EightyNineWaves

EightyNineWaves Updated 

Entering long on the hourly, targeting 0.68075 on the idea that AUDUSD is forming an impulsive move higher. Target price is the 161.8% extension of the 12/15/23 low --> 12/18/23 high. I'm currently still bearish on EURUSD and GBPUSD but may flip bullish on those as well.

EightyNineWaves

I'm looking to probably short EURUSD soon. This looks like an impulse is likely to develop to fill out the C wave of this correction. Ideally before entering I want to see a clear wave 1-2 develop downward, with a 161.8% Fib extension aligning with either the 100% C v A (marked in blue) or one of the Fib retracements of Minute 1 (marked in orange).

EightyNineWaves

Still waiting for the possibility of this sideways move to develop into an impulse. If Monday's high is not exceeded soon then I'll switch my interpretation to Minuette (blue) 4 still being underway.

EightyNineWaves

Depending on how this structure develops, a quick trade opportunity might develop from 0.67290 to 0.67510. The low of 12-14-2023 may have already completed the correction of the prior day's high. The structure fits, but I don't like its size. Combined with my anticipation that NZDUSD is not done correcting, we could see AUDUSD pull back further as well. Doing so...

EightyNineWaves

Following the 12-13-2023 high this looks to be an incomplete corrective structure. Would expect further pullback to or beyond the marked blue Fib zone. If price does pull back to that range, a bullish setup should develop as it exits to the upside.

EightyNineWaves

In update to my last post on this pair, the green box marks the expected reversal range if the bearish count is to be preferred. Price needs to break yesterday's high to confirm the bullish count. I'll trade either way according to what confirmation occurs this week.

EightyNineWaves

The Nov. 28 - Dec. 8 decline looks impulsive, suggesting EURUSD is likely only in the second of a minimally 3-wave move down. If pair can break resistance at 1.08, would expect it to rally to the marked (orange) Fib retracement zone, then move into the third wave of the correction, which should set up a good short opportunity.

EightyNineWaves

Interested in others' thoughts on this. I'm not sure on the best way to interpret AUDUSD this week. Here's a couple of possible counts I've come up with - short-term bullish in colored, short-term bearish in gray. I'm currently leaning toward the bullish count, which, if accurate, should soon see a rally to or beyond 0.67000. Alternatively, pair may still be in a...

EightyNineWaves

US indices could still have a larger correction, but it's unlikely with the FTSE confirming a completion to a Cycle II (Feb-Oct 2022) with the break above the Feb 2022 high. European markets look more definitively bullish with the break above that high, likely confirming a Cycle III impulse wave in development. It's probable US markets will confirm the same later...

EightyNineWaves

Wave 5 of 3 developing off the Sept. 2nd high; the overall trend should continue down and eventually take out the July 1680 low before finding a bottom.

EightyNineWaves

Completion of a downward impulse should give way to a turn to the upside. Incomplete impulses on the lower timeframes may result in some continued choppiness as the bottom forms.

EightyNineWaves

I anticipate a small bearish breakout from the recent sideways motion into yet even lower lows, before bouncing back to this area of consolidation.

EightyNineWaves

I'm expecting a decline back down to the marked lower trendline, with a bounce and temporary breakout into horizontal resistance at 0.676. This is plausible if completing a bearish EW diagonal move off the July 8th high (0.687), giving way to a bullish correction back toward that high next week.

EightyNineWaves

I'm watching for this possible development which would complete a bearish impulsive move potentially to 1.00000 in EURUSD. I expect further decline, provided price action remains below 1.01915. My stop would be at that level, and I'd be looking for an exit near 1.00000, probably on a pullback past the HMA ribbon. I base my predictions off a variety of different...

EightyNineWaves

My last trade idea on AUDUSD returned to my entry price after spending some time in drawdown and in profit. This movement so far is most likely a 1-2 of a developing impulse to the downside, so I'm standing by my original idea that we should see a significant decline at least to the month's lows. I base my predictions off a variety of different Elliott Wave...

EightyNineWaves Updated 

I don't expect this bull run to continue much higher. I went ahead and entered a short with a stop just beyond the 0.786 of the July 4/5 decline, in case of a temporary pop up at US open. Ultimately I think this is going to break down lower and take out the recent lows in 0.67600s. Currently my target is 0.67645, but if the trade continues to go my way I may take...

EightyNineWaves Updated 

I'm anticipating a brief turn to the upside in EURUSD, with a possible set up for a small long position. Overall I am bearish on the pair, so this would be a quick counter-trend trade. If the July 6, 14:00 (UTC-4) candle high (1.01987) is broken prior to the day's low (1.01619) being exceeded, I'll plan to enter there with a stop loss at that low and a 1:1...

EightyNineWaves Updated 

Provided this opening bearish momentum doesn't break through 0.67610, I'm anticipating a turn to the upside into the low 0.68000s. Stop would be 0.67609 and target would be yesterday's high. I base my predictions off a variety of different Elliott Wave counts, anticipating what I believe is the most probable move on the short-term based on the confluence of those...