ELLIOTT WAVES by FX TUTORS: 2015-02-01

Friday, 6 February 2015

Euro downtrend to resume

Hi Traders,

The Euro bottomed at 1.10966 and missed my target for a whisker (1.1091-1.1062). Then it rebounded to 1.15332.

It should now resume the downtrend to finally touch down in the area 1.0917-1.0759. Afterwards, we should see some good rally unless bad news come from Greece and Ukraine.

TARGETS

likely: area 1.0917-1.0759
possibly: area 1.0344-1.0419
maybe: 1.0104-1.0206

ELLIOTT WAVES

The weekly chart below displays all the targets. Wave "e" is not fully displayed because the 1-hour chart is still waiting for one more wave down to the area 1.0917-1.0759.

NOTE: if any bad news comes to the stage we may see the Euro starting an extension that could take it easily below the parity.

monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

4-hour chart - click to enlarge

1-hour chart - click to enlarge

Monday, 2 February 2015

SPI 200 TOPPING AROUND 5600?

Hi Traders,

In my view the SPI 200 (now at 5572) is performing the fourth leg of a "Flat" pattern (daily chart) that could top just above 5600. If this is true, the subsequent leg of the flat - wave e - should take the form of a new downtrend to 5000-5100.

TARGETS

first up to
likely: 5583-5594
possibly: 5609

Then down to
likely: 5166-5147
possibly: 5108-5089

ELLIOTT WAVES

The weekly chart displays 3 major ways up (in blue, font 11), as it should be. Major wave 3 is almost completed. The daily chart shows the flat a-b-c-d which should be followed by a downtrend to 5166-5147 to form "wave e" as well as "wave 4" down (e4).

NOTE

The new wave "e4" can potentially move down to the area 4993-5019 (weekly chart).

monthly chart - click to enlarge