HARMONIC ELLIOTT WAVE

EURUSD
Resistance Support Bias 1.2950-66 1.2926

The Brief Daily Forecaster

1.2963
26th October 2012 1.3074-82 1.2580 1.3139 1.2780

Price
1.2988 1.2888-01 1.3004-22 1.2859

1.3040 1.2831

While 1.2950-66 caps we should see losses down to 1.2831-59

The underlying MT direction is neutral while the daily bias is bearish. Caution is advised but there is a mild preference for losses within a consolidation. However, be aware of the risk of choppy price action that could hit stops. Therefore take note of both daily & MT S&R and confirm any bearish trade with bearish set up patterns. It would also be advisable to study both lower and higher time frame charts for evidence to support bearish trades. Consider buy set ups at: 1.2830-60 Consider sell set ups at: 1.2950-66

THE DAY'S OUTLOOK:

I:

remain bearish

Yesterday saw the expected correction but was a little deeper than expected, slipping above 1.3016 but then stalling at 1.3022. From there we have seen a dip to 1.2926 that should see Asia generate a correction into the 1.2950-66 area that should cap for follow-through lower below 1.2926 and down to 1.2859 at least and probably 1.2831. This should provoke a further correction higher.

Only a break back above 1.2980 would call for a retest of 1.3022 and probable follow-through to the 1.3074-82 swing highs Wihle this may hold for a while it will suggest that we shall see further gains later and back to the 1.3139 and 1.3172 highs.

THE MEDIUM TERM OUTLOOK:

I:

still see downside potential

25th October: Yesterday's initial move developed as suggested and as long as the 1.2982-1.3016 area caps we should see further losses to 1.2780-1.2831 for a correction and then lower still that I feel will reach a minimum of 1.2704-40. Only a break back above 1.3020 would bring this back onto a more bullish structure or possibly a sideways consolidation. Watch the 1.3082 corrective high and then 1.3139-72.

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Ian Copsey 2012

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