losses to 1.1557 and at most the 1.1472-00 area.
Medium Term Bearish
4th November: With yesterday's break above 1.1747 we can raise our reversal level to the 1.1470 level. Only break here would accelerate losses. More we should be looking at the 1.1957 and 1.2010 levels for a potential peak in this rally.
Elliott Wave Comments
4th November:
Yesterday's break above 1.1747 indicate that the 1.1684 high was Wave (a) and the 1.1472 corrective low was Wave (b). Thus in Wave (v) we can generate targets at 1.1855 (61.8%), 1.1906 (66.7%) and 1.2010 (76.4%). From the projections in Wave (c) a wave equality target lies at 1.1957. Thus we should find a peak in the rally somewhere between 1.1906-57. Also note an 85.6% projection in larger Wave (C) lies at 1.1890 so the 1.1890-06 area does deserve close attention.
Therefore, only an earlier slippage below 1.1471 would therefore raise the chance that we are seeing a slightly different structure that would label the current high at 1.1794 as Wave (a) and thus a 50% correction in Wave (b) would imply a retest close to the 1.1472 corrective low in Wave (b) again before higher...
