Veejahbee

Veejahbee

As projected, Bitcoin has reached the $8000 - $8500 area. This is a critical decision-making area for BTC. Price can either head higher or decline to $5500 area, as mentioned in the previous analysis. To confirm the major bull run has started, I would like to see price breaches the $14500 level in a five-wave structure. What's your current view on Bitcoin?

Veejahbee Updated 

After a major rally in wave 3 labeled (i)-(v), GBPJPY seems to be making a three-wave pullback in wave 4 which is expected according to Elliot Wave principle. The wave 4 correction which is currently unfolding as a simple zigzag is almost completed. However, it still has the potential to sell lower to around 50% Fib of wave 3 which also lined up with a support...

Veejahbee Updated 

CHFJPY completed A-B-C zigzag corrective pattern and setting up for a decline. This decline which can be another short-term correction could also be the beginning of a major decline. What matters right now is that we would at least see a three-wave move to the downside to the nearest demand level as shown on the chart. We will look for a short-term correction...

Veejahbee

EURUSD is sitting at an important confluence area comprising of support zone, 61.8% Fib, and broken daily trendline. The pullback to this level can be easily labeled as a double zigzag in wave (ii) as you can see in the 30 minutes chart below. Price is expected to resume the wave iii of (iii) of 3 rally from or near the current market price as long as the...

Veejahbee Updated 

As you can see from the chart, GBPNZD has broken below a daily support zone impulsively. Price is expected to retest this level that lined up with mean value + 50% Fib as resistance in wave "b". Once the corrective wave b is completed, it will give us the chance to go short in wave "c" of (y) of B. The correction might extend higher but must not trade above the...

Veejahbee

Hi Traders! Happy New Year to you all! GBPUSD is correcting the major rally that started in September 2019. The impulsive move is labelled (i)-(v) in wave A. The correction which seems to be unfolding as a Zigzag in wave B is yet to be completed. I'm looking for price to move higher in the shorter cycle to complete wave (b) of C around 78.6% Fib, then look for a...

Veejahbee

EURCAD is making a triple zigzag corrective pattern. A three-wave rally is expected in wave (z) to complete the corrective structure. Bullish price actions from the confluence level comprising of ascending channel and support zone further confirm that wave (x) of the triple zigzag might have bottomed and wave (z) rally has resumed. I will wait for the price to...

Veejahbee Updated 

USDCHF is setting up for a retracement after 250+ pips sell-off from the major high. See related ideas to see how we took advantage of the decline. Price has broken out the decline descending trendline in an impulsive move in wave "a" and about to complete a regular flat in wave "b". Price is expected to head higher from or near the current level, And it will...

Veejahbee

Here is an update on CADCHF. A few weeks ago I published an analysis suggesting a triangle pattern could lead to a sell-off on CADCHF. Since then we've experienced a further contraction in price action, but everything is visible now and still in line with the Elliot Wave principle. One of the guidelines for a Triangle pattern is that wave "e" of the triangle can...

Veejahbee

USDCAD seems to have completed a double zigzag corrective pattern in wave (B). This corrective pattern bottomed at a confluence level comprises 78.6 Fib and Fib extension zone where wave (y) = wave (x) - one of the guidelines to identify completion of the zigzag pattern. Price has the potential to move toward the upper blue zone, the breach of the confirmation...

Veejahbee

USDCAD is rejecting a confluence level comprises of demand zone + ascending trendline. Price also has broken a daily Counter Trend Line indicating potential rally from or near the current market price.

Veejahbee

Bitcoin is clearly in the corrective cycle but might not ready for the significant rally yet. The correction which seems to be unfolding as a triple Zigzag is still in the making. We've seen an a-b-c zigzag in wave (w), and another a-b-c zigzag in (y), but in wave (z) "3rd zigzag" seems to have completed wave "a" while wave "b" is in the making. Wave "b" of...

Veejahbee Updated 

Following up on the weekly analysis I posted earlier, GBPNZD has broken the daily corrective structure channel, and it's retesting it. The break out is an impulsive move followed by a corrective structure that seems to be unfolding as a zigzag. The correction in wave (ii) of C has retraced 61.8 - 78.6% of wave (i), and it's within a deep Fibonacci extension zone...

Veejahbee

AUDUSD is at a critical decision making level. It has been a tug of war between the bulls and the bears. This pair might be making a complex corrective Flat pattern that may send the pair further lower or it may be making 1-2, (i)-(ii) wave pattern that would send the pair higher as shown in the chart above. Elliot Wave has rules to validate both opportunities,...

Veejahbee

In the GBPNZD weekly chart above, GBPNZD sell-off impulsively from its August 2015 high. The decline is in five-wave and labeled as 1-2-3-4-5 in wave (A). Sub-wave of wave 1 of (A) is also visible. Since GBPNZD bottomed in November 2017, it has been in a corrective wave, which is expected according to Elliot Wave Principle. A three-wave correction follows every...

Veejahbee

USDCAD rose in overlapping five-wave "leading diagonal" from the major low at 1.30422. Leading diagonal always indicates the direction of the major trend, and in USDCAD's case, it is bullish. The subsequent decline is the corrective pattern, which unfolded as a double zigzag correction in wave B. The corrective wave retraced around 61.8 - 78.6% of wave A, and...

Veejahbee

CADCHF and EURCAD are negatively correlated; that is, if EURCAD is trading higher, then most of the time CADCHF will be trading lower. I've been tracking a triangle pattern on EURCAD, but when a colleague sent me his view on CADCHF, I could easily spot an almost completed triangle pattern as well. This further confirms that the triangle on EURCAD and the related...

Veejahbee

The massive rejection candle from a confluence of Resistance and Trendline could send AUDUSD lower to form an Expanded Flat corrective pattern. Wave (c) of 2 of the Flat pattern has the potential to trade below the low of wave (a). This pattern is also in line with the bearish scenario on Gold, Silver, and EURUSD. As I said in one of my previous posts, the...