The counts from the top (Oct 15th) indicate that the Elliott wave cycle is indeed complete. We can expect a pullback in the coming days. The alternate counts also indicate that a fourth wave is about to begin. The minimum target is around 0.9280. The prospect of a fourth wave could also mean a bumpy ride to the target.
Good luck and cheers.
My last idea suggested that a reversal maybe on the cards
But the decline from the 1.3960 high was very corrective in nature
and now it looks like we should see another move towards
the 1.40-1.44 area before a reversal.
At the time being I will look to buy dips in this pair
as we stay above 1.3660:s.
Look below for more charts.
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The uptrend in the long term could be stopped by this level and prices could decrease sharply in the coming sessions. Technical indicators and the bearish divergence red trend line, show an overbought situation that reinforces this bearish scenario. Thus, there is a higher downside potential than upside.
Therefore, the proximity of mid-term resistance suggests a...
The dollar index moved in a downtrend mode remaining supported by the 79.33 (wave 5) barrier, the low for 2014. However, we can identify positive divergence between our momentum studies and the price action, indicating that the trend is running out of momentum and is posible to rally up.
Support: 79.33
Target: 79.78 (0.618 Fibonnacci) in 3 days (Gann)
Daily Elliott Wave Count
The simetry in the elliott wave analysis is not a rule but an important guide to reduce de guess work to determine if a wave structure had been completed or not.
In this case, as we expected a clear retrace had been done since the end of the impulsive pattern for wave 3) with a nice fibonacci's level of 38.2 (the most common level of...
After forming a double top base around $45, a A-B-C Elliott wave retracement has been in an expanding range. Ultimately the bearish price divergence indicate the swing downtrend is continuing. If that occurs, the next target, and likely forecast resistance area, is between $43 and $42 (0.5-0.61 fibonacci) in 30 days - Gann time
