Elliott Wave Analysis & Forecast (Daily Update) Forex, Gold, Oil, S&P

[ashoknp]

Reversal Patterns on EURUSD - New Weakness to Come?

Pattern is bearish on the EURUSD which could fall beneath 1.2750 in this week. Resistance is at 1.2870-1.2940.
EURUSD 1h

 

[ashoknp]

EURUSD Could Hit 1.2700-Elliott Wave

EURUSD remains in bearish mode after only three wave rally from 1.2750 low that was just another temporary pause within ongoing bearish sequence.
EURUSD 4h:

What is edning diagonal?
An ending diagonal is a special type of pattern that occurs at times when the preceding move has gone too far too fast, as Elliott put it
Ending diagonal in a bull market:

 

[ashoknp]

USDJPY: Broken Channel Puts Pair Back In Bullish Mode

USDJPY broke sharply higher which was expected from a technical point of view. Price accelerated strongly after break out of the corrective channel (circled zone).

 

[ashoknp]

GBPUSD Could Hit 1.5350-1.5400 While 1.5000 Is In Place

GBPUSD found a support yesterday 30 pips above 1.5000 psychological level from where intra-day bulls lift the pair in impulsive manner back above 1.5200 level.

 

[ashoknp]

Cable Is Breaking Higher, Now Targeting 50% Retracement Level From January Highs

GBPUSD closed strongly higher last week after recently broken trend-line connected from above 1.6300 which suggests that recovery from 1.4830 could be deeper than firstly thought.

 

[ashoknp]

USDCHF corrective retracement

Observing new and much more complex wave structure on USDCHF

 

[ashoknp]

OIL May Have Found A Temporary Top Around $96.60

Oil fell sharply lower last week, clearly in five waves from 97.60 which means that the trend has now turned bearish

 

[ashoknp]

AUDUSD Turns Back In Bullish Mode As Price Exceeds 1.0500

AUDUSD moved through 1.0500 swings which mean that wave II pull-back is complete and that larger uptrend is back in progress again.

 

[ashoknp]

EURUSD Could Make Reversal Down to 1.2900/50 From 1.3100 Resistance

EURUSD extended another 200 pips higher since Friday, so now we are even more confident that low on EURUSD is in place which was expected because of ending diagonal, reversal pattern placed in wave 5).

 

[ashoknp]

Crude Oil: Correction Appears Complete; Weakness Could Extend To 90$ Per Barrel

Oil recovered nicely in the last few days from 91.80 back to 94.75 which was expected after a completed five waves down in wave 1.