The chart below from 2 December 2015 shows the move up from 24 September 2015 low. It shows price reached and slightly exceeded the 50 % Fibonacci retracement (10588.89) level of the previous ruling cycle before getting rejected and turning lower.  Initial decline was in 3 waves but broke the rising trend line (not shown on the […]

Short term Elliottwave structure suggests decline to 125.76 ended wave W. Up from this level, wave X bounce is unfolding in a double three structure where wave ((w)) ended at 127.87, wave ((x)) ended at 126.358 and wave ((y)) is in progress towards 128.48 – 128.98 area to complete wave X before pair turns lower again. […]

Short term Elliottwave structure suggests wave ((X)) bounce ended at 87.06. Down from this level pair has enough number of swings in place to call a triple three structure completed at 79.25. As this level holds in the dips, pair has scope to put in a 3 or 7 swings bounce in wave (X) which is expected […]

Short term Elliottwave structure suggests wave ((X)) bounce ended at 87.06. Down from this level pair is showing 5 swings down and hence an incomplete sequence, therefore, we like the idea of bounces to fail below 83.68 high for another extension lower. Ideal target on the downside would be 78.54 – 77.32 but we would look […]