The daily Elliott Wave analysis video for May 26, 2011, is available here. The video will always remain accessible via the current link for a future relevance. You can use it to check the accuracy of our Elliott Wave forecasts or for your self-education in such analysis.
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Trend is bearish in 1 hour time frame. Intraday resistance is present at 1.0709 price level. So, as long as price stay below 1.0709 resistance level, look for sell trades. However; bullish divergence is present with MACD. If bullish candlestick closes above 1.0709 critical resistance level then down trend is going to end.
Trend is sideways in 1 hour chart. Intraday resistance is present at 117.22 and intraday support is present at 113.39 price level. It is better to stay out untill price go above 117.22 resistance level or breaks below 113.39 support level.
Trend is bullish in 1 hour time frame. Intraday support is present at 1.4012 level. So, as long as price stay above 1.4012 support level, look for buy trades. If bearish candlestick closes below 1.4012 critical support level then up trend is going to end.
Trend is bullish in 1 hour time frame. Intraday support is present at 1.6131 price level. Price is also above 200 period ema. So, as long as price stay above 1.6131 support level, look for buy trades. If bearish candlestick closes below 1.6131 critical support level then up trend is going to end.
Trend is bearish in 1 hour time frame. Intraday support at 0.8705 has been broken. It is better to stay out untill price breaks below 0.8675 support level or breaks above 0.8893 resistance level.
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