AUDNZD has completed the "e" leg of an expanding triangle in a complex triple three correction. Triangles commonly mark the end of a three wave reactionary wave and thus an upcoming bullish move may be impending. A possible cypher will make for an optimal entry long. In the case of the triangle continuing to 2 or 4 additional three wave moves off of the...
Tomorrow morning, the US Non-Farm Payroll report will be released which could create some volatility for the USDollar. Today's post is meant to provide a frame work of levels to monitor so when the news is released, we can follow our own plan rather than getting emotionally driven by the market. After careful study of the price action since early December, there...
Breaking the B-D line this morning with a lot of momentum and volume is a good indication that this triangle has just completed up. Many people were expecting this triangle to complete wave 4 and break down, however, that does not appear to be the case here since it has taken so much time and still failed to break down. Also looking at the previous action it seems...
The pivot lower in the GBPJPY has been on the back burner as the EURUSD collapsed last week. It appears we have a leading diagonal lower in circle '1' that began on the Friday October 23 high. Coincidentally, we are showing Oct 23 as the highest volume day in over 5 years for the GBPJPY. If circle wave '3' finished at today's low, then a small bounce higher is...
With the ECB prepared to announce their next round of genious analysis and monetary policy tomorrow morning, let's take a moment and assess the Elliott Wave picture for EURUSD. As we will do from time to time, we'll identify key levels to watch prior to news being released to establish the game plan before emotions run high. From a bigger picture, the sell off...
This pop higher on the Fed minutes may be enough to put the finishing touches on a minor corrective wave higher. There is a confluence of wave relationships near 1.1308-1.1340. 61.8% of the Sept 18-22 down trend = 1.1323 (c) = (a) = 1.1317 Blue corrective channel trend line = 1.1340 Wave y = .618 * w = 1.1308 Therefore, we are anticipating another down...
The sell off from this morning has popped outside of the purple channel. Therefore, it appears to be a smaller degree wave 'x' and we are working on a wave 'y' higher. Based on wave relationships, this places a potential reaction zone in the 1.14-1.15 area. This runs a similar pattern to the GBPUSD we wrote about last week. Traders can place their risk above...
Please read this post while also reviewing the intraday GBPUSD posted earlier today. This post on the Daily Chart shows an alternate bullish view. My preference is the 3rd wave bearish view listed on the 180 min chart, but we need to keep this one in mind as well. A meaningful push above 1.5650 will elevate this count on route to a 1.6000 retest. I have noted...
Well.. I see everything, triabgles are possible for both directions.. looks like we will ups&downs till 17th (FOMC).. Good trading
Idea is based upon Elliott wave theory.More info on the chart. Good luck.