Friday, December 6, 2013
Elliott wave analysis of USD/ZAR - Is a top nearby?
As I said a break above 10,4588 would change my Count. I'm still looking for a wave D high, but under the new Count we should see a move closer to the 10,5900 - 10,6000 zone before the high is in place.
As can be seen on the weekly chart we have a massive bearish divergence Building and that does indicate, that the upside potential is limited. However to confirm that the top is in place we need a break below 10,29998 and more importantly a break below 10,2573.