Elliottwave.com Free week Start Today 23 Feb 2012

[ahmedalhoseny]

Update For: February 17th
Posted On: Sun, 19 Feb 2012 16:19:59 GMT
EURJPY
Last Price: 106.89

EUR/JPY
[Lower]

This week's high leaves five waves up from 99.24 to 104.68. The previous two bars allow us to count one zigzag in place and another due to finish on a new high this week at 106.05 and 106.75/88. Until then, key support is 99.24

[ahmedalhoseny]

Update For: Friday
Posted On: Thu, 23 Feb 2012 21:10:18 GMT
EURJPY
Last Price: 106.89

[Topping, lower]
Key Levels: 102.13 & 103.31



The advance is nearing the 107.08, the .382 retracement of the decline from 123.35. A pullback to the 105.44/04 area should result. In the near term, support is 106.31.

Another possibility is that the drop from 123.35 is another first wave within a larger wave 5 which would allow for a larger bounce to 108.02. Overall, I favor a drop back to 103.65 once the bounce is finished. When we confirm the end of wave y-circle, an even larger drop back to 1.0165/1.0088 is likely

[ahmedalhoseny]

GBPJPY LT

[ahmedalhoseny]

Update For: February 10th
Posted On: Fri, 10 Feb 2012 22:18:47 GMT
GBPJPY
Last Price: 125.89

GBP/JPY
[Into a bottom]***See longer term chart below***

A slightly higher week does little to challenge the idea of lower prices. We continue to look for prices to carve out a low over the coming months. Most of the downside may have been seen, but there's little reason to expect a major low has been hit. Bullish divergence continues to persist, which bodes well for the bottom coming when most participants are worried about further losses. The time for a trend change is coming, but it's not here yet

[ahmedalhoseny]

Update For: February 17th
Posted On: Sun, 19 Feb 2012 17:17:36 GMT
GBPJPY
Last Price: 125.89

GBP/JPY
[Into a bottom]


This week's bar has the look of a third wave which projects to 126.30/50 within wave c of a correction . This should result in a drop back to the 124.50 area in a fourth wave followed by a new high next week

[ahmedalhoseny]

Update For: Friday
Posted On: Thu, 23 Feb 2012 22:20:49 GMT
GBPJPY
Last Price: 125.89

[Up to a top]
Key Levels: 123.19 & 121.01



No change in outlook. The wave structure of the advance would look better with a marginal new high but I note a sequence of lower highs and lower lows, possibly a double zigzag, with the possibility of a third zigzag. In the near term, the pullback should find support at 125.31/21, then we'll look for a rally to 126.86/127.35.

At most, another couple of new highs this week, then rolling over to 122.28/25. Other, more formidable, support is 123.51