Tuesday October 16, 2007 - 05:02:53 GMT
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Daily Analysis for EURJPY
||I look for a base to develop around 165.84-98|
||In the end we saw a retest of the 167.61 high and mild breach but then losses which I had originally expected. Indeed these look as if they have potential to the 165.84-98 area but I suspect this will limit the downside. From there or a direct break back above 166.87 we should see gains press higher through the 167.72 high and onto 168.42 minimum and possibly the 168.93 high.|
||The bullish cycles are still causing gains and I look for these to reach 168.42-93 at least where I need review since a pullback is possible. Any break above extends to 170.45-73. (12th October)|
||The move back up to just above 167.61 appears to limit the downside and I do feel we should see this complete around the 165.84-98 area from where the upside should resume. Thus any stronger bearish stance will require a break below 165.80 and if seen would likely cause follow-through to 164.95 and possibly 164.61. Take care here. Only breach extends further to 164.13-40. |
||The direction remains higher and any losses do still seem to be corrections only. Only a break below 164.00 would highlight risk of slightly deeper declines now. (12th October)|
ELLIOTT WAVE COMMENTS
Progress has been made towards the 168.95 target and while 164.00 holds this should be reached.
I feel we are in the middle of a flat correction in a minor Wave iv of the larger Wave iii. This should limit the downside to the 165.84-98 area from where we should see gains resume with the 176.4% projection in Wave iii at 168.42. Take care as this may hold for a pullback in Wave iv.
Only direct follow-through would see gains above the 168.93 high.
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