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Elliottwaveprojection

USDCAD → Range breakout. Realization of consolidation FX:USDCAD has been forming a bearish price channel for a long time. For the last few days, the price has been forming a symmetrical triangle, which is forming an attempt to change trend The price is moving out of the range on August 2. The impulse is formed on the background of strengthening of the dollar index and the price is testing 1.3370. Today such news are published as: 1) NonFarm Payrolls (Expected to decline) 2) Unemployment Rate (expected to decrease). Expectations of the news were not met earlier, the indicators are quite positive for the dollar index, which indicates a stronger economy even as fitch downgraded the US credit rating from AAA to AA+, but this does not say much in the current realities. The USDCAD currency pair is consolidating in the range of 1.3370 - 1.3320, with another retest of resistance, the level may be broken, but if the price starts a correction, it may head towards the channel boundary. Support levels: 1.3320 Resistance levels: 1.3370 I expect that on the background of strengthening of the dollar the price may break the resistance and form a movement to 1.3565, but there is a chance of correction formation. Regards R. Linda!
Long
by RLinda
18
Crude Oil Slows Down For A New CorrectionCrude oil faced strong drop and spike back in May, which can be also considered as the final leg of wave (5) of A, so we are aware of a higher degree A-B-C recovery after strong reversal up from the lows. After a completed wave A and expanding triangle in wave B, which is tricky, but still a bullish pattern that already sent prices higher, ideally within a five-wave bullish impulse into wave C. Now that came back to projected April highs for wave 5 of (3), we can see a new, higher degree A-B-C correction within wave (4) that can retest 77-75 support area before the uptrend for wave (5) resumes.
NYMEX:CLU2023
by ew-forecast
1
Aussie Can Be Finishing A Flat Correction Within UptrendOn Aussie we see very strong and impulsive first leg from 0.6459 level, which can be the first higher-degree wave (1), so more upside can be seen after current pullback in wave (2) that can be now coming to an end as an A-B-C flat correction. As long as the price is above 0.6459 level, we will remain bullish. Looking at the 4-hour chart, we are tracking a five-wave cycle, ideally wedge pattern within wave C of (2) that can retest June lows support area before bulls show up again.
Long
by ew-forecast
NZDUSD → Shake-up the support of the uptrend. Bullish potentialFX:NZDUSD forms a false breakout after retesting trend support, so we have the prerequisites for a new bullish movement. The price returns to the boundaries of the ascending channel after the support shake. Earlier, there was a shake-up of resistance, and the price fell to support. The price tests the Fibo 0.236 and forms a consolidation above this line, the support line also coincides. Consolidation of the price above this area will form a bullish potential, and in the medium term, the price may show strengthening. The global trend remains neutral, the local trend is still bullish. Moving averages may give a signal in the near term. Support levels: 0.236 Fibo, Trend support Resistance levels: 0.382 fibo, 0.6305 I expect the price to consolidate above this support area with further strengthening to 0.6305 or 0.6381. Sincerely, R. Linda!
Long
by RLinda
12
Bank Stocks Are Back To Bullish ModeBank stocks have collapsed back in March, but don't forget that markets go from pessimism (fear) to optimism (greed) and vice versa. Looking at the KBE (Bank Sector ETF) chart, we can see a completed three-wave A-B-C corrective decline after a five-wave rally, which gives us a nice bullish setup formation. So, after reaching important 78.6% Fibonacci retracement and GAP from November 2020, we may easily see bulls back in the game, especially now that is trying to break first bullish evidence level. However, keep in mind that bullish confirmation is only above channel resistance line and 50 region, while it's above the 30 invalidation level. US banks face large capital increases under final Basel plan.
AMEX:KBELong
by ew-forecast
NZDUSD → A combination of signals gives a reversal potential FX:NZDUSD makes a false break of 0.6381 resistance and forms a correction within the uptrend. The price is testing the trend support, a reversal candlestick pattern is formed on the 4H timeframe.Collectively, we have a signal on the candlestick pattern, a false breakout of trend support and a false breakout of MA-200. Consolidation is formed above the mentioned moving average. The price is testing 0.236 Fibo and most likely this zone can serve as a starting point. If the bulls are able to keep the price above this level in the current situation, we may see growth in the medium term. Support levels: 0.236 fibo, MA-200, trend support. Resistance levels: 0.382 fibo, 0.6305 I expect the currency pair to strengthen after fixation above the mentioned support line. Medium-term target is 0.6305 and 0.6381. Regards R. Linda!
