USD/CHF outlook based on my understanding of Wave Principle Hello! I hope everyone enjoyed the holidays! I picked up a few books on EW and a lot of my ideas are updates as I progress my understanding of the EW principle. Thanks for feedback so far, the likes and comments! Let me know what you were thinking! If you like the idea give a thumbs up and if you had an idea post it in the comments. I'm looking forward to 2017 and expanding my knowledge of wave trading. I will keep my ideas updated to the best of my ability! It's almost time to enjoy the new year! I'll be taking a break from executing any trades!
Impulsive
USD/JPY Long 4 Hour ChartMany Reasons i believe this pair will continue on the upwards trend.
- Impulse leg forming a flag, if we breakout of the flag then bulls will take over and push price up.
- Possible inverted head and shoulders pattern, if neckline is broken then we will see yet again another rally in price upwards.
- Key Daily Support Levels are being tested, and i believe we will see a bounce off this level.
- Market closed on shooting star candlestick on the 4 Hour Chart, hopefully meaning market will open on a downwards trend and start to test the support level, where the bullish momentum will hopefully start.
TP is just below 4 Hour Key Resistance level, however i do think we will break this level, but want to trade safe.
AUDUSD Update II: Aussie Still Searching For ResistanceAUDUSD made a nice reversal last month from the 0.7525 level, clearly with an impulsive price move which is an important structure for a bearish trend. As such, we think this trend may continue after a three wave bounce up into wave two which in fact can be now in final stages with current wave C) that may look for a top at 61.8% Fibonacci resistance area.
Expecting double Zig-Zag. Let's see how price breaks down!Happy new years eve traders! (my time in Chicago)
As you all know I've been staying up to date on my ideas taking them piece by piece as they develop. The chart explains what I'm thinking, and other than that... ITS TIME TO PARTY!!! I hope you all continue to kill it in 2017!
Give me a thumbs up if you like the idea, comment with what you are thinking, or just to say wasssssup! Trade responsibly ;)
Elliott Wave Analysis: AUDUSD Trading In Wave TwoAUDUSD made a nice reversal last month from the 0.7525 level, clearly with an impulsive price move which is an important structure for a bearish trend. As such, we think this trend may continue after a three wave bounce up into wave two which in fact can already near completion as 0.7278 is not far away.
NZDUSD Undergoing A Temporary ConsolidationNZDUSD is trading nicely higher, probably in final stages of a temporary corrective retracement after the pair unfolded a five wave bearish structure from the 0.7239 level. As such we now think a nice reversal could follow next week. The Fibonacci ratios of 0.382, 0.5 or 61.8 could act as reversal lower.
Elliott WaveAnalysis: Complex Correction On GBPNZD Points HigherOn the 3h chart of GBPNZD we are looking at a part of a higher degree three wave rise taking place, with price currently trading in final stages of a triangle correction in wave (e) of b-circled. If we are on the right track, then some gains may follow in sessions ahead. A breach above the waves (d) and (b) trend line would be a confirmation for a completed triangle correction and more upside to follow.
A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.
Elliott Wave Analysis: AUDGBP Trading In A Temporary Wave TwoOn the Weekly chart of AUDGBP we are looking at a possible big five wave move in progress, with price now trading in an unfolding sub-wave 2, after a higher degree wave 1 had found its top at the 0.634 level. If that is the case then a three wave corrective move may now be in action, with pair trading in the first wave a-circled of this three wave move.
Dow Transportations: Intraday ViewDow Transportations are trading nicely to the upside, with price trading in the middle of a big red third leg, specifically in blue wave (iv) of three. As we can see the index recently completed an extend wave in the previous wave (iii) at the 9491 level from where price started to decline. This decline we now see as part of a minimum three wave correction that could unfold in the current wave (iv). The ideal support for this wave (iv) could be around the 38.2- 61.8 Fibonacci ratio, from where more upside may follow.
GBPAUD: Big Three Wave Move To The Downside Seems CompletedOn the Daily chart of GBPAUD we are observing a big three wave decline in the making that started its development in August of 2015. As we can see on the chart three big waves had already unfolded with blue wave C-circled being the last. Well if price did post its lows at the 1.5769 zone, then we could be in for a nice impulsive cycle that may take place in moths to follow. But as you know, we need to focus firstly on the minimum expectations, and these are as shown on the chart a three wave rise from 1.5769 level that is expected to unfold with wave (A) ideally being already over.
That said this minor three wave correction may target and move towards the 1.7704 level in weeks to follow.
UK100 Index Showing Good Qualties Of A Five Wave MoveOn the Daily chart of UK100 index we are looking at a higher degree impulse taking place with price specifically trading in final wave (v) of a five wave move.
As we can see market activity displayed a five wave pattern in the previous fourth wave correction, that is also known as an Elliott Wave triangle. This is a continuation pattern that occurs prior to the final wave within higher cycle. That said we need to see a decisive break above the wave d swing of the triangle for a confirmation that correction is really over and that more upside may follow.
