Buy USDJPY : Double Three WXY USDJPY formed a double three pattern that has been confirmed completed. buy right now, the target is attached to resistant 111.95 and 113.30
Doublethree
AUDNZD analysing rare double three WXY pattern.Hi Guys, This idea is just for educational purpose, many traders are out there trying to figure out what kind of pattern is making in AUDNZD, I took some time on this, and come to result that this thing is complex corrective structure name as double three or WXY. that whole abc is zig zag plus zig zag correction and zig zag Y wave. it will be amazing how it will turn out to be. you can ask me about it in comments.
USDCNH. Triangle at Double Three (W-X-Y)Dollar is going to continue it's growth against Renminbi (CNH, CNY).
Breakup of triangle would start the upside impulsive move.
Target at 7.12
USDJPY. Updated count. Another drop is possible.The main thing - the break below 112.57 (low 18JAN2017) invalidated the previous count.
I think we are in abc (blue) correction before another drop down.
The blue C can surpass the top of blue A.
The break below white support line would confirm the start of another drop down.
Targets are between 38.2% (111.99) and 50% (109.93) Fibonacci retracement levels.
What's up next a ZigZag, Flat or Triangle?This is my preferred count for USDCAD - obviously expecting a Flat to complete the triple-three C wave. I say preferred because there is a possibility of an ending diagonal (replacing the overall WXYXZ structure) as the Y wave of Cycle degree.
Learn more about Elliott waves
NZDUSD WXY double-three completed, 3rd wave in progress?Elliott wave WXY Double three combination seems to be completed with a ZigZag and a running flat. So is the 3rd wave in progress? Read the Elliott wave principle for more information about the WXY double three correction.
very likely so. But awaiting a corrective 2nd or 4th wave in a lwer degree is a good idea. The direction is clear in terms of Elliott wave analysis. Trade you own strategy to enter the trend. Do not jump into moving candles.
Watch out for an impulse up! WXY almost complete.Similar structure to AUDJPY. But this pair should have more momentum than AUDJPY.
Another ABC down is a possibility. But with divergence there is a high probability that the correction is almost complete.
EURUSD Wave Count and Something to ConsiderEURUSD is currently rallying with a second impulsive wave toward the top of the declining channel. The pair may see some resistance at these levels as wave-(c) did not surpass the start of wave-(a) and a sideways symmetrical triangle may be underway prior to the continued rally. The channel resistance may add to the bearish bias at these levels. I am still bullish on the pair, and retracement to wave-(e) may present an excellent opportunity to add to bullish positions for the continued rally through the completion of corrective wave-C.
Bullish Entry:
AUDUSD - Corrective wave structure countThe first phase of the corrective structure is a clear flat. The second phase is underway, so it could be either the green triangle or the red ZigZag. If it is to be the triangle we should see a clear reversal at the Blue trendline resistance to complete the last leg of the triangle.
On the other hand, if price clearly breaks the Blue trendline resistance, then we can safely assume for the price to go somewhere around the yellow trendline resistance in order to complete a ZigZag for the second part and an overall "double three" formation which is marked with a dark blue WXY.
There are plenty of opportunities based on the counting of lesser degrees, This counting is to get an understanding of possible price reversal points and direction on a broader view.
Nevertheless I am rooting for the triangle to complete.
What do you think ?
Kiwi Sentiment Shifts Towards ShortsLast week, the Kiwi hit the top end of a target range we have been watching. How much, if any move is left?
On the heels of the RBNZ 25 basis point rate cut today, some cracks are beginning to show up in the NZDUSD foundation. Governor Wheeler suggests this is it regarding cutting for a while and prices have rallied today. 6680 may provide resistance in the short term.
The Elliott Wave picture shows we are approaching the ending wave of an ending wave (medium term bullish). There are several wave relationships showing up just below current pricing levels (medium term bullish). SSI (Sentiment) is shifting heavily towards shorts (bullish). The big bright spot for short traders is that on balance volume has been confirming this move lower. So the variables are a mixed bag with the indicators shown below shifting towards the bullish tone.
Here is a summary of the main variables/indicators we watch:
Elliott Wave Count - we appear to be in wave (iv) of of C of (Y) - this means we are approaching ending waves at multiple degrees (medium term bullish)
Wave Relationships - we look for harmony in the wave measurements and several show up in .6100-.6370. This includes shorter term patterns to 4 year patterns. (short term bearish; medium term bullish)
Wave C = Wave A = .6103 (12 month pattern)
circle = circle - * 1.618 = .6166
Circle subdivides the impulse of wave C = .6370
Wave Y = 1.618 * wave W = .6370 (4 year pattern)
SSI - current reading is +1.5 and this is half of the +3 reading over the past several weeks. Long positions are down 14.9% from last week and short positions have grown +82% over last week. Traders are clearly shifting to the short side. SSI is a contrarian indicator. (bullish)
OBV - Volume has thus far confirmed the recent moves lower. This suggests prices may continue to follow the trend down. (bearish)
As you can see, these indicators and variables are starting to shift towards bulls. Watch the wave relationship zones noted above.
