Elliott Wave Analysis by Admiral Markets

USD/JPY Bullish Trend Channel to Challenge 115 Resistance

USD/JPY

4 hour

11-05-2017uj4.png

The USD/JPY continues higher in an uptrend channel which is indicated by the support (blue) and resistance (red) trend lines. Price is moving towards the Fib targets of wave 5 (brown). The next bullish target would be 115, which is a major round resistance level.

1 hour

11-05-2017uj1.png


The USD/JPY bounced at the 38.2% Fibonacci support level of wave 4 (grey). A break above resistance (red) could see price challenge the Fibonacci targets of waves 5.

EUR/USD

4 hour

11-05-2017eu4.png


The EUR/USD break of the support trend line (dotted blue) could indicate the start of a bearish 1-2 wave count (brown). Once wave 1 is completed, the EUR/USD could setup a bullish retracement that challenges the Fibonacci resistance levels of wave 2.

1 hour

11-05-2017eu1.png


The EUR/USD is building a bearish channel (green/red) as part of the wave 5 (blue) of wave 1 (brown).

GBP/USD

4 hour

11-05-2017gu4.png


The GBP/USD is trending higher in a bullish channel which is indicated by the support (green) and resistance (red) trend lines. A bullish break could see price move towards the Fibonacci targets of wave 5 (purple) whereas a bearish break could start a reversal.

1 hour

11-05-2017gu1.png


The GBP/USD needs to break above the resistance levels (red/orange) before a continuation is likely. A break below support (green) could start a bearish reversal.

Follow @ChrisSvorcik on twitter for latest market updates.

Connect with Chris Svorcik on Facebook for latest market updates.
 
EUR/USD Setups Downtrend Channel within Bearish Wave 1-2

EUR/USD

4 hour

12-05-2017eu4.png


The EUR/USD is in a mini bearish trend channel which is marked by trend lines (red/green). Once wave 1 is completed, the EUR/USD could start a bullish retracement that challenges the Fibonacci resistance levels of wave 2.

1 hour

12-05-2017eu1.png


The EUR/USD break above or below the bearish channel (green/red) will indicate whether price will continue as part of the wave 5 (blue) of wave 1 (brown) or whether price will potentially retrace within wave 2 (brown).

USD/JPY

4 hour

12-05-2017uj4.png


The USD/JPY is approaching the support trend line (blue) of the uptrend channel (blue/resistance). A bearish break could start a larger bearish correction where as a bullish bounce could extend the 5th wave (brown).

1 hour

12-05-2017uj1.png


The USD/JPY wave count will depend on whether price bounces at or breaks through the support trend line (blue). A bounce could indicate that a wave 4 (grey) is still uncompleted. A break means that wave 4 and 5 (grey) are finished.

GBP/USD

4 hour

12-05-2017gu4.png


The GBP/USD is challenging the support (green) line of the bullish channel (red/green). A bearish break could see a larger retracement or reversal whereas a bullish bounce could see price challenge resistance again.

1 hour

12-05-2017gu1.png


The GBP/USD needs to break above the resistance levels (red/orange) before a continuation is likely. A break below support (blue) could start a bearish reversal and continuation of 5 waves (blue).

Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest market updates.
 
US Dollar Completes Wave 1 and Starts Wave 2 Retracement

EUR/USD

4 hour

15-05-2017eu4.png


The EUR/USD indeed completed wave 1 (brown) as expected last week after breaking above the resistance trend line (dotted orange). Price could now be challenging the potential Fibonacci resistance of wave 2 (brown).

1 hour

15-05-2017eu1.png

The EUR/USD could be building an ABC (blue) zigzag within wave 2 (brown) after it broke above the resistance trend lines (dotted orange).

USD/JPY

4 hour

15-05-2017uj4.png

The USD/JPY broke below the support trend line (dotted blue) of the uptrend channel (blue/resistance), which could indicate the completion of the wave 5 (brown). The bearish break could indicate the start of a larger bearish ABC correction (brown).

