EURGBP is going to face a strong support at 0.8265!
Hello Traders,
As you all can see in the chart below the drop from 0.9080 is a Double Zigzag (abc-x-abc) and the both of zigzags have the same structure (5 Impulsive waves - Triangle- 5 Impulsive waves ) .
what make this chart interesting for me is the blue wave c in second zigzag hasn't finished yet and it's going to face a strong support @0.8265. the strong of this point come from :
- It's the point where the drop from 0.9080 to 0.85300 equal the drop from 0.88300 to 0.8265.
- it's the point where the blue wave 'a' in second zigzag will equal wave 'c' of the second zigzag.
- as you can see in chart below the fifth impulsive waves from 0.86100 haven't finished yet. we still in wave [v] of it. 0.8265 is the point where wave [v]= 50% of the extension of (wave [i]+wave[iii] )
take a look at the chart below.
Kindest Regards
Ahmad Al-Jarah
For more charts please visit www.ElliottAnalyst.com
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Comment by Peter jcp on January 2, 2012 at 9:47pm -
I am not an EW analyst but I am looking to find a level to buy the Eur / Gbp this month and even this week. I was actually looking from 8300 or 8320 area due to the pair being way OS on the weekly and monthly charts. Now you look upon 8265 being strong support I may wait and see if we do drop that far first. I am more short term and I am not looking for 150- 500 pip runs - but I would be interested to hear of your own targets etc if your own analysis come to fruition
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Comment by Elliott Analyst on January 3, 2012 at 7:48am -
hi Peter,
if you want to be long on eurgbp the best area to be long is 0.8265 because of the reasons which I explained in my article.
best regards and good luck
ahmad
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