Today's Support and Resistance levels:
R3: 139.14
R2: 138.84
R1: 138.66
Current spot: 138.49
S1: 138.29
S2: 138.12
S3: 137.70
Technical summary:
We have been looking for a triangle building in this cross, but something is simply wrong with this count. So we have been back to the drawing board looking at the possibilities and having a new preferred count.
This count shows that we are well under way in wave C. Wave B ended at 143.79, wave 1 ended at 140.44 and was followed by an expanded flat correction in wave 2 to 143.47. From 143.47 we saw wave 3 declining to 161.8% of the wave 1 target at 138.06 and wave 4 corrected a perfect 50% of wave 3. Since the wave 4 high at 140.08, we have seen wave i of 5 lower to 137.72 and an minor expanded flat is unfolding as wave ii of 5, and we should soon see wave iii of 5 lower towards 134.67.
I am sorry for the conflicting counts in this cross, but when I detect a mis-count, we always will do anything to correct as soon as possible.
Trading receommendation:
We where long in EUR from 138.40 and will close this position and place a EUR sell order at 138.15 with stop at 138.95.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Elliott wave analysis of EUR/JPY for June 18, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for June 18, 2014
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