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EURUSD Wave analysis - Do not miss wave 3!EURUSD Medium Term Wave Analysis: Market finished its bigger correction of wave 2. Wave C travelled to excatly the 61% fibonacci level. Price made a strong move to the upside and formed a nice weekly bullish pinbar at support We are now in wave 3 and the first target is 1.135xx. Wave 3 could happen really fast as it is generally the most impulsive one. Look for entry on lower timeframe, some kind of consolidation pattern like a flat or wedge before the next breakout to new highs.
Long
by Phils_Ocean
DAX - GER30 - Monthly Sell signal - highs are in!German Dax Index took a pretty big loss the last week and formed a monthly sell signal. Fear is currently in the markets, indices fall and JPY as a save haven is sought after. Uncertaintly leads to profit taking and cash parking. Technical side: Price made a weak attempt to break the last high and made a fake breakout Daily & monthly sell Pinbar was formed Double top formation Stochastic crossed to the downside RSI divergence There is a daily level which needs to break to confirm the downside movement. Be patient and look for good entrys on smaller timeframe.
TVC:DEU40Short
by Phils_Ocean
AUDUSD Wave Analysis - expanded flatAUDUSD is currently in an interesting pattern. Price made an impulsive wave and is in correction since then. On the monthly chart we have a huge engulfing pattern. We got an overall expanded flat correction and are currently moving to the downside in wave C. Target for this move is the 78% Fibonacci level. (ca. 0.67500) It lines up with the monthly low the low of the SHS formation, the 161% extension of Wave A put on wave B the 100% extension of last downside push. There we will be looking for some significant price action and maybe some RSI divergence on the daily chart. Stay patient and let the opportunities flow to you.
by Phils_Ocean
GBPJPY Wave AnalysisGBPJPY moved pretty corrective for the last weeks forming Wave B. This is typical for this correction pattern. We now got: Sell Pinbar at key resistance 50% Fibonacci retracement of Wave A Break of rising trendline After the rapid movement of wave A and the corrective retest of wave B, we should now see a pretty fast 5-waved move to the downside. This will be wave C and it will finish off wave 2. First target is still 300 pips away and is to area of wave 4. Here is the previous analysis: The market needed to correct a bit more, but the direction is long given.
Short
by Phils_Ocean
1
AUDUSD 4H Wave AnalysisAUDUSD had a nice breakout this night. News create volatility, but the direction is long given. Price broke through the falling trendline after finding Support at the rising TL Ending diagonal finished of wave C, finishing of wave 2 Wave 3 should take place now and rech new daily highs Price could move pretty rapidly without any major corrections, typical for wave 3 Give us a like if you find this idea helpful and follow us for future updates and trade ideas. If you would like to have some video content in the future, please let us know in the comments.
Long
by Phils_Ocean
GBPUSD 4H Wave AnalysisGBPUSD is forming an bullish trend on 4H timeframe. Price is making higher highs and higher lows. After the impressive 5 motive waves, we are now in the larger correction of wave 2. Wave A was a pretty sharp drop of 600 pips. Price is now forming Wave C of wave B. We should reach the upper limit of the channel which lines up with the 100% Fibonacci Extension. The target for Long Position is still around 200 pips away. After finishing wave C and therefore wave B, we will see a sharp reversal to new lows. This final move (Wave C) to the downside will finish up wave 2. Target is around the 50/61% Fibonacci Level. Trade with care and stay open the market conditions.
Long
by Phils_Ocean
1
CHFJPY Wave Analysis - False channel breakCHFJPY is at an interesting point right now. Like most of the Yen Pairs it is at the top of the outer structure and a nice move to the downside will happen next. We discussed CHFJPY last week with the same outlook: Since then we finally finished Wave 5 and got a classic fake breakout aka Fakeout. The channel was broken to the upside with a last push of wave 5. Price then formed a sell signal on the 4H chart and broke to rising trendline of wave 5. The downside momentum should happen pretty soon, so be openminded for the opportunities the market presents.
