I am mostly bearish on the EURUSD 15MIN chart. As you can see, we have formed a descending triangle pattern, which may also lead to the continuation of the newly formed downtrend. I'm expecting a breakout to occur to the downside of almost 40pips. If so, we should see a test of the 1.2098 region for possible support and bounce. If this region fails, we could see a...
I have been watching this pair for a couple weeks now. I believe we are heading in to a major correction phase in the AUDUSD pair. The pair has just finished it's 5-Wave Impulse up beginning back in March and has begun, what I believe is, it's corrective phase. This correction will be a minimum of the largest corrections of Wave 2/4 from the preceding impulse,...
Currently watching the EURUSD pair for a breakout of the rising wedge pattern. As shown, we are currently bouncing between the upper/lower limits of the wedge; also, just above at 1.25560 is a 3 year high. From my analysis, I expect to come close to the high, however, I believe there will be a retracement to the S/R level between 1.206-1.207. If the pair tests...
I decided to back out to an even bigger picture of the USDCAD and the direction we may be headed next. From the chart, we can see that two complete EW cycles completed between 2016-2019. Also note that they occurred back to back with no corrective action. At first glance, I thought that to be odd; however, upon looking again, the first EW cycle was a...
Updated my wave count and have taken into consideration the bigger picture downtrend that was occurring.
Went short at 1.37419. Aiming for the 200% level for TP level. This will more than likely be the initial S/R for the bottom of Wave 5. Waves 1 and 3 seem to be about equal at the moment, so Wave 5 has the possibility of being extended. Will update.
I have recently come in to Elliott Wave Analysis (EWA) as my trading style. I enjoy looking for the Wave count/cycle, the fundamental analysis behind the Waves and, imo, the great outlook it can give on future market movements. Without further ado, here is my prediction for the USDCAD on the 15Minute charts.
Current Analysis:
Wave 1 started at 1.37146 and...
First, I'm new to trading so be constructive, please. I have done my research, tutorials, video walkthroughs and market analysis; so I have a good understanding but am always looking to improve! So lets dive in....
I was analyzing the USDCAD pair and came across, what I interpret, as a reversal signal. There is the formation of the head and shoulders, paired...
![USDCAD: EWA of USDCAD PT3 [WEEKLY]](https://s3.tradingview.com/x/x1M6eHdX_mid.png "EWA of USDCAD PT3 [WEEKLY]")
