Wavecount
USDJPY Short: Wave 5 Break + Retest (Elliott Wave TCT)USDJPY has completed wave 3 of a potential 5 wave structure. The pair has broken a trendline to complete wave (i) of 5 and is retesting the trendline at the .618 retracement To add resistance, the 200 EMA and SMA lines sit above price and below the SL level. The daily pivot may also add resistance near entry. Entry is placed at 61.8% retracement with SL above wave 4 terminus and target at the 1=5 level. This setup yields a R/R of over 5.
Bearish Confluence:
Trendline break and retest
Pivot resistance
200EMA Resistance
200SMA Resistance
Possible wave (i) of 5 completion
Significant .618 fib level at entry
GBPNZD Wave Count: Bull Bat ABC Continuation to Gartley TargetOn the daily time frame, price has been rejected at the PRZ of two larger harmonic bullish patterns (Bat + Gartley). The rejection was swift with a 5 wave bullish impulse, followed by a triangle correction and another small impulse to complete a 3 wave pattern (labeled here as (A) of a possible zig-zag correction). Now we are nearing the completion of a bullish bat pattern near previous corrective wave support (B in this case). The bat PRZ may also be supported by the weekly pivot and the 200 period moving average. The (A)=(B) level is confluent with .618CD on the higher TF patterns, so we may see these higher TF patterns meet their targets with this ABC zig-zag correction. With entry at the bat PRZ, SL placement at 1.13XA and target taken at the confluent target level, this is a low risk high reward trade with a R/R of 8.14.
Confluence in the PRZ:
Bullish Bat (1D TF)
Bullish Gartley (1D TF)
Bullish Bat (1HR TF)
Previous corrective wave support
200MA support
EW Count suggests upcoming bullish impulse
.618CD & (A)=(B) target confluence
Weekly pivot support
Structural S/R Zone
Short USDCAD: Possible Upcoming Correction (Elliott Wave)USDCAD has potentially completed a long term bullish impulse followed by a 5 wave "a" and a 3 wave "b" correction. 1 and 5 waves show similar price ranges on two different degrees of impulse adding to the probability of the rally being ready for a corrective move down. Channel resistance may also add to bearish bias. There has also been a breakout from the bullish trendline indicating a possible "c" wave breakout. If the correction is not a zig-zag or the rally is not over, the trade will be stopped out quickly. Target is placed near previous fourth wave support. This allows for a low-risk, high-reward trade with a R/R of about 15.
GBPUSD - correction structure - ZigZag and Triple three comboAnother look at GBPUSD corrective structure and wave combination. I concluded that we are near to an end of correction with a Triple three completion. My previous count was discarded. None the less, looking for the same direction. But price has to make an strong motive move first before any entry is considered.
USDJPY two possible scenarios. Triangle or ZigZag?We are in corrective structure after a 5 wave move up on USDJPY. We seems to be in the latter stages of an end to the correction. Overall a breakout to the upside is expected. Remember this is a Daily chart, so it may be sometime before it pans out. Price zone to note is 119.50 - 119.00. Price action in thhis zone would give clues about what possible correction pattern would be completed.
EURUSD - Possible triangle completion with a Bat confirmation.What more can you ask for the start of 2016? We have a possible Bat and Triangle completion of a second wave correction of a higher degree.
Some might count this whole triangle as a B wave correction. Nevertheless its a correction of an up move and a clear wave formation. So we are looking for the next impulse to the upside. This gives us the chance for a pin point entry with a tight stop loss.
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 ?
USDCAD wave analysis - 1H view on the current wave structure Here's a bit of a drill down to the 1H to analyze the current market structure.
USDCAD trade analysis on the daily chart
Wait for for C wave of minor degree completion to go for a possible short, what could be a possible 3rd wave of a 5 wave sequence down.
More upside left in the EURGBP ?If the corrective ABC is to complete at the equidistant trendline support, there may be opportunities for short term scalping to the upside.
Is the complex wave structure of the GBPUSD daily flat complete?This is my take on the GBPUSD wave count . I'm quite new to the Elliott wave stuff. Constructive criticism welcome.
Updated Hourly Wave Count & Short Scalp SetupAn update to my previous post,
The wave structure has been altered slightly in the second leg, based on recent developments
(the new low seen today)
The view from here is, we should see a very minor bullish retrace in the leg from 1.1153 against circle wave b 1.1312
and then see one more low to complete the downside structure. The likely completion point for this retrace falls at circle wave a support turned resistance at 1.1210 which offers a short scalp setup against circle b wave 1.1312 highs
Still waiting for confirmation in the form of a breach of the channel to the upside, to buy the retracement on the bigger cycle
Possibility of 5 Wave impulse move up.We are in the middle of a three wave correction.
Wave B is completed with the Triangle correction.
Expect a 5 Wave move upwards to complete Wave C.
1H Wave Count Showing Pair has one more upside LegThe 1H wave count shows the pair in an Double Corrective structure to the upside. So far the first ABC completed to form wave W @6600 with a pullback to Wave X @6544. Upside resistance comes in at 6668 which is 4H Resistance, and marks the first potential completion area for Wave Y
Bitcoin Hourly EWave CountPrice commentary can be found at the following post on my website.
www.cryptowaves.com
