With the FOMC out later, the EURUSD is poised to potentially breakout to the upside as it looks like its coiling up for a “thrust” from a triangle. For Elliotticans, thats actually useful information as triangles are generally seen in a 4th wave position of an impulse wave. So the favored idea is a spike to new highs above 10950 for a 5th wave, followed by a strong move back below 10900 to suggest 5 waves are completed from 10568.

If the preferred idea from the Jan 2017 lows is still valid, then any new high towards 10960-11050 could well be an important high and setup for a major reversal back under 10568.

Need more analysis of EURUSD?  Sign up for the Forex package and get analysis of EURUSD as well as 8 other pairs. Use this discount code 959815683A to get 50% off your 1st month.

Dont forget to apply the discount code before you checkout to get your discount.

Since my last post on AAPL it’s pushed up a little more, although in the context of the larger pattern from the Nov 2016 lows I still think it counts well enough as an impulse wave. With the spike from earnings we now have enough gyrations to suggest a reversal; a strong move back under 143.25 would be the 1^st clue to support a move lower. If wave 3 has ended, wave 4 is likely to carry prices towards 133.00 – 128.00.

It stands to reason if AAPL breaks down, it should suggest the NDX follows due to the weighting of AAPL in the NDX, it is an important stock, although some other tech favorites will also need to follow. A 3 wave pullback on AAPL should align with the NDX pulling back in 3 waves for its respective 4^th wave.

I dont know about you guys but I love a bit of cheesecake now and again, but at these levels I think the stock is a bit pricey. Looking at the advance from the 2009 lows, I can make a solid case that its close to ending a large 5 wave advance for an impulse wave. A pullback for wave 4 of [5] should  stay above 55.00, ideally a 3 wave decline for wave 4 finds buyers around 58.20 – 58.00. So whilst its above 55.00 I will give the benefit to the bulls and look for a new highs after a dip for wave 4 as shown.

Do you have a stock that you want analyzing? Then why not purchase an Elliott Wave Report, it may just save you a small fortune.

Post copied from daily short term updates.

—————————————————-

A bit more upside would be ideal to end wave [e] and complete a 3 wave looking bounce from 0.8480, a move to 0.8600 would be enough. Although a test of 0.8650 would be better. The alt idea is that its wave [ii] of wave C, but we still want a 3 wave bounce from 0.8480 to remain below 0.8732.

So if we see a 3 wave bounce from 0.8480 stay below 0.8732, then it would still favor both ideas, a strong decline back under 0.8480-0.8400 should support more downside for wave C or wave [iii] of C (alt idea in blue). Unless a move back above 0.8787, then a large triangle for wave B is favored.

Post copied from daily short term updates.

————————————————-

AAPL

With a 5 wave looking advance from 138.57, there are now enough gyrations to suggest that wave [v] could be completed, a strong reversal back below 142.00 is needed to support further downside, although if a peak is in place for wave [v], we need to see a strong break back under 138.57 to confirm wave [v] is completed, as a 3 wave pullback that stays above 140.00, likely favors further upside for wave [v], but I am counting the idea as a completed move for wave [v], so a strong reversal under 142.00, then 140.00 is the preferred route.

Target 130.00-126.00.

AAPL & the NDX are pretty much locked in sync with each other, so if AAPL rolls over I am expecting the NDX to follow.

Do you have a stock that you want analyzing? Then why not purchase an Elliott Wave Report, it may just save you a small fortune.