Veejahbee

Veejahbee

Gold (XAUSUD) seems to have completed a contracting triangle corrective pattern in wave (4) as indicated by the wave structure of the sideways price action in September and October and by the converging trendlines that connected the extremes of waves (a), (b), (c), (d) and (e). According to Elliot Wave Theory, once a correction is completed, the price resumes in...

Veejahbee

EURNZD has been in recovery mode for the past 10 months. The pair took off from 1.63323 in December 2018 low and climbed to as high as 1.76993 in October 2019. The daily chart above puts EURNZD's entire 2-month sell-off in 2018 and the 10-months recovery in an Elliott Wave context. The pair’s decline can easily be seen as a five-wave impulse. The pattern is...

Veejahbee

Just like the GBPNZD I just published. The weekly chart above puts GBPAUD's entire decline since August 2015 in an Elliott Wave context. The pair’s decline can easily be seen as a five-wave impulse. The pattern is labeled 1-2-3-4-5, where five sub-waves of waves 1, 3 and 5 are also visible. According to the Elliott Wave theory, a three-wave correction follows...

Veejahbee

The weekly chart above puts GBPNZD's entire decline since August 2015 in an Elliott Wave context. As visible, the currency pair spent almost 15 months to drew a textbook five-wave impulse. The pattern is labeled 1-2-3-4-5, where wave 1 unfolded as a leading diagonal, and five sub-waves of wave 3 and wave 5 are also visible. According to the Elliott Wave theory, a...

Veejahbee

USDJPY has just completed a five-wave bullish Elliot Wave impulse move with ending diagonal pattern in wave (v). According to the theory, a three-wave pullback in the opposite direction follows every impulse move. In USDJPY's case, the impulsive breakout of the ending diagonal trendline signals the completion of the impulse and the start of the correction....

Veejahbee

CADJPY has just completed a w-x-y double zigzag in wave (iv) of an impulse. A sharp leading diagonal impulse in wave i of (iv) confirmed that wave (iv) has bottomed. Price has the potential to extend higher to 0.618 Fibonacci Extension that lined up with upper trendline to completed wave (v) impulse move. Trade below 80.681 will negate the bullish outlook.

Veejahbee

BTCUSD is trading at an area that could offer significant support. Breaking decisively out of wave (b)'s corrective price channel give us reason to favor more bullish scenarios, and it should stage a wave (c) advance. Wave (c) should travel at least the same distance as wave (a) and more likely 1.236x that distance - around $11500 area.

Veejahbee

Price reversed from channel support and broke out of ascending trendline and resistance level. Price has made a pullback and retests the broken levels that lined up with moving averages. Considering that price has broken out of the counter trendline, the price has the potential to move higher towards the resistance zone from near the current level. Thanks for reading!

Veejahbee

Two months and a half ago, Litecoin was hovering in the vicinity of $147 a coin. The bulls seemed unstoppable after lifting the price by over 560% in six months. Unfortunately, an invisible threat was brewing under the surface. According to the Wave Principle, a five-wave pattern, called an impulse, indicates the direction of the larger trend. As the Daily chart...

Veejahbee

In the chart above, we could see the price breakout of a w-x-y-x-z corrective structure trendline and made an impulsive move to the downside. According to Elliot Wave theory, a three-wave correction in the opposite direction follows every impulsive move after which price resumes in the direction of the impulsive. In USDCAD's case, it seems to unfold as a w-x-y...

Veejahbee Updated 

The price movement for the EUR/CAD has been constrained by several channels and overlapping price action over the past few years. The above chart visualizes the WEEKLY price action of EURCAD from August 2012 low. As visible, its structure can be best labeled as a "W-X-Y" double three/combination Elliot Wave pattern. The advance from August 2012 and March 2014...

Veejahbee

Prices retest a broken support level as resistance. Friday's candle also closed as a bearish engulfing and there is a sharp breakout of H4 CTL. We got a pullback to the nearest resistance level to tighten our stop loss and get a good RR. Now is the right time to short. Safe Trading!

Veejahbee

The bears have been in control of EURUSD during most of 2018 and still maintaining the authority in 2019, as well. The EURUSD declined from its February 2018 high of 1.25534 to as low as 1.10310 in July 2019. The bears can be proud of the total gain of over 1500 pips they managed to achieve. Unfortunately, “no trend lasts forever.” After such an intense...

Veejahbee

The EURCAD made an impulsive move to the upside and followed by a corrective structure that has retraced 61.8% of the rally. The prices have rejected a broken resistance that lined up with mean value "moving averages" as support. Price has the potential to resume higher from the near current level and resistance level @ 1.51700 area is a plausible target!

Veejahbee

With regards to my previous post on AUDNZD, the price seems to has completed the flag pattern and a bullish rally should resume. There is also a weekly doji price action signal on the weekly chart which is suggesting indecision. However, since our bias is bullish it can serve as a buy signal. The trading plan here is very conservative as we're putting our stop...

Veejahbee Updated 

The Daily chart reveals something that should make the bulls feel uncomfortable. It shows that EURNZD’s massive decline from October 2018 high at 1.79337 to December 2018 low at 1.63279 took the shape of a textbook five-wave impulse. The pattern is labeled 1-2-3-4-5. EURNZD Bears Remain in Control According to the theory, the impulses point in the direction...

Veejahbee

AUDNZD bears have been stuck in a consolidation structure for the past three months after a sharp bullish rally that peaked at 1.07301 level on April 17, 2019. The sideways bearish move indicates that the market is in a corrective phase and sooner or later, the bulls will take over and break out the bearish barriers. Fortunately, a very notable corrective price...

Veejahbee

BTCUSD price has been marching higher since it bottomed in December 2018 at around $3200. By June 26th, the first-ever cryptocurrency (Bitcoin) top at approx. $13800. Unfortunately for the bulls, the rally came to a halt and Bitcoin dropped 34% to ~$9000 on July 17th. As at the time of this writing, Saturday, July 20, 2019, the bulls are recovering the losses,...