Many seems to think that EURUSD will fall back to July Low. I think that EUR has formed larger wave 4 bottom at 1.2660 and will now continue higher in 5 waves which could lead to retest of Sept high and possibly make new higher high. Having said that after completion of minor 5 waves up of the 1.2660 low, natural retracement to 1.2870 - 1.2800 is expected, before...
GBPUSD is in long term bullish and appear to have completed 1st wave up of the 1.5820 low in minor 5 waves. So natural retracement is expected for wave (ii) retracement to possibly 1.5900 -1.5950 area before proceeding higher.
You will note the over the intermediate and Longer term I am bullish on EURUSD. Having said that, it appears to have moved up in 5 waves of the 1.2660 low, which I think could have completed wave (i) and now expect over the next few days for retracement to 1.2870 ideally but could be deeper to 1.28 area before proceeding higher.
Following on from my previous chart with bullish view, we have had some more price action. Although the narrow Pitchfork is no longer appropriate, which, I have removed& replaced them with new minor up trend channels. " days of what looks like only a retracement is not enough to become bearish. Only breach of 1.28 would invalidate the Bullish view. For now we...
USDJPY Appear to have established an important low in October 2011, to me it looks like it it is in process of building what I call super nesting, ir series of((i)) ((I)) (I), (II) 1,2 before blasting higher in massive wave 3 of 3 so to speak. It could retrace to 81.5 area or little higher which I believe will offer excellent long Entry for intermediate target...
Longer term (12 months view) GBPUSD is headed up. If AB=CD measured move from May 2010 hold then it could be we could achieve 1.78. In the intermediate term the strong up trend will gain momentum to the upside with relatively minor pull back (only normal retracements in generally (up trending market). There are many computer generated harmonic traders and they...
In order to answer the question of Market direction over the next week or so or perhaps little longer I think this index can help as part of the co-relationship analysis. It is known fact that whilst this Index continues to decline (possibly heading to 13 level), the Equities in general will continue to rally. Whilst Equities continue to rally, currency pairs like...
Low @ 1.2660 appears to be wave 4. If that is correct, then we are now in wave 5 with expected target of 1.3250 -1.34 This is assuming that at July low we have 1 - 2 which is more cautious count (less bullish). However, whilst working with less bullish, I am not entirely happy with that. I think we have super nesting with 1 - 2 , 1 -2 sequence. If it turns out...
Since my last chart and till earlier today I was expecting the re-test of the 1.2660 low or new minor low. However, since the today's low at 1.2735, the move up is very impulsive and in association with other correlated pairs, seem to feel that the significant low which could be wave 4 is in place and since 1.2660 we are in new 5 wave advance that could lead to...
Following on from previous chart I posted, I still am not seeing new Impulsive move to the upside. What has taken place so far looks like retracement rally, which could top out around 1.2850 area and then turn down to retest low @ 1.2660 area or make new minor lower low to complete the Wave 4 down from years Sept high, which could be re-tested in Wave 5 up.
EURAUD appear to have formed important bottom in Aug 2012 and now could be at least retracing some of the major decline it experienced over several years. As shown on the chart it is possible that of the low in Aug, Wave A is complete, Wave B is under development and could bottom around 1.207 from where it could be expected to go up in ABC zigzag with potential...