In our previous Chart of The Day at 5/21/2015, we said that the rally from wave X low (2061.9) took the form of a double correction (w)-(x)-(y) and the whole rally is complete as wave ((w)) at 2137.1. We also said wave ((x)) pullback is in progress to correct the rally from 2061.91 low towards an ideal target area of 2090.6 – 2099.5 (50 – 61.8 back) before the Index resumes the rally again.
Since our last update, current preferred Elliott wave view suggests the rally from wave X low at 2061.9 is instead unfolding in the form of a triple correction ((w))-((x))-((y))-((x))-((z)), where wave ((w)) ended at 2118.1, wave ((x)) ended at 2084.1, and wave ((y)) ended at 2137.1. Second wave ((x)) pullback is currently in progress towards 2110.7 – 2115.2 before the Index turns higher in wave ((z)). We do not like selling the proposed wave ((x)) pullback. Once wave ((x)) pullback is complete, buyers are expected to come again and push the Index higher.
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Follow more updates at Twitter: cmellon1976
Website: elliottwave-for.../amember/go.php?r=2670&...
Send email hendra@elliottwave-forecast.com if you want to be in distribution list for Weekly, Daily, and 4 Hour Elliottwave Charts update for these 5 pairs (AUD/NZD, AUD/CAD, NZD/CAD, EUR/NZD, and EUR/CAD)
Since our last update, current preferred Elliott wave view suggests the rally from wave X low at 2061.9 is instead unfolding in the form of a triple correction ((w))-((x))-((y))-((x))-((z)), where wave ((w)) ended at 2118.1, wave ((x)) ended at 2084.1, and wave ((y)) ended at 2137.1. Second wave ((x)) pullback is currently in progress towards 2110.7 – 2115.2 before the Index turns higher in wave ((z)). We do not like selling the proposed wave ((x)) pullback. Once wave ((x)) pullback is complete, buyers are expected to come again and push the Index higher.
---------------------------------
Follow more updates at Twitter: cmellon1976
Website: elliottwave-for.../amember/go.php?r=2670&...
Send email hendra@elliottwave-forecast.com if you want to be in distribution list for Weekly, Daily, and 4 Hour Elliottwave Charts update for these 5 pairs (AUD/NZD, AUD/CAD, NZD/CAD, EUR/NZD, and EUR/CAD)
