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CADJPY Can Be Finishing Corrective RallyCADJPY pair is trading nicely as expected for the last couple of weeks. It turned aggressively down with five wave cycle from 110 area. A decline that suggests more weakness but after a corrective rally, as we already shared back on March 27. We know that corrections are made by three waves A-B-C that is now in full progress with already wave C in the making. Ideal resistance comes around 50% - 61,8% Fibonacci retracement, so keep an eye on 102 - 104 resistance zone, where bears may show up again.
Short
by ew-forecast
1
Cable Is Moving Into 5th WaveCable is moving into 5th wave, as we see it unfolding a five-wave bullish impulse from the lows by Elliott wave theory. Cable with ticker GBPUSD reached a multi-year low after a capitulation back in September 2022. Notice that the price is now looking impulsive on a daily chart, clearly within a five-wave cycle, which indicates for a change in the trend from bearish to bullish by Elliott wave theory. Now that Cable is trading in 5th wave, we should be aware of a corrective slow down, however, there can be still room up to 1.26 – 1.30 area before correction shows up. From Elliott wave perspective, every five-wave impulse from lows/highs suggests a change in the trend, but most importantly, after every five waves there comes a three-wave correction.
by ew-forecast
EURUSD Is Making A Higher Degree CorrectionEURUSD reversed sharply to the downside in the last few weeks as USD turns up across the board after new global inflation worries. So far we can see a nice and strong decline on the EURUSD, which for now is still in the making and can be even deeper in three legs (A)-(B)-(C). We still think that pair can complete a higher degree of correction around 38,2% Fibonacci retracement and 1.0480 level or even deeper around 50%-61,8% Fibo and 1.03 - 1.02 support zone.
by ew-forecast
AUDNZD Bears Are BackAUDNZD turned sharply down in the last quarter of 2022, away from the upper trendline of a previously bullish EW channel which is usually the ending point of a higher-degree structure on a daily chart. We talked about this in our 2022 updates and warned about a bearish turning point which is now in full progress and will most likely resume much lower as pair shows an impulsive drop for wave A. However, nothing moves in a straight line, so wave (B) corrective rally is not a surprise either. It made a nice three-wave A-B-C correction in wave (B) perfectly into projected golden 61,8% Fibonacci retracement at the former wave 4 resistance area in the 1.10 - 1.11 area. Well, as you can see AUDNZD pair is now dropping sharply from projected resistance and it's also breaking important channel support line in the 4-hour chart. So, seems like higher degree wave (C) is now in play that can send the price down to 1.03 area or lower, especially if breaks beneath 1.0740 bearish confirmation level. Trade well!
Short
by ew-forecast
Wheat Has Topped, But Corrective Recovery Can Be NearWheat has topped, but corrective recovery can be near, as we see it finishing a five-wave cycle from the highs. Wheat has been in a massive rally at the beginning of 2022 due to war in Ukraine, but now that stocks are trying to stabilize in the second part of 2022, we can see commodities slowing down within deeper corrections. Wheat has five waves down from the highs into first leg A, now unfolding and finishing wave "5" of A that can stop around 700 - 600 area. So, top is in place temporarily, but corrective pullback in wave B may occur at the beginning of 2023, which can retest the 950 – 1000 resistance area before we will later see more weakness within wave C. All the best! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
CBOT:ZW1!