Short
by Phils_Ocean
4
NZDJPY Daily Wave Analysis - Short signalNZDJPY like pretty much all the Yen pairs is showing us a sell signal. Price is still in correction mode after rallying +450 pips with wave 3. The first push to the downside was labelled as wave A, followed by a Wave B. We now have: Price Action sell signal on 1H TF with RSI divergence Daily tweezer top candlestick pattern, an exhaustion pattern which indicates, that the market has no power to push higher Wave C should come rather impulsive to the downside and at least touch and retest the falling trendline Watch on the lower timeframe for good entry, Last Friday already gave good opportunities on most Yen pairs. Have a look at my other Yen analysis: GBPJPY: EURJPY:
Short
by Phils_Ocean
EURJPY Wave Analysis - Big drop aheadEURJPY finally showed its hand with the last daily close. Price formed a sell signal after stalling around the recent high. This last wave can be counted as a wave B and we should now see a impulsive wave C to the downside. In my opinion wave 1 is finished and some kind of sideways correction could take place. This would be some kind of flag/wedge pattern and soon break to the downside. Wave 3 should start pretty soon and target for the whole C wave is under 120, so +200 pips can be made.
Short
by Phils_Ocean
2
EURJPY Wave AnalysisEURJPY is like all the YEN pairs at an interesting point. Follow me to receive future updates with detailed Elliott wave analysis. EURJPY made higher highs and higher lows over the last months and weeks and formed a 5-waved motive wave After this significant move to the upside we got a ABC correction, which is a bigger wave A At the moment we are at the end of the bigger Wave B, which is a flat, or slightly extended flat correction The next push will be wave C to the downside The turquoise rectangle represents the weekly mother bar, have a look at the picture below I expect Wave C to make a fake breakout to the downside out of the rectangle. After this market should continue to strive for new highs.
Short
by Phils_Ocean
CHFJPY Wave Analysis - Do not miss the turnCHFJPY is like all the YEN pairs at an interesting point. Have a look at my detailed Elliott wave analysis. Macros suggest a demand for JPY as the indices (Nasdaq, Dax, ect.) are about to turn south and the Japanese will take profit which they are going to convert into Yen. The JPY is also a security currency and risk-on will attract the flows. We now have a finished impulse wave The motive wave started at the beginning of October and made a textbook 5 wave pattern Wave 2 was slow and Wave 4 was fast We are currently in Wave 5 of wave 5!! This ending Wave 5 hits the upside of the channel which lines perfectly up with the 161% Fib lvl This is the end of an trend and we are very likely to see a correction Target for this correction will probably be around the 50% Fib retracement of the whole move, which also lines up with prior support/resistance.
Short
by Phils_Ocean
2
XAUUSD Daily Wave AnalysisGold made an interesting move last week and showed its hand. Have a look at my Elliott wave analysis: The last weeks we had another impulse to the upside after a long and complex correction This was the fifth and is labelled as Wave 5 As you can see Wave 5 = Wave 1 (100%) We reached to liquidity area and the upside of the channel A nice Pinbar Sell signal was formed and price immediately lost 70$ We are currently retracing, and wait for a better entry to enter with another short for the upcoming downside move.
FOREXCOM:XAUUSDShort
by Phils_Ocean
AUDNZD Weekly Fakeout The weekly close is near and an interesting pattern formed. Have a close look at the weekly chart to see the power of this pattern. We now have: Outside mother bar, No close out of the box Classic fake breakout Wave 5 finished on Daily/4H timeframe Market was sold off, but quickly recovered and closed inside the box. This indicates, that the selloff was not sustainable. I was watching AUDNZD for some weeks now, have a look at the last two analysis to see the exact predicted entry: The last one had the 4H double bar entry signal mentioned in the text: The previous analysis made clear, that the triangle forming is wave 4 and a final push to the downside is required to finish this pattern. Watch out next week for a good entry signal. Take advantage of the never-ending stream of opportunities in the markets.
Long
by Phils_Ocean
NAS100 Top of StructureNAS100 made strong movement today with a lot of volatility due to news. Price sits currently at the top of the structure and the third touch of the outer trendline was made. We have a nice clear 1H sell signal with RSI divergence across last three highs. This may not be the final top before the inevitable fall comes, but a quick trade with some nice potential. Worst case may be -1%, but BE the worst it most often gets. Trade with care and respect the volatility of the market. We have a lot of strong market movers at the moment.
OANDA:NAS100USDShort
by Phils_Ocean
2