LONG POTENTIAL ON CADJPY.
MOVING WITHIN A CONSOLIDATED RANGE WITH TREND LINES AND SUPPORT BEING REACHED.
LOOKING FOR UPWARD MOVEMENT TO THE TESTED RESISTANCE.
OIL PRICES WILL AFFECT THIS SO A CLOSE EYE WILL BE HAD ON THIS.
FOR THOSE ELLIOT WAVE FOLK, THIS WILL BE THE 5TH WAVE AND PROVIDING IT BREAKS THE BABY WEDGE MADE IT WILL SHOOT UP.
USD/JPY to continue downtrend in my opinion, with Elliot wave 5. As you can see market is now in a downtrend, I predict market to reach correction which it has then impulse then correct then impulse and so on!
Can go short or hold for long!
Looking to EURNZD, there is a good setup in this pair.
Based on EW, I would like to see the price getting higher to my "Area of Value" and I will go to lower timeframe to get into short opportunity.
We can call this intraday trade, in order to confirm my short bias of course I would love to see if the price makes a Lower Low in Daily TF before doing any pullback....
Target in sight sell 12400 target 9757 > 7787
Ending diagonal typically occur in waves 6/7, sometimes they fall short of the upper trend line. I think this one is going to fall short of the line and terminate at 12400
Zoom in this chart to notice PA on a lower TL.
The GBP is an undervalued currency since the Brexit vote 2yrs ago , this decline means it holds a notional bullish sentiment. The BoE has maintained a hawkish stance amidst the geopolitical hurricane subsequently favouring a strong pound. We choose to look for rallies based on this fundamental bias. The charts too...
GBPJPY has formed a 5-wave motive wave & an ABC correction.
We would now like to go long from the current level with a stop below the C wave.
A simple, effective wave count with nice profit targets & great risk/reward ratio.
Updates will be posted as the trade progresses
Here we have a beautiful trade setup for USDCAD.
Since our last call price has declined by 160 pips, breaking the small trend channel formed during the ABC correction.
We've seen price pull back to retest the bottom line of the channel & it is now trapped beneath the 0.382 fib retracement level.
Strong upside rejections supports the likelihood of bearish...
I expect a bit a bigger correction in order to form Pennant Formation. However, because of the extreme sell off that we saw 25th of April - it can possibly be invalid and thats why we track elliot waves in this market.
In this case, Ripple found support at 0.45 level and turned sharply just like other cryptocurrencies, but beware, because Ripple can be 4th way...
Updaing the previous scenario... The bearish breakout failed to install a bear trend (prices stopped right at the Sinewave target and retraced back above the BREAK level..
BUT bulls didn't manage to take advantage of it to trap bears... When you see that... you know that odds are to a range... And everything seems to point a triangle.
It's still very early to...
Today i'm visiting my favorite Forex pair to look at and discuss a very long term Elliott Wave count that it appears to have formed. It appears as if in early 2008, a 5th wave completed as a high. From there the market has been clearly corrective, ultimately going sideways. A Zig-zag completed into mid 2015 and from there we have seen a sharp move to the upside....