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NZD/USD I told you the level below the pitchfork. I told you the pattern. I haven't touched my paintbrush mark when I told you it might make a running flat to start the week in the weekly outlook video. I did all I could do.... At this point, my stops in profit from the tip. If it comes down and takes me out (I don't think it will), I will simply enter again. Looking for 50-62% retrace. Need 4hr to daily corrective structure to get in at this point. It will correct eventually. I like NU better than EU or the others because of the wave pattern it made and considering the other NZD pairs...
USD/CHFUchf looks like it made a contracted flat at this point. If it is gonna drop, watch for a possible small flag at the .9900 level/trend line... It seems like we are still gonna finish this correction. I prefer to see those corrections break the high before they drop, but it can be considered completed now. The real entry was at that smaller flag.
USD/JPY Monthly/Weekly 7 swing WXYI am showing you this illustration to try and point out the bigger picture. A "B" wave is a 3 wave move. So far UJ has completed a 7 swing wxy for a "B" wave can be on the way up long term for a "C" wave (On both time frames). The only question is, will we get an "X" and a "Z" added to the swing pattern? That would mean we get a triple combo (which is rare) if UJ went down, but structurally the pattern has to finish out so even if it goes down, it should need to come back up to complete "C". Keep in mind, a "C" wave is a 5 wave, that has the possibility of correcting itself and becoming a reversal for a 5 wave of a larger degree. Will this help you trade it this week? Maybe not. But at least it might peak your interest into learning wave theory so that it can. (I don't teach it by the way) just sharing a chart.
USD/JPY Monthly/Weekly 7 swing WXYI am showing you this illustration to try and point out the bigger picture. A "B" wave is a 3 wave move. So far UJ has completed a 7 swing wxy for a "B" wave can be on the way up long term for a "C" wave (On both time frames). The only question is, will we get an "X" and a "Z" added to the swing pattern? That would mean we get a triple combo (which is rare) if UJ went down, but structurally the pattern has to finish out so even if it goes down, it should need to come back up to complete "C". Keep in mind, a "C" wave is a 5 wave, that has the possibility of correcting itself and becoming a reversal for a 5 wave of a larger degree. Will this help you trade it this week? Maybe not. But at least it might peak your interest into learning wave theory so that it can. (I don't teach it by the way) just sharing a chart.
USD/JPY Monthly- A look at the wave patternUJ's Monthly pattern shows striking similarities to the pattern it just made. I labeled "B" as "B" because it measures and counts out as a 7 swing WXY pattern, which would be a 3 wave pattern. You can see basically the same pattern when you zoom in and look at it now on the weekly....
EURO/$(Breakdown)-Are the Impulsive downtrend waves completed?Short and simple(the graph might be harder to read as there are some elements overlapping, but I'll explain them here).
By this point almost everyone knows what's going on.
Just today EURO/USD hit one of the wave 5 landing zones(1.62x wave 1) around 1.1432 , and immediately bounced back.
This is supported from the chart as the 100+200 week MA's, are around the same area, as well as the 0.5 Fibonacci retrace support line.
Here's the catch. DXY at the same time broke-out of its yearly sealing price around 95.52-96. This is crucial as it just happened at the end of the week, and if in case the DXY closes at it's current index, this could give enough confidence and strength for the dollar to run even higher. My guess here for the DXY index would be either the 2015 highs in around the 100's or, the 2016 highs in the similar range(more leaning towards the 2015 highs).
If this would be the case, I can see the EURO/USD going down eventually to 1.18 before finally correcting in an ABC matter(this is easily readable from the chart). This area perfect matches the 0.62 Fibonacci ret. zone. RSI/MACD were included in the analysis and do support the analysis, but they were excluded from the post in order to show the wave analysis.
Finally considering all the recent recession talks. In my opinion, there's a high likelihood of a recession happening this fall. Then of course, all of the analysis done here, could be thrown out the window, since no one with a serious certainty can really guess the erratic behavior expected from the markets. But on this matter maybe on some other idea(please, do comment on this matter down bellow!).
On a personal note, it's such a bummer that the dollar is running this high as I'm about to travel to the States the following weeks.
-Happy trading folks
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Disclaimer:
//This is not a buy/sell sign, you decide what to do with your own money!//
If you liked my take on EUR/USD , comment your thoughts, agree or follow for more interesting TA's, it's all very well appreciated.
nzd/jpyNJ broke small diagonal coming off intersecting fork lines. It was also the 200MA on the monthly. This pair can have some very large upside even breaking the major high on this screen, considering the pattern and price action.
EURAUD: bearish fractal formingOn the daily chart of EURAUD, the price has started a new bearish trend after a corrective B wave. I expect the price to continue to fall within the C wave, forming a breakdown of a forming fractal would be an optimal short level.
Bitcoin next Support between 6150 and 6300 DollarA possible recovery I see in the range of 6150 and 6300 dollars. However, we are back in the falling wedge and the bears are in control of the course. I expect further falling courses.
ethereumeth is in a consolidation phase and we can see double abc is complete .
put some money in that can be a good choice.
this bearish wave must have a some correction and upward movement. vol is dropping and we can see a big vol on eth very soon.BUT no one can say bear or bull strongly!
good luck .
Eur/Cad Ecad seems to be on the way down for at least a correction. If a "C" wave, I would look for another flag from that zone area (1.618 extension) for another push down to the .618 for equal length. I would look for an even smaller flag to form as it is hitting this low.
NZDUSD - Setting up for a move higher?Price seems to be in a consolidation after the first impulse move to the upside.
We are expecting price to make another move higher should it continue to develop correctively from here.
*Disclaimer - This analysis alone DOES NOT warrant a buy or sell trade immediately. Before you enter any trade in the financial market, it is very important that you have a proper trading plan and risk management approach.
The sharing of this idea is neither necessarily indicative of nor a guarantee of future performance or success.
USD/JPYConsidering UJ did a very simple correction followed by "B" wave like wxy structure breaking the high, I'm looking for UJ to make a running flat here....
Copper. Multi-year correction is over. Target 1.94Copper was doing good during last two years as it rallied from sub-2 to above-3 levels.
But the structure is corrective so the wave C finished the correction being equal to wave A by size.
Then we saw a breakdown below the white support this March.
After that there was a healthy pullback, which was rather menacing as it almost broke the earlier top but failed just one cent ahead
keeping the whole structure intact.
So the support at the 2.94 level is crucial as it already rejected the drop once before.
Watch it to be broken before further meltdown could occur in the copper market.
The minimum target is at the previous major low at the 1.94.
What is sad about it - copper means economy, weak copper means weak economy...again?
