The elliott wave principle applied in real time and to all markets.
Sunday, March 3, 2013
Elliott wave analysis of EUR/JPY and EUR/NZD
The failure to break clearly below support at 120.40 followed by a break above 121.48 indicates, that the x-wave is still under development. Short term we should expect support at 121.66 protecting the downside for a move higher towards 122.75, where I expect the x-wave will terminate and the last zig-zag combination to unfold towards the ideal target, for this wave 4 correction, at 117.28. Once this wave 4 correction is finished we are looking for wave 5 to take over for a move above 127.70.
I'm still looking for a very powerful decline to unfold any time soon. A break below support at 1.5730 should accelerate the decline for a test of support at 1.5638 and 1.5592 on the way down to the ideal target near 1.5200. Short term only an unexpected break above 1.5816 will delay the decline for a minor rally towards 1.5847 before the downside pressure takes over again.
I'm a keen Elliott wave follower. I do use, what you might call, standard technical analysis too, but my main focus is on the Elliott Wave Principel.
I use it professionaly as well as in my private affairs. To give you an example I sold my house in late 2005 and are currently renting a flat, not expecting to reenter the property market before 2012-2013.
I'm very much into long term seasonal cycles and demography too.
Waiver: I will not accept any responsability for any loss of funds because of any investmenst done on the basis of my analysis. The analysis herein are done with the utmost due dilligence, but can from time to time be wrong and point you in the wrong direction.
You are always wellcome to pop me a qustion or comment on my work and I will try to answer your question, but might not allways have the time to do everything.
My e-mail is: email@example.com