On the 4h chart we see that correction in red wave ii reached the fibo level 0.618 of previous red wave i. That said the pullback in red wave ii may be over, and now price may reach higher levels. Break above 8.0 is expected.
Corn is once again testing an important support region at 344 - 346, from where an impulsive bounce may still follow in days ahead. www.ew-forecast.com
On the Daily chart we see a correction unfolding in black wave (4), that already reached the fibo. level 0.5 of previous black wave (3). After the correction in black wave (4) is completed, price could turn higher.
EURUSD has been in correction after big decline. The first correction was a Flat one 3-3-5 where I thought the market would reversed and make a new low.. however, the decline was just in 3 waves a zigzag and from there a rally in 5 waves can be seen.. Which creates a scenario of a W-X-Y correction.. Flat(W)-Zigzag(X)-Most likely zigzag(Y) having a 5 wave count as...
On the chart black wave (iii) seems to be finished, because of a pullback to around 0.72-0.725 area, reaching the previous blue wave iv. That said after the correction is completed, we expect more weakness ahead. www.ew-forecast.com
Trade setup : Long on NZDUSD SL : 0.7080 TP1 : 71.90 TP2 : 72.55 Technical View : 4-Hour chart : A nice pullback on the last downtrend resistance of NZDUSD with a inverted head & shoulders pattern formed suggest that the NZDUSD may correct upward. 1D chart : Bounce up on downtrend resistance MACD uptrend signal Best of luck, Serge
On the 4h chart, price faced a correction in blue wave (4) and went to around fibo. level of 0.382 of the previous blue wave (3). Then price made a sharp impulsive action to the upside, so we assume that blue wave (4) is finished. That said, price may reach higher levels to around 141.77-142.00. www.ew-forecast.com
On the Weekly chart we can see that wave 4 is completed, because of sharp impulsive action to the upward. On the Daily chart red wave i may soon be finished, as trend already made four waves up, with black wave (v) still unfolding. That said, we can expect a temporary bearish retracement in upcoming days. After that correction we will expect another leg higher....
Idea is based on Elliott Wave theory and Fibonacci ratio's. The rationale behind this setup is shown on the chart. Good Luck
DISCLAIMER: This strategy has been developed solely by myself, any resemblance to what ever system out there will be a mere coincidence. Guys I am sharing this strategy with you (developed last night after recognizing the repetitive patterns on the stochs) and don't want any thing in return expect recognition. IF it proves to be useful in the future please do...
On the Daily chart wave (b) may be in the final stages, as red subwave c is near completion. The price reached the fibo level of 0.618 of previous wave (a). That said pair could now be facing a reversal.
CORN has been bearish for the last three years as we see on the Weekly chart, but that is likely over as A-B-C correction is currently unfolding. The first wave A has already made 5 waves up, which confirms a new bullish cycle. In wave B we can see a zig-zag pattern, that is near completion. We see some significant Fibonacci support levels around 345 on a Daily...
We assume that wave B will be a Double Zig-Zag, because of its three wave structure in wave (w) and now wave (y). The price may reach the Fibonacci level of 0.5. After wave B is completed, we are expecting more weakness ahead in wave C.
CHFJPY has been bullish for the last two years as we see on the Weekly chart, but that is likely already over as A-B-C correction is already unfolding. The first wave A has already made 5 waves down, which confirms a new bearish cycle, that said be aware of more weakness after current wave B that is approaching resistance level. www.ew-forecast.com
So as we can see price didn't got a new high but made a lower low! In few days we can see nice and fast correction move down before continuation of bullish trend based on fundamental basis!
I expect further correction to the downside. The NZD has been getting stronger in recent hours. Is it going to have strength enough for another corrective wave against the euro? I think so. Price is being rejected above 1.5279. So a short trade with a target above prior lows seems to be a low-risk idea, unless the EUR gets abother boost of power...
Been a while i posted charts. I have been away perfecting my charting skills and testing to see if they prove to be working. So far my guesses were increased in their success. Recent one was that many indices (US and around the world) showed topping and head and shoulder formation is in many. I sold part of my holdings on the recent tops (for Russia, China and...