1 hour

15-05-2017uj1.png


The USD/JPY is building a bearish trend channel (orange/blue lines) after completing 5 bearish waves (brown). Price could now be retracing with a potential wave B (brown).

GBP/USD

4 hour

15-05-2017gu4.png


The GBP/USD broke below the support line (dotted green), which could indicate a larger retracement or reversal such as a wave 1 (green).

1 hour

15-05-2017gu1.png


The GBP/USD broke above the resistance level (dotted orange) after completing 5 bearish waves (blue). Price could now be building an ABC (blue) zigzag within wave 2 (green).

Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest market updates.
 
EUR/USD Bullish Momentum versus 78.6% of Wave-2

EUR/USD

4 hour

16-05-2017eu4.png


The EUR/USD is challenging the 78.6% Fibonacci level of wave 2 (brown) and the round resistance level of 1.10. A bearish reversal could complete wave 2 (brown) and start a wave 3 whereas as bullish break above the 100% level would invalidate wave 2.

1 hour

16-05-2017eu1.png


The EUR/USD could be building an ABC (blue) zigzag within wave 2 (brown) if price stays below the 100% level.

USD/JPY

4 hour

16-05-2017uj4.png


The USD/JPY is struggling to break above the resistance Fibonacci levels of wave B (brown) because the bearish break below support (dotted blue) could indicate the start of a larger bearish ABC correction (brown).

1 hour

16-05-2017uj1.png


The USD/JPY will need to break below the support trend line (green) before a wave C (brown) continuation becomes more likely. A break above resistance (orange) could see price challenge the 78.6% Fib.

GBP/USD

4 hour

16-05-2017gu4.png


The GBP/USD stopped at the 61.8% Fibonacci level of wave 2 (green). A break below the support trend lines (green) could start a larger bearish correction whereas a break above resistance (orange) could see price testing the 78.6% Fib.

1 hour

16-05-2017gu1.png


The GBP/USD break above the 100% Fib invalidates the wave 2 (green) structure.

Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest market updates.
 
EUR/USD Breaks Above 1.10, USD/JPY Confirms Bearish ABC

EUR/USD

4 hour

17-05-2017eu4.png


The EUR/USD broke yesterday’s Fibonacci resistance levels and resistance trend lines (dotted red) which was an invalidation level for the bears and a confirmation level for the bulls. The wave count is now reflecting the bullish structure with an ABC (blue). Price is already attempting to break a bigger Fib (78.6%), which could indicate a continuation potential to the 88.6% at 1.1190.

1 hour

17-05-2017eu1.png


The EUR/USD broke above the resistance trend lines (dotted orange) and extended the bullish momentum. The strength of the impulse is indicating that the current push up is most likely a wave 3 (purple) which might be even completed yet. Price could move towards the Fibonacci targets first of wave 5 (pink) but eventually a wave 4 and 5 (purple) seem likely.

USD/JPY

4 hour

17-05-2017uj4.png

The USD/JPY indeed is completing an ABC (brown) zigzag correction as expected at the beginning of this week. Price is moving towards the Fibonacci targets of wave C (brown).

1 hour

17-05-2017uj1.png


The USD/JPY is building a wave 3 (orange), which could potentially still see further bearish extensions towards the Fibonacci targets of wave 3 (orange). A wave 4 (orange) correction is expected when the wave 3 is completed.

GBP/USD

4 hour

17-05-2017gu4.png


The GBP/USD stopped at the 78.6% Fibonacci level of wave 2 (green). A break below the support trend line (green) could start a larger bearish correction whereas a break above resistance (orange) could see price make a bullish break. The bullish break however would probably create double divergence.

1 hour

17-05-2017gu1.png


The GBP/USD break above the 100% Fib invalidates the wave 2 (green) structure and confirms a bullish continuation potential for one more push higher.

Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest market updates.
 
