Only Elliot Wave Analysis - SolidECN

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Crude Oil - The price is in a correction; a fall is possible.

On the daily chart, the first wave of the higher level 1 of (1) of C ended, and a downward correction develops as the second wave 2 of (1) of C, within which the wave a of 2 develops. Now, the third wave of the lower level (iii) of a has formed, and a local correction is developing as the fourth wave (iv) of a, within which the wave b of (iv) is forming.

If the assumption is correct, after the end of the correction, the price of the asset will fall to the area of 67 – 51.5. In this scenario, critical stop loss level is 103.55.

 

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BTCUSD - The medium-term trend has changed to an uptrend

The "bears" failed to break through 18500 down and update the June low in the BTCUSD pair. The weakness of sellers is due to the strengthening of the positions of risky assets against the backdrop of a downward correction in the US dollar exchange rate.

Investors have begun to re-examine alternative means of investment, including cryptocurrencies. So, on September 4, the BTC hash rate was 298.5 EH/s, renewing the previous high of August 280 EH/s, which indicates that miners continue to introduce new capacities, thereby increasing the security and stability of the network.

Meanwhile, against an intensifying sanctions policy against the national economy, the Russian authorities announced the need to legalize cross-border transactions using digital instruments. According to Deputy Finance Minister Alexei Moiseev, the department is now ready to allow residents of the country to open cryptocurrency wallets. He also pointed out that the positions of the Ministry of Finance and the Bank of Russia regarding mining activities began to converge, and already in the autumn session, the State Duma could pass a law that would regulate this segment. Recall that at the end of last month, Russian Prime Minister Mikhail Mishustin proposed using digital currencies in foreign trade (particularly when importing and exporting goods) as an alternative to existing means of payment.

The impossibility of breaking through the support level of 18500 led the instrument to grow by 20%, and now the target for the movement of quotes is 25000. If this level is held, the fall of "digital gold" will continue, and the June low of 17670 is likely to be renewed. Otherwise, the cryptocurrency will continue to strengthen with the targets at 27444 and 32100.

The medium-term trend has changed to an uptrend. Currently, the price has consolidated above the resistance level of 21600.00, which suggests an upward movement to the area of 22700. The breakout of 22700 will allow the quotes to strengthen to 24200.00 and 24600.00.

Resistance levels: 24900, 27444, 32100 | Support levels: 18500, 13200​

 

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EURUSD - Growth is possible

On the daily chart, the downward wave of the higher-level C of (B) ended, within which the fifth wave v of (C) formed. Now, the upward wave (C) has started, within which the first entry wave of the lower level i of (i) of i of 1 of (C) is forming.

If the assumption is correct, the EURUSD pair will grow to the area of 1.0366 – 1.0612. In this scenario, critical stop loss level is 0.9858.

 

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GBPUSD - The pair is in a correction and may grow.

On the daily chart, the fifth wave of the higher level V develops, within which the wave (1) of V formed. Now, the fifth wave of the lower level 5 of (1) has ended, and an upward correction has started as the wave (2) of V, within which the wave i of A of (2) is forming.

If the assumption is correct, the GBPUSD pair will grow to the area of 1.2504 – 1.2854. In this scenario, critical stop loss level is 1.1387.

 

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USDCAD - A fall is possible.

On the weekly chart, the downward correctional wave of the higher level 4 develops, within which the wave (C) of 4 forms. Now, the first wave of the lower level 1 of (C) has formed, a local correction has ended as the wave 2 of (C), and the third wave 3 of (C) has started, within which the wave i of 3 is developing.

If the assumption is correct, the USDCAD pair will fall to the area of 1.2374 – 1.201. In this scenario, critical stop loss level is 1.3224.

 

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AUDUSD - A fall is possible.​

On the daily chart, the first wave of the higher level (1) of C ended, and a downward correction develops as the wave (2) of C, within which the wave C of (2) develops. Now, the third wave of the lower level iii of C has formed, a correction has ended as the fourth wave iv of C, and the fifth wave v of C is developing, within which the wave (v) of v is forming.

If the assumption is correct, the AUDUSD pair will fall to the area of 0.66 – 0.645. In this scenario, critical stop loss level is 0.6917.

 

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NZDUSD - A fall is possible.

On the daily chart, the upward wave of the higher level (А) of B formed, and a downward correction develops as the wave (B) of B. Now, the wave C of (B) is developing, within which a local correction has ended as the fourth wave of the lower level iv of C, and the fifth wave v of C is developing.

If the assumption is correct, the NZDUSD pair will fall to the area of 0.591 – 0.58. In this scenario, critical stop loss level is 0.6165.

 

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USDJPY - Growth is possible​

On the daily chart, the third wave of the higher level 3 develops, within which the third wave of the lower level iii of 3 formed and a downward correction ended as the fourth wave iv of 3. Now, the fifth wave v of 3 is developing, within which the third wave of the lower level (iii) of v has ended, and a local correction is developing as the wave (iv) of v.

If the assumption is correct, after the end of the correction, the USDJPY pair will grow to the area of 147.5 – 150. In this scenario, critical stop loss level is 138.32.

 

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EURUSD - Growth is possible.

On the daily chart, the downward wave of the higher level C of (B) ended, within which the fifth wave v of (C) formed. Now, the upward wave (C) has started, within which the entry first wave of the lower level (i) of i of 1 of (C) is developing.

If the assumption is correct, the EURUSD pair will grow to the area of 1.0366 – 1.0612. In this scenario, critical stop loss level is 0.9858.

 

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GBPUSD - A fall is possible.

On the daily chart, the fifth wave of the higher level V develops, within which the wave (1) of V forms. Now, the fifth wave of the lower level 5 of (1) is developing, within which the wave iii of 5 has formed, the correctional wave iv of 5 has ended and the wave v of 5 is developing.

If the assumption is correct, the GBPUSD pair will fall to the area of 1.105 – 1.075. In this scenario, critical stop loss level is 1.1736.