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....
The setup here is very clear to me.. We're running out of fuel and the PRO SINEWAVE will soon plot the EXIT cycle that will terminate this bullish breakout pattern...
Once terminated the market will switch back to range / retracement mode. After such a rally (+30% with no breathing of more than 3%) we can easily expect the prices to retrace at least to...
Wave 2 Retrace between 23.60% and 38.20% of Wave 1.
Wave 3 is nearly 161.8% of wave 1.
Wave 4 Retrace between 23.60%-38.20% of Wave 3.
I will buy soon as the market opens and set my stop loss at 0.98363
Go long for a potential wave 5 that is 100 percent of wave one at 1.02492
Wave 2 Retrace between 50.00% and 61.80% of Wave 1.
3rd Wave is an extended wave. Wave 3 is between 261.8% and 323.60% of wave 1.
Wave 4 Retrace between 23.60% and 38.20% of Wave 3.
Wave 5 could be equal to 61.8% to 76.4% of wave 3.
The analysis shows off that the long term bear trend of USDJPY may have come to an end on this bottom and the reversal time is now triggering.
We may have finished the first wave impulse of this new bullish trend. So we are now retracing to find point 'b'.
This subwave is in-trend and can be bought with low risk. Of course as we're consolidating... wave 'b' can...
Took me quite some time to build this up but the result shows a very clean sceanrio here ! Everything tends to correspond between each different timeframe and so the forecast is even more likely to occur.
It shows that on the biggest timeframe, gold has made it's 5 wave impulse and is now retracing in 2 impulses. The first have been completed and we clearly see...