glennmercer

glennmercer

AUDJPY has completed a 5-wave structure and has begun its correction. A close below the diagonal strengthens the likelihood of a possible continued move to the short side. SL above recent highs: 92.085 T1 @ Unhit daily pivot: 91.275 T2 @ previous degree wave 4 completion and .786 * v: 90.43

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USDCAD could potentially be in its most powerful impulse upward. A move to the 1.600 area cannot be ruled out. A potential cup and handle breakout is in progress on the monthly chart, and an extension of (3) would put wave (5) in a key S/R zone. Monthly C&H:

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JBLU has shown a strong correlation with USDCAD, as both financial instruments are inversely correlated with oil (shown below). It should also be noted that USDCAD has recently broken out of a cup and handle pattern on the monthly chart and a continued rise could be an early indication of similar price action in the aerospace sector. The wave count for USDCAD...

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Australian Producer Price Index numbers, released within the hour, could drive the pair upward into the completion of this 3 drives pattern which would produce a nice short opportunity.

glennmercer

USDJPY is potentially completing a wave v of (v) at the top of a channel. A decline from this level will likely extend into the 123.8 area. A continued decline and exit from the channel may extend bearish move to the 123.35 area.

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AUDNZD has possibly completed a C corrective wave at an important S/R zone. A move down from current levels into wave (v)/3 would likely extend into the 1.088 area.

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Long Wolfe Wave to Short Wolfe Wave trade on the 5m chart. The intermediate wave (i) bottom provides an extremely tight stop if price reaches the long target. Place sell limit at 1.509 with a stop at 1.510 and a TP at 1.5014 for a quick 80 pip low risk trade.

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Wave 4 has met a high probability reversal level at the confluence between a .382 retrace of wave 3 and the price zone of the previous degree fourth wave. Wave 1 time to completion provides a forecast for wave 5 completion time. Price range of wave 1 as an extension from current levels coincides with 1.272 extension of wave 3 and provides a target for fifth wave...

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EURAUD has completed its fifth wave and is ready for a correction. The peviorus forth wave of one lesser degree provides a highly probably target at 1.510. A larger move down toward the most recent weekly pivot cannot be ruled out. SL should be placed above wave 5 high. T1: 1.510 T2: 1.496 SL: 1.528

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EURCAD has completed a 5 wave impulse structure with an extended third wave. Waves 5 and 1 are similar in both time and price and wave 5 has completed near the top of the 2-4 channel. Bearish RSI divergence provides further indication of a potential top. Sell on rallies with a stop above wave 5 peak T1: In Wave 4 price territory - around 1.425 T2: Near .618...

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A possible EW ending diagonal on GBPAUD indicates a large correction may occur in the upcoming couple of weeks. Bearish divergence has been printed as confirmation of a possible top. If price breaks previous week highs, either the correction has completed or a recount is in order so this area provides a comfortable stop loss. Target 1 should be placed in the...

glennmercer

A possible ending diagonal EW count on GBPAUD indicates a large correction may occur in the upcoming couple of weeks. If price breaks previous week highs, either the correction has completed or a recount is in order so this area provides a comfortable stop loss. Target 1 should be placed in the previous degree wave four zone around 2.12. A second target may be...

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A possible Wolfe Wave setup has presented itself, giving us an opportunity to go short on GBPAUD. The missed daily and weekly pivots will drag the pair down toward its 1-4 profit line. A stop loss may be placed above the highs and profit should be taken around 2.07.

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A 1HR candle close inside of the diagonal will provide a short opportunity with excellent R/R potential. Stop loss should be placed above recent highs and profit should be taken when price either touches 1-4 profit line or the price target at 1.29.

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Details on chart

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XLP has closed below its intraday trendline after printing bearish 1HR Knoxville Divergence at its daily S/R zone. There are two missed weekly pivots below price which provide excellent targets. A SL should be placed above daily S/R zone, and profit may be taken around 49.30, before intraday S/R zone.

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An hourly close above the 7-week-long bearish trendline provides a great opportunity to go long SHAK, which has made a strong bullish move at its daily support zone. With low float, high volume, and an appearance on Friday's Top Gainers for many popular signal services, there is a high probability of more bullish movement in the upcoming weeks. Enter on any...

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Daily S/R zone and trendline support are being obeyed which provides a nice R/R opportunity to go long. An hourly TL break in addition to momentum divergence and an oversold RSI provides a nice entry at around 19. Target the minor resistance around the nearest missed weekly pivot with a SL below recent lows.