Triangle consolidation in May and June resulted in another decline, and the pair has formed another triangle in August according to Nicole Elliot, technical analyst at Mizuho Corporate Bank, with all aspects of the weekly Ichimocu cloud suggesting another step lower.Technical indicators suggest a resumption of the longer-term downtrend, says Elliott: "Having set a new record low at 75.94 on the 19th, and pushing into the apex of this very irregular little pattern, we shall be expecting the downtrend to resume as all aspects of this weekly Ichimoku ‘cloud’ chart suggest it should."
Downside targets below 75.95, according to Elliott, would be at 74.50 and 73.50: "Measured targets lie at 74.50 and 73.50. Obviously prices can also spiral out of control, but at the moment this looks unlikely."
Downside targets below 75.95, according to Elliott, would be at 74.50 and 73.50: "Measured targets lie at 74.50 and 73.50. Obviously prices can also spiral out of control, but at the moment this looks unlikely."
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