Long
by RLinda
16
PEPE Looks Clearly BullishPEPE Looks Clearly Bullish After A Completed A-B-C Correction Back In June. After a completed A-B-C correction in mid June, we saw nice and clean five-wave bullish cycle into wave A/1 till the beginning of July. Since the beginning of July, we can now see it now finishing a three-wave (A)-(B)-(C) correction in B/2 that can find the support here around 0.*012 – 0.*010 support area before a continuation higher within higher degree wave C or maybe even wave 3 of a five-wave bullish impulse.
CRYPTO:PEPEUSDLong
by ew-forecast
Commodities Are Waking Up From The SupportCommodities are waking up from the support with the help of China stocks and there's room for more upside. Bloomberg commodity index with ticker AW made a nice three-wave (A)-(B)-(C) correction with the wedge pattern into wave (C). Unless it has alternatively unfolded a leading diagonal from the highs. Anyway, in both cases we can expect a recovery, at least for a temporary period of time. Currently we can see it nicely breaking out of projected wedge pattern, which indicates for a bigger recovery, at least back to the starting point of the that wedge pattern near 120 area, or maybe even higher if correction is completed.
CBOT:AW1!Long
by ew-forecast
USDJPY is ready to take off!!!USDJPY on the 1H chart appears to be in subwave v of wave 3 by Elliott Wave theory. It has formed a triangle consolidation pattern, out of which sub-subwaves i and ii of subwave v seem to have completed. Based on the impulse sequence and assuming the triangle as a running flat correction, USDJPY looks poised for a final leg higher to complete wave 3. Upside projection for wave 3 is near 143.80. Active traders can look to buy around 141.25 to target 143.80 area. Stop loss can be placed below 140.79. For those already short USDJPY, it is crucial to hedge by buying and aiming for break-even. The pattern suggests impending upside, hence long orders are recommended with 145.00 as the next target beyond 143.80.
Long
by teconlab
2
EURAUD → A shake-up could provide bullish momentumFX:EURAUD in the format of local uptrend forms an interesting set-up of two false breakouts and pre-breakout consolidation after market clearing. Growth may continue. The shakeout in May and mid-June cleared the market of a lot of crowds with their bids and increases the market maker's liquidity. A third approach to resistance and a third premise for price to break out of the range could be true. Price is forming a sideways range of 1.654 - 1.626. Within the flat range, price is forming a pre-breakout consolidation near resistance. The euro is recovering and most likely will try to break the mentioned level. The moving averages act as a strong support, especially MA-200, which outlines the support of the ascending channel. Resistance levels: 1.654, upper boundary of the channel Support levels: 1.646 I expect a resistance retest followed by a breakout. Strengthening of the currency pair may continue. Medium-term outlook 1.6786 Regards R. Linda!
Long
by RLinda
13
NZDCHF → Activity of dynamic sellers forms a triangle FX:NZDCHF is forming a multi-month descending triangle. Globally, the currency pair is under downtrend pressure. What's going on? Buyers are forming the limit zone at 0.5444, sellers continue to press this area since the end of April, thus a descending triangle is formed on the chart, which speaks for itself. False breakdown of the support does not give the result and we see an attempt of another retest of the support level. Formation of the subsequent test or pre-breakdown consolidation will form the momentum that can break the mentioned support and form a bearish impulse towards 0.5350. But, if the buyers hold the zone, the price will head upwards. A breakout and consolidation of the price above 0.5496 will be a buy signal. Support levels: 0.5444 Resistance levels: 0.5496 I expect the support breakout based on the technical feature of the currency pair at the moment. Medium-term target is the support at 0.5350. Regards R. Linda!
Short
by RLinda
16