AUDUSD Elliott Wave Analysis # Targeting 1.0100
Expecting AUDUSD More downside towards 1.0100 in next few trading days.
Expecting AUDUSD More downside towards 1.0100 in next few trading days.
Elliott Wave Analysis and Forecast (Daily Update) Forex, Gold, Crude
GOLD: Recovery Is Incomplete; Could See 1490/1500-Elliott Wave Forecast
GOLD made a deeper pull-back in this week and then found a support around 1440, at the parallel trend-line that represents lower side of a corrective channel. Also notice that decline from 1485 has been made in three waves and that 1419 support is still in place. Therefore, we think that pull-back from latest high was corrective wave b) that is part of a complex double zig-zag from mid April low. With that in mind, price could test 1490 or even 1500 level before complex corrective is complete.
GOLD made a deeper pull-back in this week and then found a support around 1440, at the parallel trend-line that represents lower side of a corrective channel. Also notice that decline from 1485 has been made in three waves and that 1419 support is still in place. Therefore, we think that pull-back from latest high was corrective wave b) that is part of a complex double zig-zag from mid April low. With that in mind, price could test 1490 or even 1500 level before complex corrective is complete.
USDCAD Could Look for a Support This Week at Trend-line from 2012 Low
USDCAD: An impulsive reversal higher in the next week, back to 1.0200 would suggest another leg higher, this time to 1.0440 trend-line resistance where we would be looking for an end of a corrective wave (E) of X triangle as shown on the weekly chart.
Only sharp fall through 0.9930 would require a different outlook (ALT on the chart).
USDCAD: An impulsive reversal higher in the next week, back to 1.0200 would suggest another leg higher, this time to 1.0440 trend-line resistance where we would be looking for an end of a corrective wave (E) of X triangle as shown on the weekly chart.
Only sharp fall through 0.9930 would require a different outlook (ALT on the chart).
USD Index Is Forming A Bullish Reversal Pattern-Elliott Wave Forecast
Critical/invalidation level is at 81.32 as wave 2) must never retrace more than 100% of wave 1). So as long that level holds we are looking higher.
What is Zig-Zag?
A zig-zag (Elliott Wave Pattern) is a 3-wave structure labeled A-B-C, generally moving counter to the larger trend. It is one of the most common corrective Elliott patterns.
Critical/invalidation level is at 81.32 as wave 2) must never retrace more than 100% of wave 1). So as long that level holds we are looking higher.
What is Zig-Zag?
A zig-zag (Elliott Wave Pattern) is a 3-wave structure labeled A-B-C, generally moving counter to the larger trend. It is one of the most common corrective Elliott patterns.
- #69
- May 13, 2013 6:09am May 13, 2013 6:09am
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
- #70
- May 14, 2013 4:36am May 14, 2013 4:36am
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.
- #72
- May 17, 2013 3:13am May 17, 2013 3:13am
EURUSD: Bearish Cycles Remains In Play-Elliott Wave Forecast
EURUSD reversed slightly higher yesterday from 1.2840 support but not for long as recovery found resistance very soon, so it was probably just a fourth wave within larger wave 3 down.
EURUSD reversed slightly higher yesterday from 1.2840 support but not for long as recovery found resistance very soon, so it was probably just a fourth wave within larger wave 3 down.
- #73
- May 20, 2013 2:47am May 20, 2013 2:47am
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).
- #74
- May 21, 2013 3:52am May 21, 2013 3:52am
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.
- #75
- May 22, 2013 3:37am May 22, 2013 3:37am
USDCHF: Sideways Within Uptrend; Be Aware Of a Break Higher
USDCHF is slow, choppy and sideways for the last few days which is a personality of a corrective price action. Therefore, we think that USDCHF is trapped in a wave four position, which could be forming a triangle in 0.9580-0.9760 range. If that’s the case then pair will stay sideway another day or two and then break sharply higher, into wave 5) that could lift the pair to 0.9830/0.9860 region based on our Fibonacci projected levels.
USDCHF is slow, choppy and sideways for the last few days which is a personality of a corrective price action. Therefore, we think that USDCHF is trapped in a wave four position, which could be forming a triangle in 0.9580-0.9760 range. If that’s the case then pair will stay sideway another day or two and then break sharply higher, into wave 5) that could lift the pair to 0.9830/0.9860 region based on our Fibonacci projected levels.
- #76
- May 23, 2013 3:07am May 23, 2013 3:07am
EURUSD: Downtrend Continuation to 1.2700-Elliott Wave
EURUSD made a three wave rally in this week which has been expected in wave 4, but now pair is already turning lower again after completed zig-zag at 1.3000 psychological level. We can see that price broke through the lower side of a corrective channel which is a very important evidence for further EURUSD weakness, this time to 1.2680/1.2730 for wave 5. Critical level now stands at 1.3000; bearish trend below it.
EURUSD made a three wave rally in this week which has been expected in wave 4, but now pair is already turning lower again after completed zig-zag at 1.3000 psychological level. We can see that price broke through the lower side of a corrective channel which is a very important evidence for further EURUSD weakness, this time to 1.2680/1.2730 for wave 5. Critical level now stands at 1.3000; bearish trend below it.
- #78
- May 28, 2013 4:47am May 28, 2013 4:47am
Elliott Wave Forecast : GOLD Is Sideways, But Still Bearish Within Larger Trend
GOLD found some support last week and reversed back to the base channel line again that could react as a resistance in current black wave 4 which is now making more complex wave structure than we firstly thought.
We can see that price is slow, sideways, choppy and more importantly, recovery from 1337 cannot be counted impulsively. Therefore, we think that move is corrective, probably wave 4 which is still incomplete. Ideally thats now wave (d) down that will look for a support somewhere above 1352. From a larger perspective we think gold will continue lower, but based on 4h count critical level is at 1441 which was wave 1 low.
GOLD 1h
GOLD 4h
GOLD found some support last week and reversed back to the base channel line again that could react as a resistance in current black wave 4 which is now making more complex wave structure than we firstly thought.
We can see that price is slow, sideways, choppy and more importantly, recovery from 1337 cannot be counted impulsively. Therefore, we think that move is corrective, probably wave 4 which is still incomplete. Ideally thats now wave (d) down that will look for a support somewhere above 1352. From a larger perspective we think gold will continue lower, but based on 4h count critical level is at 1441 which was wave 1 low.
GOLD 1h
GOLD 4h
- #79
- May 31, 2013 4:11am May 31, 2013 4:11am
Elliott Wave Forecast For USDJPY and S&P Futures-Both Looking Bearish
S&P Futures turned around perfectly from that 1655/1660 resistance area that we highlighted it several times in our past updates. Notice that pull-back from 1636 was in three waves that now appear complete after current new leg down. In fact, we also see a head and shoulders pattern that is pointing for a sizeable move to the downside if/when neckline gives way.
S&P Futures 1h
If S&P count above is correct, then USDJPY will continue lower because of positive correlation. Price could fall sharply in such case, through 100 figure within wave three. 101.27 is now short-term critical resistance.
USDJPY 1h
S&P Futures turned around perfectly from that 1655/1660 resistance area that we highlighted it several times in our past updates. Notice that pull-back from 1636 was in three waves that now appear complete after current new leg down. In fact, we also see a head and shoulders pattern that is pointing for a sizeable move to the downside if/when neckline gives way.
S&P Futures 1h
If S&P count above is correct, then USDJPY will continue lower because of positive correlation. Price could fall sharply in such case, through 100 figure within wave three. 101.27 is now short-term critical resistance.
USDJPY 1h
