Elliottwaveforecasts
GBP/NZD ShortWe expect this to be the trade of the week as well as NZD/CAD. Our fundamental bias on this pair is tilted to the upside. we expect NZD strength due to the interest rate hike circle they are on. Market is expecting the RBNZ to raise rates tomorrow and our bias is negative for GBP since we expect the BOE to disappoint the market and leave rates unchanged.
NZD/CHF long positionThe RBNZ on their last meeting started the tapering program so that a bullish move for the NZD hence after tapering its rates hike. on the bigger structure the market is completing a WXY patterns that's in the same direction as the fundamental outlook. Note any correction will offer short term buys and any positive developments in the economic data should fuel the support for the NZD and put pressure on CHF
SPY Elliott Wave View: Should Extend Into New HighsShort-term Elliott wave view in SPY suggests that the cycle from October 01, 2021 low is showing a higher high sequence favoring new highs to follow. The internals of that rally is unfolding as an Elliott wave impulse sequence where wave 1 ended at $436.03 high & wave 2 ended at $426.36 low. Up from there, wave 3 unfolded with extension where lesser degree wave ((i)) ended at $441.68 high. Afterwards, wave ((ii)) ended at $431.54 low, wave ((iii)) ended at $458.49 high. Then wave ((iv)) ended at $453.83 low and wave ((v)) ended at $470.65 high.
Down from there, SPY made a pullback in wave 4 to correct the cycle from October 04, 2021 low. The internals of that pullback unfolded as a zigzag structure where wave ((a)) ended at $465.26 low. Then wave ((b)) ended at $467.38 high and wave ((c)) ended at $462.05 low. Up from there, wave 5 remains in progress where wave ((i)) ended at $470.49 high and wave ((ii)) ended at $466.34 low. Near-term, while dips remain above $466.34 low and more importantly above $462.05 low expect SPY to extend higher towards $474.82- $480.04 area higher in wave ((iii)) before a pullback in wave ((iv)) develops.
GBPUSD Elliott Wave View: Blue Box Should Find SellersShort-term Elliott wave view in GBPUSD suggests that October 20, 2021, high is showing a lower low sequence favoring more downside to take place. Down from that peak, the decline is unfolding as an Elliott wave impulse sequence where wave 1 ended at $1.3735 low. While wave 2 ended at a $1.3830 high. Wave 3 unfolded in a lesser degree 5 waves structure where wave ((i)) ended at $1.3708 low, wave ((ii)) ended at $1.3815 high & wave ((iii)) ended at $1.3423 low. Afterwards, wave ((iv)) ended at $1.3607 high and wave ((v)) ended at $1.3351 low.
Above from there, the stock is doing a bounce in wave 4 to correct the cycle from 26 October 2021 high. The internals of that bounce is unfolding as Elliott wave double three structure where wave ((w)) ended at $1.3473 high. Then wave ((x)) pullback ended at $1.3394 low and wave ((y)) is expected to reach 100%-161.8% Fibonacci extension area of ((w))-((x)) towards the blue box area at $1.3517- $1.3593. Near-term, as far as the pair stays below the $1.3593 level the pair should find sellers looking for more downside ideally or for a 3 wave reaction lower at least.