EUR/USD Bullish Momentum Explained by 3rd Wave

EUR/USD

1 hour

18-05-2017eu1.png


The EUR/USD bullish momentum continued strongly yesterday breaking above 1.11 and heading towards the next round level of 1.12. The bullish push can be explained by the wave 3 pattern (purple) which is known for its strong momentum. The bullish momentum could now however reach a moment where it will be retracing for a corrective wave 4 (purple). The Fibonacci levels of wave 4 could act as support.

4 hour

18-05-2017eu4.png


On one time frame higher the EUR/USD could be building an ABC (blue) zigzag which could face resistance at the 88.6% Fibonacci level.

USD/JPY

4 hour

18-05-2017uj4.png


The USD/JPY continued with the ABC (brown) zigzag correction yesterday, which has reached the 61.8% Fibonacci level (of the 5 waves (brown)). This could cause a retracement.

1 hour

18-05-2017uj1.png


The USD/JPY bearish third wave 3 (orange) seems to have reached a support level which could cause a wave 4 (orange) correction. The Fibonacci levels of wave 4 (orange) are therefore potential resistance levels.

GBP/USD

4 hour

18-05-2017gu4.png


The GBP/USD remains in an uptrend channel (red/green) and price is challenging the top (red). Price poked through the previous top and hence a bullish wave 5 (orange) seems more likely at this moment.

1 hour

18-05-2017gu1.png


The GBP/USD break above resistance (red) could see a wave 3 (purple) develop whereas a break below support (blue) could see price continue within the correction.

Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest market updates.
 
EUR/USD Loses Steam with Conclusion Wave-3 and Start Wave-4

EUR/USD

1 hour

19-05-2017eu1.png


The EUR/USD bullish momentum of wave 3 (purple) ran out of steam yesterday and started a wave 4 (purple) correction. Price has in the meantime retraced back to the Fibonacci levels of wave 4 which could as potential support and bounce levels.

4 hour

19-05-2017eu4.png


The EUR/USD could be retracing towards the 88.6% Fibonacci level of wave 2 (green) via an ABC zigzag (blue).

USD/JPY

4 hour
19-05-2017uj4.png



The USD/JPY indeed bounced at the golden ratio Fib of 61.8% level. Whether the wave C (brown) is still open or has been completed remains to be seen. Lower Fibonacci levels however also remain potential support spots.

1 hour

19-05-2017uj1.png


The USD/JPY completed the wave 3 (orange) and has made a significant retracement back to the 38.2% Fib of wave 4 (orange) which could act as resistance. A break above the 61.8% Fib makes a wave 4 unlikely.

GBP/USD

4 hour

19-05-2017gu4.png


The GBP/USD made one more push higher to test the top (red) of the bullish channel (green/red), which in turn created a strong bearish reaction. Whether price will build a wave 1-2 (grey) depends on whether price is able to break below the channel. A break above the 100% level indicates the invalidation of wave 2 and the potential for an uptrend continuation.

1 hour
19-05-2017gu1.png


The GBP/USD broke above the resistance (dotted orange), made one more push up as part of wave 5 (purple), and then reversed an broke below support (dotted blue).

Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest market updates.
 
USD/JPY Triangle Pattern Visible at 110 and 61.8% Golden Ratio

USD/JPY

4 hour

22-05-2017uj4.png


The USD/JPY bounced at the golden ratio Fib of 61.8% level and it seems likely that the wave C (brown) has been completed once price breaks above the smaller resistance trend line (orange). A break above or below the small contracting triangle chart pattern (green/orange) could play a key role in a push towards the 78.6% Fib or next resistance (red).

1 hour

22-05-2017uj1.png


The USD/JPY could however first build a wave 4 (orange) correction and a wave 5 (orange) continuation before completing wave C (brown).

EUR/USD

4 hour

22-05-2017eu4.png


The EUR/USD indeed started and completed a wave 4 (purple) correction as expected last week. Price is now developing a bullish continuation within wave 5 (purple), which could complete a wave C (blue). A break above 1.13 invalidates the wave 2 (green) correction.

