4 Comments so far ↓

• Justin Howard // Feb 3, 2012 at 1:45 pm

  Hi Hugo, it seems to me, there is a broadening top since 27th January. And also there’s another broadanening top inside the other one which started from 1th February. Both of them have same upper resistance which is around 1.32 Am I right?

• Hugo Venter // Feb 5, 2012 at 2:05 pm

  Dear Justin,

  Thanks for the comment and apologies for the late reply.

  I see what you are saying and it seems correct. I have to be honest, that i have not specifically looked into that as it falls outside of the strict Elliott Wave analysis we try to stick to.

  I expect that you are therefore leaning possibly to the alternate hourly wave count that expects downwards movement or possibly the alternate that may see a bigger b wave correction lower before possibly moving higher again. I do think that these two possibilities have had a slight increase in likelihood because of Friday’s failure to move higher.

  I hope my reply provided some insights.

  Kind regards,
  Hugo

• Justin Howard // Feb 5, 2012 at 2:51 pm

  Thanks for the reply Hugo. I’m confused with your last sentence. I’m expecting a movement above 1.32 as a result of Right Angled Broadening Formation (Descending).

• Hugo Venter // Feb 5, 2012 at 2:56 pm

  Dear Justin,

  I do apologise, I made the assumption that you expected to see the pair move lower due to the resistance at 1.32

  Again, our analysis here at EWF is purely and strictly based on Elliott’s Rules and Guidelines.

  Let’s see what the pair does this week.

  Kind regards,
  Hugo