mike.church.963

mike.church.963

GBPNZD potentially could be in a corrective cycle as there appears to be five waves up from the low at 11th July, this recent move down looks corrective in nature as it is overlapping, so I'd expect another 5 waves up from around the 1.800 mark to potentially 1.9200 - 1.9400

mike.church.963

EURUSD is approaching an interesting level @ 1.1230-60 where there are multiple confluences, the 0.618 retrace level from the brexit drop, a 1x extension @ 1.1226 from a ABC flat correction and it looks like there's a possible 5 waves up which fits the flat profile, also the top of a corrective channel is in this vicinity. Watch this space!

mike.church.963

I'm anticipating an impulsive five wave down move from this point to complete the zig zag 5-3-5 pattern. Initial target at 8200 stretch target around 8125 as there's a gap to fill from 24th June! This would also be an AB=CD equal wave pattern.

mike.church.963

EURUSD - Is the downtrend back underway? Well there looks to be an impulsive 5 waves down from the high at 1.1700 on the 4hr chart and a following 3 wave corrective move, so maybe it is! Price really needs to break below 1.1090 to give more confirmation/signal bearish momentum is back in control in this pair. If it breaks the low then the 1 times fib expansion is...

mike.church.963

USOIL looks to be in a corrective channel following an impulsive move from a meaningful low around 34.80 and the piercing line candle on 25th August. On 4hr it looks like a 5 wave impulsive move from this low, now price seems to corrective with overlapping waves, there are 2 scenarios here one is a triangle in wave (ii) or potentially price is in the corrective...

mike.church.963

Possible meaningful top could maybe set in USD CAD? Price is finding it difficult to break through 1.34 price level as 1.34 is key resistance with it being the 61.4% fib level from 2002 high to 2007 low. There is also a equal wave pattern coming in at 1.3430. The wave pattern could also suggest/indicate a possible meaningful top could be near. Indicators are also...