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Veejahbee

Gold bulls have been unstoppable in the last few weeks. The price of gold has gained 13% to $1439.31 an ounce after a bearish correction that lasts through February and May 2019. The precious metal still has the potential to move substantially higher from the long-term perspective. However, in this post, we will look at the recent rally in Gold and what the...

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The EURAUD weekly chart above reveals that the rally from February 2017 low to as high as 1.61957 in March 2018 took the shape of a textbook Elliot Wave leading diagonal structure. The pattern is labeled (i)-(ii)-(iii)-(iv)-(v); wave (iv) overlap wave (i) high which make the whole advance an Elliot wave motive diagonal rather than an impulse. The Big Picture...

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Hi Traders, The rally on EURCHF from the major low at 1.11621 took the form of Elliot wave impulse structure, labelled (i)-(v). According to the Elliot Wave theory, a three wave retracement follows every impulse move, in the EURCHF's case, the decline from wave 1/A high unfolded as a three-wave (a)-(b)-(c) zigzag pattern in wave 2/B. . The correction also finds...

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Hi Traders, The rally on EURCHF from the major low at 1.11621 took the form of Elliot wave impulse structure, labelled (i)-(v). According to the Elliot Wave theory, a three wave retracement follows every impulse move, in the EURCHF's case, the decline from wave 1/A high unfolded as a three-wave (a)-(b)-(c) zigzag pattern in wave 2/B. . The correction also finds...

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Hi Traders, The rally on EURCHF from the major low at 1.11621 took the form of Elliot wave impulse structure, labelled (i)-(v). According to the Elliot Wave theory, a three wave retracement follows every impulse move, in the EURCHF's case, the decline from wave 1/A high unfolded as a three-wave (a)-(b)-(c) zigzag pattern in wave 2/B. . The correction also finds...

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Hi Traders, The USDJPY has been trading in a large triangle on the longer cycle after a bullish Elliot wave impulsive structure that ended in May 2015. Once the price breaks out of the triangle trendline and crosses the wave (D) high, we can expect a long-term bullish move. . However, in the shorter cycle, the price has just completed a three-wave correction that...

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Hi Traders, The XRPUSD (Ripple) bounced from a key demand zone and broke out of a descending trendline. The price has retested the broken trendline that lined up with a minor support level and is moving higher. HOW FAR WILL IT GO? Elliot Wave has answers for that. . From Elliot wave perspective, starting from the major low at 0.2826, the prices are making a 1-2,...

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Hi Traders, The GBPNZD daily chart above revealed that the sell-off from the high at 2.0476 to the low at 1.8132 was an Elliot wave impulse structure, labelled 1-2-3-4-5. According to the theory, a three-wave correction in the opposite direction follows every impulse. . The retracement after the impulse unfolded as a W-X-Y double three corrective structure with a...

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Hi Traders, The AUDCAD rally that started in Oct 2018 from 0.9107 low can be seen as an Elliot Wave impulse structure, labelled 1-2-3-4-5. According to Elliot Wave Principle, a three-wave correction in the opposite direction follows every impulse. . AUDCAD's seems to be in the corrective phase since 18th Dec 2018 and it's unfolding as a combination. So far, we...

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With a bullish reversal already in place in EURAUD, it is now possible to identify the bottom at 1.56836 as the invalidation level for the bullish outlook. This means that as long as EURAUD is trading above 1.56856, the big picture bullish outlook remains valid. Trade Setup Considering that EURAUD seems to be completed a five-wave impulse in wave 1, a...

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Hi Traders, The EURAUD daily chart shows that the sharp bullish run from 1.53505 low in December 2018 can be seen as a five-wave impulse in wave (A), labeled 1-2-3-4-5. . The Elliot wave theory states that a three-wave correction in the opposite direction follows every impulse. In EURAUD's case, wave (B) looks like a W-X-Y double zigzag/double three retracement....

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Hi Traders, The daily chart of AUDUSD allows us to put the decline from 2018 high at 0.81340 into an Elliott Wave perspective. As can be seen, the market is drawing a textbook five-wave impulse, labeled 1-2-3-4-5. Wave 1-4 is completed, and we are currently in wave 5. The sub-waves of wave 3 are clearly visible, as well. . In addition, the market took the...

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Hi Traders, The AUDCHF daily chart shows that the decline from Dec 2018 high to Jan 2019 low took the shape of a textbook five-wave impulse in wave (a) in red. . The Elliott Wave theory states that a three-wave correction in the opposite direction follows every impulse. In AUDCHF’s case, wave (b) in red looks like a w-x-y double zigzag retracement. . Waves (a) and...

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The XAGUSD (SILVER) daily chart shows that the rally from 13.88 low is a classic five-wave impulse. According to Elliot wave principle, a three-wave corrective pattern follows every impulse move and the bearish move after the completion of the impulse in Silver exhibits this characteristic. . The corrective wave unfolded as a double three combination structure...

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Hi Traders! The USDCAD H4 chart shows that the rally from 1.32499 to the top at 1.34501 is an impulse Elliot Wave structure. It has since made a deep corrective structure in wave "ii" which seems to have completed and unfolded as a zigzag pattern. Wave "ii" terminated at 78.6 Fib ratio of wave "i" and also last daily price action closed as bullish pin bar at...

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Hi Traders, The CADCHF has just completed a zigzag correction which retested a swing level that lined up with 50.0 Fib ratio and descending trendline. . The correction which is most likely wave (b) of Y of double zigzag pattern signals the continuation of the downtrend in the wave (c) of Y. . Considering that traditional technical analysis agrees with Elliot...

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Hi Traders, The AUDNZD set to make a bullish impulsive move in wave (C) of a weekly zigzag pattern. . The weekly chart () of AUDNZD shows that the decline from March 2011 - April 2015 was a textbook five-wave impulse which supposed to followed by a three-wave correction according to Elliot Wave theory. . Since April 2015 low, prices had completed a five-wave...

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Hi Traders, The USDCAD broke out and retested the inverted H&S neckline that lined up with support level. . The price has also broken out the a-b-c zigzag corrective pattern CTL in wave (ii) with a five-wave impulse in wave "i." . To position ourselves in the bullish trend, we will wait for the price to make a three-wave retracement in wave "ii" of (iii) which is...