EURGBP appears to be finishing a move lower as the pair plows into a cluster of wave relationships. It appears to be close to finishing wave 4 (w-x-y). That wave count suggests a 5 wave move higher that could reach .8150. When you draw a trend line connecting the end of wave 1 & 3, then duplicate that line to the end of wave 2 to obtain an approximate area for...
If USD index is going up, then EURUSD should fall further as well, but after a pullback up to around 1.1290-1.1300 area. We see EURUSD in bearish trend as long as price is beneath 1.1346. www.ew-forecast.com @ewforecast
I'm not at all sure what's next for the EURUSD. But with such a large drop the most common pattern is a Wave 4 Triangle. So if the current move up does so in an abc and does not make a new top then heads back below 1.1141 then I am short.
Last night, the Bank of Japan announced negative interest rates which made for a weaker Yen driving the GBPJPY higher. Last week, we anticipated a move up to the 174 region and now that we are there AND we have the BOJ driving negative interest rates, do we continue higher or is this it? When assessing the intraday charts, there is a strong confluence of wave...
At end of wave-Z, either its completed wave-4 on major trend (in that case counts as WXYXZ are correct) or its just 1st part of wave-4 (in this case it is only full wave-A as 12345 instead of WXYXZ), but in any case, if these counts are correct, we will see a #Bullish action for #YellowMetal soon !
The Loonie has been slopping around sideways for the past couple of weeks. Back on July 22, we wrote about the possibility of a multi-hundred pip sell off. After a brief dip, prices drifted higher from July 29-Aug 4. The Aug 4 peak occurred at a level where a wave relationship suggests the possibility of a deeper sell off (see wave relationships below). The...
PA marked the whole range of channel, sharply rejected @1.53 which completed the wave3 of this bullish 5-0. PA currently pulling back on wave4. Expect to reverse in the PRZ (1.4667-1.4566). However, possible test of median line @1.45.