Take a look at our GBPUSD wave analysis and forecast . This is of course a short term view of the GBPUSD. We were awaiting the completion of the 4th wave in a higher degree. Although our initial expectation of an ABC completion and the price target of 1.34000 levels has changed since todays break of the presumed B wave did not have enough stamina for a C wave...
Presumably an ABC corrective structure in the making, in which case we are currently in the B wave. I would keep an eye on lower time frames to catch the start of the impulse up.
Daily / weekly correction is at the final phase (if we get a WXY only and not a WXYXZ.) If the correction is over by then, we would know looking at the characteristics of the reversal wave. I'm in for the next impulse up, even if it turns out to be the X wave for another ABC down.
Price has shown momentum for both sides, thus indicating a possible contracting wedge. Lets see what we get. This is a daily chart so even if it could be a huge correction, there will be plenty of short term opportunities within the structure.
Similar structure to AUDJPY. But this pair should have more momentum than AUDJPY. Another ABC down is a possibility. But with divergence there is a high probability that the correction is almost complete.
This is a text-book snapshot of an expanding triangle. The target is the trendline of the larger corrective structure.
This pair shows exhaustion to the downside coupled with divergence. So the months long correction is possibly closer to the end. Buying any breakout is a good idea.
Price is getting closer to a high-probability PRZ (price reversal zone marked in red rectangle.) Harmonic: AB=CD completion Elliott waves: ABC correction complete in multiple degrees. I would wait for the price to reach the red rectangle and show signs of a reversal.
Look for completion of C wave on multiple degrees. Nonetheless, this move up will be within the corrective structure of higher degrees.
What type of a correction is in progress? Too early to conclude. But there is high probability for an impulse wave down to reach the bottom of the corrective structure. Then I am rooting for the correction to continue further. If price reaches this bottom structure, we will know by then if price wants to break out to the down side or turn back up for an...
Awaiting next impulse move to the upside. Bearish momentum of the corrective structure seems to be dying, so the start of the next impulse is just around the corner. However there is possibility of another wave down to complete a triple three pattern. Nonetheless the plan is to buy any pullback.
EURUSD is still in a large correction. Its well set to complete a wedge pattern. If this is the case we are into the D wave. None the less, shorting any break off corrective rallies is a good idea.
It might seem risky after the fall off the cliff. But at the same time this trade has a good RR. MACD daily divergence in play. Trade with care.
All jpy pairs are showing bullish signs. But I will stay out of major jpy pairs due to recent unexpected moves on majors. This setup looks promising. Im already in.
4H trend is bearish and the daily correction is still in progress. Trade with care, as we may see impulses to both sides as the long term structure resembles a triangle. If its the case, the price is in the D wave of the triangle. Blue lines are forecast pivot levels based on fib levels and some other calculations. They are not traditional support resistance...
I am already short on AUDUSD anticipating a breakout of the structure. Might be risky given the market moves of today. None the less, I dont want to miss this opportunity. Besides I have a tight SL on this. If it works out the R:R of the trade is above 1:6. Win or loose, a very good trade in my books. This is just my opinion and not intended to be a trade call....
NZDUSD is in a daily correction. My detailed analysis - NZDUSD short trade set up . But which pattern do you think will be formed? Nevertheless, I am bearish on this and expect the start of a bearish move. The wave down will give us a clue of possible patterns.
AUD seems to be starting a downward move. On the contrary, NZD is in a consolidation. So we could see a sell set up on this. But beware, even if it breaks, it could be a corrective move to the downside. Not so much a clean impulse. Trade with care. This is just my opinion on the direction of this pair. Not a trade call. Trade your own strategy.