by ew-forecast
LiteCoin Is Looking HigherLitecoin made some nice breakout above November highs recently, which we see it as a higher degree wave C or maybe even wave 3 after a completed irregular/expanded flat correction in B/2 on November 9th. Litecoin hasn't finished its rally yet, it's still pointing higher within wave C/3, as five-wave cycle of the lower degree looks to be unfinished. So, be aware of further rise at least up to 90 area for wave C, if not even above 100 for wave 3. Don't forget, risk-on sentiment seems to be back in the game, as stocks are recovering and USD is losing its power that can be easily in favor of Crypto. A catalyst for even further weakness of the buck in the last two sessions are FOMC minutes in which members noted that they will be careful with hiking rates going forward. This sounded dovish so US yields came down, notes higher which had a negative impact on the USD and a positive on stocks. So lower USD can definitely help cryptos, especially those that are doing well for the last few days, such as LTC. All the best! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
COINBASE:LTCUSDLong
by ew-forecast
2
DAX Is Trading In A Five-Wave Bullish ImpulseDAX is in sharp and impulsive recovery away from the lows, breaking important daily trendline, which can be easily an indication for more gains, especially if we take a look in the 4-hour chart, where we see an unfinished five-wave cycle from Elliott wave perspective. Looking at the 4-hour chart, we see DAX trading in the middle of wave 3 of a five-wave bullish cycle, so we will have to be aware of more upside, but ideally after 4th corrective pullbacks. Currently we can see it finishing an extended subwave 5 of (3) of 3, so after a pullback in wave (4) with support around 14100 - 14000 area, watch out for a bullish resumption within wave (5) of 3. Be humble and trade smart! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
PEPPERSTONE:GER40Long
by ew-forecast
2
TWITTER: Musk announced permanent bansElon Musk said yesterday that Twitter users who have created fictitious profiles impersonating other users without labeling them as “parodies” will be permanently banned from the said social networking platform without warning. In a separate post on Twitter, Musk said that in the past, the platform would issue a warning before suspending a profile, but as Twitter evolves a broad user verification process, there will be no such warning. Also, there will be no “exceptions”. This will be a condition for signing up for Twitter Blue, adding that any name change would cause the user to lose their identity verification token. They will not be allowed back on Twitter until the said social networking platform has “a clear process for doing so”. Organizing such a process will take at least a few weeks, clarifying the timing of the possible return of Twitter’s most famous user, former President Donald Trump, who has been banned. The new timeline suggests Trump won’t be back before midterm congressional elections on November 08. Twitter had a huge drop in revenue due to activist groups pressuring advertisers, even though nothing changed in terms of content moderation and everything was done to appease activists. Musk’s fortune has shrunk by about 35%, to $209.4 billion since its peak on Nov. 4, 2021, from $320.3 billion, and the almost-sole reason for this decline is the decline in Tesla stock. Over the past year, Musk has sold $31 billion worth of Tesla stock to finance his takeover of Twitter and take it private. Since the deal has not been finalized, Forbes calculates the value of the cash (minus taxes) earned from these sales at their net worth. But the row over the Musk-Twitter deal has alienated investors, who believe Musk will pay an exorbitant amount to acquire the social networking platform and that he is recklessly selling Tesla stock to finance the deal. From Elliott wave perspective, on the weekly chart we see Twitter trading in big bullish sideways running triangle pattern that can take some time before we will see a bullish break-out, as final wave E can be still missing. On a daily chart we are tracking a three-wave (A)-(B)-(C) rally within wave D that can find the resistance around 60 level and from where we should be aware of another slow down within wave E that can retest 40-30 support zone before it takes-off.
NYSE:TWTRLong
by ew-forecast
1
Natural Gas: The supply-demand dynamic is at a critical stageDeutsche Bank reported that in a particularly critical phase is the supply-demand dynamics regarding natural gas towards the winter season, which the behavior of households will be decisive in the coming months, as their consumption represents a large percentage of total consumption. A supply failure is likely to be avoided at least as the scenarios confirm that a 20% YoY reduction in consumption this winter (and flat annual demand thereafter) is likely to lead to some shortages either early in 2023 or the winter of 2023/24. The reduction in Germany remains at 40%, while if demand falls by only 10% YoY stocks will not be exhausted even in such a scenario. For certain, fill levels would fall below 10% in late winter 2022/23, but this would not put energy security in doubt until 2024. The European Commission is working on proposals to limit prices. While negotiating with reliable suppliers, for instance, Norway, and strengthening common markets seem to be the Commission’s preferred options, the idea of ​​a (temporary) price cap on imported natural gas is gaining ground. The greater the potential for the implementation of a cap the lower the success of the implementation of the first two measures. Such an implementation could lead to increase supply risks, depending on the design of such an import price cap which would accompany the mandatory demand reduction. From an Elliot wave perspective, we will examine the Natural Gas chart to see its potential move in the short to mid-term. Looking at the weekly chart, natural gas made an impulsive five-wave rally from the lows, which suggests that low is in place and we can expect a bigger recovery. However, in Elliott waves, after every five-wave rise we can expect a slow down in three waves, so we are tracking now an (A)-(B)-(C) correction before the uptrend resumes. First support is around 5.3 level, while second support would be around 3.5 level. All the best! If you like what we do, then please like and share our idea. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
NYMEX:NG1!