Elliott Wave Analysis: CADCHF Trading Within An ImpulseOn the Daily chart of CADCHF we are looking at a higher degree three wave rise, labeled as A-B-C, that is now specifically trading in the final wave C. If that is the case and the correction in wave B is over, then more upside may follow in weeks ahead. On the 4h chart we can see black wave i in final stages, as we can see pair trading within a corrective wave iv of (v). That said current corrective retracement may find a probable support and reversal zone near the 50.0 or 61.8 Fibonacci ratio, from where more upside may follow.
Elliott Wave Analysis: Triangle On EURUSD Pointing HigherEURUSD is slow ahead of FED, looking more and more like a triangle in wave B that suggests a push higher into wave C towards 1.0700 area. We know that triangle occur prior to the final wave within a larger trend, so we know that upside is going to be limited, ideally after the FED decision today at 19.00GMT.
A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.
Elliott Wave Analysis: Big Triangle On EURUSD CompletedEURUSD is turning sharply lower from the 1.1300 level where pair had finally accomplished a big and very long sideways pattern. It was a triangle which is now completed because of a decisive break beneath the blue wave D swing at 1.0847 level three weeks ago. As such we are now even more confident that bears may gain more momentum and in weeks ahead, make a decisive breach below blue wave B.
On the Daily chart we can see waves (1) and (2) completed, and if this is the case then more weakness may follow in weeks ahead into wave 3.
An overlap with 1.0873 would suggest that price could still be trading in corrective wave (2).
USDCAD Bearish Flag PatternBearish trend movement for the past few days after price rejection at 50% Fibo lines. Range movement occured at top trend line creating new resistance line. "Higher highs trend" seems to have ended causing price to fall to the bottom trendline. Im expecting a BOUNCE or RETRACE before breakout below.
:)
NZDUSD May See More Weakness, But After Temporary CorrectionNZDUSD is in a strong downtrend for the last few weeks, which is expected to continue soon if we consider a five wave fall from 0.7402 followed by a recent bounce towards the 0.7171 level, which could be the first leg of a minimum three wave rise in corrective wave 2), labeled as wave A. If that is the case then drop from the mentioned level was sub-wave B that seems completed and current bullish development could be wave C the final leg of this three wave rise. As we see on the chart, we labeled a possible ending diagonal in wave C, that may unfold because of overlapping price movement. The ideal reversal zone for this whole correction may be around 0.7240 area.
The ending diagonal is a special type of motive wave that occurs primarily in the wave 5 position when price has moved too far and too fast. Some ending diagonal triangles appear in the C wave of an ABC correction. In all cases, the ending diagonal terminates the move of larger patterns. They consist out of five waves, with each having three more sub-waves.
Intra-day Correction On EURUSD Indicates Lower Levels AheadOn the EURUSD we are looking at a nice impulsive decline taking place, with price now specifically trading in the fourth wave, ideally unfolding as a triangle correction . A triangle correction is a continuation pattern, that can after its completion push price lower in the final wave five. Resistance for this blue wave 4 correction is around the 38.2 Fibonacci ratio, from where strong bearish pressure may come in play.
A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.
Elliott Wave Analysis: NZDUSD Trading In A CorrectionOn the NZDUSD chart we are tracking a three wave corrective rise, that could prove to be an expanded flat with final wave C) already underway. If that is the case, then wave C) will be constructed by five sub-waves with current wave 3 in final stages. Regarding the intra-day view we think that a fourth wave correction may be around the corner, that may slow down price for a few hours.
The ideal reversal for this whole higher degree correction could later be around the 0.71150 region.
Completed Correction On Cable Indicates Higher Levels To FollowGBPUSD has been trading higher recently with a new leg up last week to 1.2680 where we called end of a five wave recovery from end of October. Notice that market then turned south but only with three waves that found a support at 1.2300 area. We can see a nice bounce from a trendline support which sent price back to 1.2500 level and above. It looks like an impulsive wave 1) so more gains may follow in days ahead, but after a pullback in wave 2), which can be interesting to join the trend for a new leg up to 1.2670. Support for this undergoing wave 2) may be around the 61.8 Fibonacci ratio, from where bulls seem to have taken off.
At the moment we can see some bullish intra-day activity taking place, ideally staring a new impulsive wave higher.
Ending Diagonal On USDCAD Indicates A Probable ReversalUSDCAD has been trading higher for the last few weeks, especially since crude oil has turned south. On Loonie we see higher highs and higher swing lows but with overlapping price action between two converging trendlines so pair can be making an ending diagonal as shown on the 4h chart. That's a strong reversal pattern which could send price south this month, maybe already from current levels as we see small break beneath the support line. Based on latest update, invalidation level is above 1.3700, as wave 3) must not be the shortest wave.
The ending diagonal is a special type of motive wave that occurs primarily in the wave 5 position when price has moved too far and too fast. Some ending diagonal triangles appear in the C wave of an ABC correction. In all cases, the ending diagonal terminates the move of larger patterns. They consist out of five waves, with each having three more sub-waves.