harshjapee

harshjapee

EURUSD had surprisingly rallied through fibonacci 0.618 retracement around 1.1914 yesterday. The rally between 1.1754 and 1.1914 was corrective a-b-c. The following interpretations can be made: i) Wave 2 is in place at 1.1914 ii) Wave A within A-B-C correction is in place at 1.1914 iii) Wave 2 is unfolding as a triangle. We shall come to know as price action...

harshjapee

US Dollar Index Wave 2 is progressing towards 92.30/40. A potential flat might be unfolding (3-3-5) wave structure. Within the proposed corrective drop, A-B-C, Wave A might be close to termination around 93.00 levels. The index should produce slight corrective rally around fibonacci 0.50 of Wave A, before reversing lower towards 92.30/40 levels. Trading...

harshjapee

EURUSD counter trend rally seems to be gathering pace as Wave A is close to terminate around 1.1840/50. Possibly, a 3-3-5 structure might be unfolding (standard flat). If we are correct, EURUSD should drop lower as Wave B before proceeding towards 1.1920 handle as Wave C unfolds into 5 waves. Intraday resistance is seen around 1.1840/50 levels. Watch out for...

harshjapee

US Dollar Index slips lower from 93.65 mark, in line with projections. A probable Wave 2 count has been presented here, which might be unfolding as a flat or zigzag. Expect slight pullback before US Dollar Index drops through 92.80/90 in the near term. Corrective waves do take time and might unfold as a complex structure. We shall bring an update as price action...

harshjapee

EURUSD pushed through 1.1830 mark after taking out 1.1754 support today. The currency has confirmed Wave 1 at 1.1754 and is on its way to terminate Wave 2. Looking at the price action until now, a potential flat might be unfolding 3-3-5 structure but it might change. If prices push straight through 1.1850/60 from here, a potential zigzag could be underway....

harshjapee

SPX500 looks to have completed its impulse drop at a lower degree around 3300 mark, dropping close to 9% from 3588 highs. Also note that initial support around 3350 has been taken out, confirming a potential top in place and bears are here to stay. Ideally a 3 wave corrective rally should be expected to reach 3470/80 levels to terminate a lower degree Wave 2...

harshjapee

GBPUSD has dropped from 1.3500 handle through 1.2920 levels, taking out a major support at 1.3050. Bears have clearly registered themselves carving a potential Wave 1 around 1.2900 handle today. Ideally, we should see a counter trend rally unfold from here towards 1.3250/60 levels, which is also the fibonacci 0.618 retracement of the earlier drop. Also note that...

harshjapee

USDJPY has been carving 3 wave movements since 109.85 levels at least. The currency remains well supported around 104.20 handle. The recent wave structure is also indicating a potential A-B-C with Wave A in place around 107.00, Wave B completed a contracting triangle around 105.80 today. If the above holds true, USDJPY should stay above 104.20 mark and push higher...

harshjapee

US Dollar Index has pushed a bit higher toward 93.65 today, the minimum required was to take out 93.47 handle. Nonetheless, high probability remains for a corrective drop to resume soon. The A-B-C corrective drop could reach 92.30/40 zone, which is close to the fibonacci 0.618 retracement of the entire rally. It is also confirmed that a meaningful bottom is in...

harshjapee

EURUSD is seen to be trading around 1.1757 as we publish this intraday update and it just a few pips away from initial support around 1.1750 mark. A break there would complete impulse drop from 1.20 handle and confirm a top in place. A counter trend rally should be underway soon towards 1.1900 handle and bears would remain in control there after. Potential Wave 1...

harshjapee

US Dollar Index has through 93.43 levels today, remaining shy by only 4 pips from 93.47 resistance and previous Wave 4 termination of a lesser degree. A 5 wave rally looks complete from 91.75 through 93.43 levels, confirming a bottom in place. Bulls are here to stay after a potential corrective drop. The fibonacci 0.618 retracement is pointing towards 92.30 levels...

harshjapee

EURUSD might have just terminated its impulse drop from 1.2 handle through 1.1778 respectively. It remained shy by 20 pips from 1.1754, its previous Wave 4 termination of a lesser degree. We still cannot rule out the possibility for yet another push lower but probabilities might be turning towards a counter trend rally. An A-B-C counter trend rally could...

harshjapee

US Dollar Index had rallied through 92.24 levels on Friday and might have terminated lower degree Wave 1. Alternately, it might push through 93.50 to complete. Either way, the indice could be preparing for a corrective drop soon to terminate potential Wave 2 around 92.20/30 levels respectively. Once a classic 5-3 structure is ready, we can expect another 5 wave...

harshjapee

EURUSD might have completed its impulse decline around 1.1780 or would complete around 1.1750/54 support. Either way, bulls might be preparing for a push towards 1.1900/20 levels at least to produce a corrective Wave 2. In general, a 5 wave decline would be followed by a 3 wave corrective rally before resuming lower again. High probability remains for a major top...

harshjapee

EURUSD 4H chart also suggests a drop through 1.1754 or even 1.1700 would complete minimum requirement to confirm a top at 1.2000 handle. After completing an impulse wave from 1.0636 through 1.2000 levels, bears might want to produce a corrective drop at a similar degree. A potential zigzag or flat could be in the making towards 1.1100 handle over the next several...

harshjapee

EURUSD lower degree wave counts are suggesting another drop through 1.1735 mark to terminate the first impulse drop from 1.2000 handle. If the above counts are correct, EURUSD should ideally stay below 1.1900/10 handle. Once the above unfolds, bulls might prepare for a counter trend rally. Shall bring up an update during the New York session. Remain short, stop...

harshjapee

US Dollar Index bulls are poised to take out 93.50/94.00 resistance before pulling back again. This would confirm a major bottom is in place at 91.70 levels and also further upside as bulls regain control. The indice might have completed an impulse drop from 103.00 through 91.70 levels. A classic Elliott Wave Pattern is 5-3 i.e 5 waves down, followed by 3 waves up...

harshjapee

EURUSD might be on its way to complete its first impulse wave lower towards 1.1754 mark. It would also confirm further downside, going forward and a top in place around 1.2010. The drop might extend towards 1.1700, before producing a pullback/counter trend rally. EURUSD has carved 5 waves higher from 1.0636 through 1.2010 levels. A general guideline of the Wave...