by ew-forecast
1
USDCAD Is Looking Higher Within A Five-Wave ImpulseUSDCAD is breaking higher, now making some extended upward move which is acting like an impulse because of an extended and sharp move up from 1.3. As such, we think this can be impulse wave 3 where pair can slow down for a corrective pullback into wave four. Ideally that upcoming wave four will then stop and stabilize at the upper line of a base channel. Trade well! If you like what we do, then please like and share our idea. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
by ew-forecast
The Kiwi Is Finishing Five-Wave CycleHello traders, today we will talk about the Kiwi (NZDUSD) in which we see nice and clean Elliott wave development. The Kiwi is trading bearish already for a while and looks like there's room for more weakness, at least for a short period of time. From Elliott wave perspective we can see it finishing a five-wave cycle within a potential wave C of Y, but as you can see subwave (5) is still missing and it can send the price even down to 0.55 - 0. 54 area before it finds the strong support. So, while it's trading in the EW channel, be aware of more downside pressure this week, just keep in mind that it can be final leg down before we will see a recovery. Bull/Bear level remains at wave (1) swing low, so bulls can be considered only when/if the price jumps back above 0.60 region. Trade well! If you like what we do, then please like and share our idea. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
by ew-forecast
1
HEX Is Coming Into Strong SupportCryptocurrency HEX is one of the weakest for the least year, but from Elliott wave perspective, we can see it finishing an A-B-C corrective decline from all-time highs. Wave C is a motive wave and it should be completed by a five-wave cycle of the lower degree and you can see, it can be now trading in final stages of wave 5 of C. From technical point of view, we can see it approaching important and strong 0.03 – 0.01 support zone at the former lower degree wave 2 and higher degree wave IV, from where we can expect a bullish reversal. However, keep in mind that bulls can be activated only if we see sharp or impulsive recovery back above 0.10 region. All the best! If you like what we do, then please like and share our idea. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
H
by ew-forecast
3
DAX Is Breaking Bearish TriangleHello traders and investors! Stocks are still down and we see German DAX trapped in a higher degree wave (B) triangle consolidation which can be already completed or still in progress, so be aware of a continuation lower within wave (C) soon. From technical point of view, wave (C) can extend its decline even down to 11k, maybe even 10k area, so watch out for more weakness after recent break below lower triangle line, especially if we see today's weekly close at the lows. Be humble and trade smart! If you like what we do, then please like and share our idea. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
EUREX:FDAX1!Short
by ew-forecast
1
Crypto Market Is Recovering; Elliott Wave AnalysisCrypto market is recovering as strong rebound from the lows suggests a temporary support from Elliott wave perspective. Cryptocurrencies are in a recovery mode again following news that SEC Division of Corporation Finance is about to Add Industry Offices Focused on Crypto Assets and Industrial Applications and Services( source ). Looking at the Crypto total market cap chart, we can see sharp and impulsive intraday bounce into first leg (A), which indicates for bigger (A)-(B)-(C) rally, especially if we consider an USD slow down. However, after a five-wave rally within wave (A), we should be aware of some pullback into wave (B) before we will see more upside for wave (C) towards 1.1T resistance area. Due to dominance of BTC in the last couple of days, we will look for some BTCUSD longs with our members if we get slow corrective setback in wave (B). Trade well! If you like what we do, then please like and share our idea. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
CRYPTOCAP:TOTALLong
by ew-forecast
1
Ethereum Is Slowing Down: Elliott Wave AnalysisCrypto market is slowing down as stocks turned down into a risk-off and the USD rallied across the board. So even strong Ethereum is no exception. In fact, we see a drop from 2k psychological level in five waves, so the market is ideally forming an (A)-(B)-(C) corrective decline. However, nothing moves in a straight line so after the current five waves down in A be aware of a wave B rally. Resistance for a bounce is at 1700-1800. Happy trading! If you like what we do, then please like and share our idea.
