I agree with you that this is wave 3 but I think that it will cover an area greater than 1, and then it will hit the neck line of the head and shoulder in formation, or 1.2770.
Elliott Wave Analysis & Forecast (Daily Update) Forex, Gold, Oil, S&P
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I agree with you that this is wave 3 but I think that it will cover an area greater than 1, and then it will hit the neck line of the head and shoulder in formation, or 1.2770.
EURUSD: Broken Daily Trend-line puts The EUR in Bearish Mode
EURUSD fell sharply last week and closed well below 1.3034 swing low support which puts bearish price action in play. From an Elliott Wave perspective we are tracking one-two, one-two set-up with sub-wave (ii) now underway to 1.3020/50 resistance area.
EURUSD Intra-day
EURUSD Daily
EURUSD fell sharply last week and closed well below 1.3034 swing low support which puts bearish price action in play. From an Elliott Wave perspective we are tracking one-two, one-two set-up with sub-wave (ii) now underway to 1.3020/50 resistance area.
EURUSD Intra-day
EURUSD Daily
USDJPY Could Be In Final Stages Of An Uptrend-Elliott Wave Forecast
USDJPY broke higher last week, out of a triangle pattern that we have been tracking it since mid-April. This triangle has been placed in wave four, so we must be aware of a bearish reversal in the next few days/weeks if we consider that this type of patterns occurs always prior to the final move of the larger trend. So current leg up should be our final leg then; most-likely wave 5 of an ending diagonal. However, each leg in ending diagonal should be sub-divided minimum by three waves so current pull-back is probably wave (b) with wave (c) yet to come that may hit 103.00/103.50 level. After a completed ending diagonal we will be looking for a sharp reversal lower. Fall back beneath 100 would be a first but important sign for completed ending diagonal and weaker prices ahead.
What Is Ending 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. A very small percentage of ending diagonals appear in the C wave position of A-B- C formations. In double or triple threes, they appear only as the final "C" wave. In all cases, they are found at the termination points of larger patterns, indicating exhaustion of the larger movement.
USDJPY broke higher last week, out of a triangle pattern that we have been tracking it since mid-April. This triangle has been placed in wave four, so we must be aware of a bearish reversal in the next few days/weeks if we consider that this type of patterns occurs always prior to the final move of the larger trend. So current leg up should be our final leg then; most-likely wave 5 of an ending diagonal. However, each leg in ending diagonal should be sub-divided minimum by three waves so current pull-back is probably wave (b) with wave (c) yet to come that may hit 103.00/103.50 level. After a completed ending diagonal we will be looking for a sharp reversal lower. Fall back beneath 100 would be a first but important sign for completed ending diagonal and weaker prices ahead.
What Is Ending 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. A very small percentage of ending diagonals appear in the C wave position of A-B- C formations. In double or triple threes, they appear only as the final "C" wave. In all cases, they are found at the termination points of larger patterns, indicating exhaustion of the larger movement.
GOLD Bearish Reversal in Progress, Could Hit 1300-Elliott Wave
GOLD reversed nicely, perfectly lower from 1490 area two weeks back where base channel turned into a resistance as discussed in our latest video analysis. Notice that fall from that zone is now very sharp, showing evidences of an increase in volume and momentum so we suspect that market is underway to 1220/1300 area for fifth wave of decline in wave (C).
GOLD reversed nicely, perfectly lower from 1490 area two weeks back where base channel turned into a resistance as discussed in our latest video analysis. Notice that fall from that zone is now very sharp, showing evidences of an increase in volume and momentum so we suspect that market is underway to 1220/1300 area for fifth wave of decline in wave (C).
USD Index: Corrective Pull-back To 83.30/83.50 Within Larger Uptrend
USD-index is trading lower from recent highs which now appear to be start of a deeper corrective retracement. We are tracking wave 4) pull-back now as we can already count a completed five sub-waves in red wave 3). As such, current bearish waves are only temporary and should prove corrective. Ideally we will see three sub-waves down in wave 4 to 83.30-83.50 area where market may find a support; around former wave four, 38.2% Fibo level and at base channel.
USD-index is trading lower from recent highs which now appear to be start of a deeper corrective retracement. We are tracking wave 4) pull-back now as we can already count a completed five sub-waves in red wave 3). As such, current bearish waves are only temporary and should prove corrective. Ideally we will see three sub-waves down in wave 4 to 83.30-83.50 area where market may find a support; around former wave four, 38.2% Fibo level and at base channel.
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