1 hour
22-05-2017eu1.png


The EUR/USD bounced at the Fibonacci levels of wave 4 (purple) and then broke above the resistance trend line (dotted red). A new 5 wave (pink) formation is most likely occurring within wave 5 (purple). The current pause could be a wave 4 (pink) as long as price stays above 61.8% Fib of wave 4.

GBP/USD

4 hour

22-05-2017gu4.png


The GBP/USD could be building a wave 1-2 (grey) but this depends on whether price is able to break below the channel. A break above the 100% level indicates the invalidation of wave 2 and the potential for an uptrend continuation.

1 hour

PICTURE [date gu1]

The GBP/USD break above the resistance (red) invalidates wave 2 (grey) whereas a break below the support (blue) could indicate a bearish breakout.

Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest market updates.
 
GBP/USD Completes Reversal Pattern at 1.30 Resistance

GBP/USD

4 hour

26-05-2017gu4.png


The GBP/USD broke the support trend line (dotted green) of the bullish channel, which could indicate a potential bearish reversal or correction. The Cable was unable to break above the 1.30 psychological round level.

1 hour

26-05-2017gu1.png


The GBP/USD showed a lengthy consolidation zone but broke below several key support levels (dotted lines). This bearish break could start a wave 3 (orange) which would become more likely if price managed to reach 1.2825. A wave could emerge once the wave 3 is confirmed and completed.

EUR/USD

4 hour

26-05-2017eu4.png


The EUR/USD failed to break above the 1.1250 resistance zone so far which is a major decision zone for either a bullish breakout or a bearish reversal. The critical level is the 100% Fibonacci at 1.1268: a break above this resistance top invalidates wave 2 (blue) whereas a break above 1.13 invalidates another bearish wave 2 (green). A bearish reversal, however, could see price break below support (blue).

1 hour

26-05-2017eu1.png


The EUR/USD respected and turn at the 78.6% Fibonacci resistance. Price will now need to show new direction by breaking support (blue) or resistance (orange).

USD/JPY

4 hour

26-05-2017uj4.png



The USD/JPY is unable to break above the -27.2% Fibonacci target and could be building a bearish break (dotted blue) instead. Price will need to break below the support fractal (green) before a larger push could occur.

1 hour

26-05-2017uj1.png


The USD/JPY is could be in wave 3 (purple) if price manages to reach the 161.8% Fibonacci target.

Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest market updates.
 
EUR/USD Builds Bull Flag Pattern or Bearish Channel

EUR/USD

4 hour

29-05-2017eu4.png


The EUR/USD failed to break above the 1.1250 resistance zone so far which is a major decision zone for either a bullish breakout or a bearish reversal. The critical level is the 100% Fibonacci at 1.1268: a break above this resistance top invalidates wave 2 (blue) whereas a break above 1.13 invalidates another bearish wave 2 (green). A bearish reversal, however, could see price break below support (blue).

1 hour

29-05-2017eu1.png


The EUR/USD seems to have completed a wave 2 (blue) but a break below the support trend line (blue) is needed before a wave 3 (blue) could unfold. A break above the resistance line (red) invalidates the current bearish wave structure. At the moment the EUR/USD is either building a bull flag continuation chart pattern or the start of a bearish reversal, which will depend on the direction of the breakout.

GBP/USD

4 hour

29-05-2017gu4.png


The GBP/USD broke below the support trend line (dotted green) and reached the 161.8% Fibonacci target of wave 3 (blue). Price could still fall towards lower Fib targets if price can extend its decline.

1 hour

29-05-2017gu1.png


The GBP/USD could be building a 5 wave (orange) expansion within wave 3 (blue). The wave 4 (orange) retracement Fibonacci levels could act as resistance but a break above the 61.8% makes 4th wave unlikely.

USD/JPY

4 hour

29-05-2017uj4.png


The USD/JPY is in a triangle formation with support (blue) and resistance (orange) nearby. A bearish break could see price fall towards the Fibonacci retracement levels of wave B (blue).

1 hour

29-05-2017uj1.png


The USD/JPY could be in wave 4 (purple) unless price breaks above the bottom of wave 1 (orange line).

Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest market updates.
 
Back
Top