Price is trading in bullish momentum, we have wave 5 as the extended wave on the blue degree. Often time wave 3 is the extended wave but in this case its wave 5 but remember wave 3 can never be the shortest wave of all the impulse phases on the impulse pattern.
Price is trading in an impulse move, I'm expecting a wave 5 drop soon whether on the current level which is the 50% or 61.8% Fibonacci level although the price can't break the marked-up level.
For a while, we have been in a corrective state on AUDCAD and recently price is turning back up in an impulse move. Chances are we will continue moving in the same direction.
Price is trading in a short term downtrend on the 4hour to 1hour timeframe. We are in an impulse phase, in this case we have waves 1,2,3,4 and waiting for wave 5 completion which can offer a last wave sell-off. Its safe to say the dollar will be weak for the next few days.
USDZAR has been trading bullish in the long-term or higher timeframe, we are currently trading in a corrective phase as a 1-2-3-4-5 where wave 1-2-3-4 has already occurred and we are waiting for wave 5 completion. Wave 4 is a possible triangle pattern, keep in mind that waves 1 and 4 can not overlap so we can use that idea to use as stop loss or invalidation...
Gold has been trading bearish for a while now and it's clear we are in an impulse phase. Wave 1 and 4 are not yet overlapped and wave 4 is trading between the 38,2 to 50% Fibonacci levels. Price is more likely to touch 50% before selling off soon and completing the fifth wave. The wave 5 is a motive wave meaning it can be an impulse or a diagonal pattern.
EURUSD has been trading bearish for a while now I expect the downtrend market to continue. We have two possible counts but in the same direction which is a zigzag correction pattern or an impulse move for the wave 5 completion meaning we can still see a deeper pullback prior to that.
Wave E should show weakening before looking at buys. Remember it can always be a zigzag or flat so it's better to wait the wave E completes and reverses a bit.
USDCHF Had a recent major sell-off not so long ago, chances are the bear market will continue to occur. The current move is a potential impulse move although we have to see wave 4-5 unfold and afterwards we will see a bigger A-B-C zig-zag correction pattern before the market rallies again. To be fair on the higher timeframe we are bullish but we will have periods...
Instrument: Forex Trade Type: Day Trade Pair: EUR/USD TimeFrame: 15min Direction: Sell
Price has been trading really bearish on the EURCHF its safe to say we will continue in the downside direction. Wave 5 doesn't seem to be complete just yet so most likely we will make a new low to complete the 1-2-3-4-5 Elliott Wave Theory impulse move. Waves 1 and 4 are not overlapped allowing us to trade wave 5 confidently without prematurely stop-loss levels.
The EURGBP is still maintaining the downside direction. We are trading in a Double zig-zag correction pattern. But we must see the (X) wave initially make a minor zigzag correction in the upside direction. The upside correction might not be very deep it might not even reach the 61,8 Fibonacci level. What you have to realize is that we had a similar pattern on...
EURUSD and GBPUSD are making short-term bullish bias before the next big drop in this case we are finishing the wave C correction move. USDCHF and USDCAD are opposite to what the XXXUSD pairs are doing meaning we are making short-term bearish moves. But on the USDCAD we are making a wave 4 pullback before the next drop and on USDCHF we are in a leading diagonal...
AUDUSD is in an impulse move in the downtrend direction. Few ways to identify an impulse move - waves 1 and 4 shouldn't overlap, and wave 3 is never the shortest wave compared to waves 1,3, and 5. It's clear that we will soon see a sell-off to complete the fifth wave.
We have been dollar strong for a while now, we are trading in an impulse move so it's safe to say the bullish trend/ momentum will last for a while. We are in a 4th wave phase which is a triangle pattern, which is incomplete we still need to see wave D to E form. A different view but still anticipating the same direction would be we are finished with wave 4 but...
Price is trading in a bearish trend it's safe to say we will continue selling off but we could potentially see a pullback before the sell continuation.
USDCHF has been trading in an impulse wave. Price now formed an Ending Contracting Diagonal on wave 5 suggesting that the impulse is now complete. Elliott Wave is a study of human psychology as we as humans have patterns in our behaviors. To put this in terms of the charts or technical analysis in a bullish trend, wave 3 is where there is a bit of hope and a lot...
Weekly analysis on a few forex pairs EURUUSD, GBPUSD, AUDUSD, USDCAD, and USDCHF. The dollar remains bullish overall implying the USDXXX pairs maintain their bullish strength and the XXXUSD pairs stay bearish until the end of quarter 4.