Tuesday March 18, 2008 - 04:53:05 GMT
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Daily Analysis for AUDUSD
||I suspect a pullback but while this remains below 0.9247-57 we should see losses to 0.8988-0.9004|
||Losses have been seen as warned which have stalled 3 points above the 0.9122 support. We are currently seeing a pullback and I feel this has potential to the 0.9247-57 area. However, anything further will require breach and if seen then gains are likely towards 0.9285 and probably more likely higher to 0.9338-55.|
||This morningâ€™s sharp decline is risking a peak having already been seen. Only back above 0.9444 and 0.9496 would bring back the risk of seeing the 0.9533-63 target â€“ max 0.9624. (17th March)|
||With the 0.9122 support holding I still see this as part of an overall decline. We should allow for a correction that could move as high as 0.9247-57 but while this area caps we should then see losses back to retest the 0.9125 low with a final target expected around 0.8988-0.9004 and maximum 0.8956.|
||We are seeing stronger losses this morning and this is threatening additional losses. Below 0.9176 would extend to 0.9121 and probably to 0.8988 and the 0.8872 corrective low. (17th March)|
ELLIOTT WAVE COMMENTS
This morningâ€™s sharp losses already nullify the bullish alternative and the only way this could still remain within a bullish structure would be if we are seeing a long sideways triangle in Wave iv. It seems unlikely.
Back below a 223.6% extension in a possible Wave iii lower at 0.9196 would imply follow-through below the 0.9147 low. Watch the wave equality target at 0.9121. Beyond there a 138.2% projection is at 0.8988.
I feel the 0.9125 low was only Wave iii and thus while Wave iv remains below the 38.2%-41.4% retracement at 0.9247-57 we should see extension lower towards the 138.2% projection in Wave c at 0.8988.
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