BITSTAMP:ETHUSD
by ew-forecast
2
EURGBP Is Bouncing From Multiyear SupportEURGBP is bouncing from multiyear support and cyclically speaking, we may see a recovery at least back to the upper side of a range. EURGBP hits multiyear support and it’s trying to wake up away from the lower side of the range. Even if the price will stay sideways, it can rally back to the upper side of a range, especially if we consider monthly cycles. Looking at the daily chart, from Elliott wave perspective we can see a nice bullish setup formation with a leading diagonal into wave (A)/(1), followed by a three-wave correction in wave (B)/(2). So, respecting the wave structure seems like a wave (C) or (3) is now in progress, which can send the price to the upper side of a range, at least for wave (C) towards 0.88 – 0.90 area, if not even higher within wave (3). Keep in mind that either its (C) or (3), in both cases we need five sub waves up (black letters), thus it’s room for more gains in the short-term. All the best! If you like what we do, then please like and share our idea. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Long
by ew-forecast
2
EURJPY Remains BullishHello traders, today we will talk about EURJPY currency pair, which remains bullish based on recent price action from technical point of view and wave structure from Elliott wave perspective. EURJPY is bullish, but it was slowing down for the last month, which we from Elliott wave perspective clearly see as an A-B-C correction within uptrend. With recent impulsive five-wave rebound and three-wave a-b-c correction, we may have a nice bullish setup formation that can send the price back to highs within a new five-wave bullish cycle. From technical point of view, we remain bullish as long as the price is above 133.40 invalidation level, but to confirm a bullish resumption back to highs towards 145 – 150 area, it would be nice to see broken channel resistance lines. Keep in mind that bullish confirmation level is only above 142.30 region. Happy trading! If you like what we do, then please like and share our idea. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Long
by ew-forecast
2
TESLA Is Back To Bullish ModeHello traders and investors, today we will talk about Tesla, in which we see pretty nice and clean bullish development from Elliott wave perspective. As you can see, after we spotted 5th wave back in November 2021, Tesla made bigger, a higher degree A-B-C zig-zag corrective decline from the highs. Corrections usually retrace back to the former wave 4 and Tesla stopped exactly at the projected support, where we also see equal wavelength A=C. This is actually a textbook Elliott wave pattern. Well, with recent bounce and recovery away from projected support, seems like bulls are back in the game and we can easily expect more gains, just keep in mind that bulls can be confirmed only if breaks above channel resistance line and 1155 region. Happy trading! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
NASDAQ:TSLALong
by ew-forecast
MATIC Hits Key Support: Elliott Wave AnalysisHello Crypto traders, Crypto market in general is still in downtrend, but we see MATIC moving at very deep strong support zone. This is actually key support level, from where we can expect bounce, recovery and potentially bullish reversal soon. Well, despite current intraday drop in the Crypto market, MATIC is one few coins who is acting quite strongly. From Elliott wave perspective, we are actually looking for a completed weekly wave 4 correction. And, the main reason is a nice EW channel connection and same wavelength 2=4. On a daily chart we can already see it trying to break above resistance line of a corrective channel after an Elliott wave three-wave (A)-(B)-(C) corrective decline. So, if we see a rally back to 1.3 level, then we can easily expect a bullish resumption back to all-time highs for wave 5. Happy trading! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
MLong
by ew-forecast
Copper Is Forming A Bullish Running Triangle PatternHello traders, today we will talk about copper, its price action from technical point of view and wave structure from Elliott wave perspective. Copper is trading sideways since May 2021 and we see it trapped in consolidation, ideally within a bullish running triangle pattern in wave (4). Triangles are overlapping five wave affairs A-B-C-D-E that subdivide 3-3-3-3-3 as an a-b-c. They appear to reflect a balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility. Triangles fall into four main categories i.e. ascending, descending, contracting, expanding. It is quite common, particularly in contracting triangles, for wave b to exceed the start of wave a in what may be termed a running triangle. Triangles, by far, most commonly occur as fourth waves. Triangles are very tricky and confusing. One must study the pattern very carefully prior to taking action. Prices tend to shoot out of the triangle formation in a swift thrust. When triangles occur in the fourth wave, the market thrusts out of the triangle in the same direction as Wave 3. Well, looking at the daily chart of copper, seems like it has completed a three-wave a-b-c decline for wave C and it's already trading now in final stages of "c" of wave D, so final leg E yet to come before rally back to highs for wave (5)? Technically speaking, we see intraday resistance for wave D around 4.6 - 4.8 area, from where we may see final wave E slow down back to 4.3 - 4.1 support zone. Trade well! If you like what we do, then please like and share our idea. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
COMEX:HG1!Long
by ew-forecast
Elliott Wave Intraday Analysis: USDCHF Is Slowing DownHello traders, today we will talk about USDCHF pair. We will show you price action from technical point of view and wave structure from Elliott wave perspective. USDCHF came higher very aggressively back in April and at the start of May, but after recent slow down for the US dollar, we can see USD is the weakest against CHF currency. So, USDCHF pair can be now trading in an Elliott wave (A)-(B)-(C) corrective decline. In Elliott waves, we always have to expect corrections to be made by three waves A-B-C, especially if we get a five-wave impulse in the first leg A. With current sharp and impulsive decline, USDCHF can be now finishing an Elliott wave five-wave cycle within first leg (A). So, bounce and Elliott wave three-wave A-B-C corrective recovery in wave (B) can be around the corner before we will see another decline for wave (C). Resistance can be anywhere between 0.98 – 0.99 area. Happy trading! If you like what we do, then please like and share our idea. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
by ew-forecast