Hey guys as predicted In my previous analysis the price went down significantly especially during NFP.Next up I believe we would still be on the BEARISH side for USD. However , i believe it will only last for a short while before shooting up again for the MAJOR WAVE 3.
As for now based on my counting we are still in the midst of completing a zigzag for WAVE2. We have completed the A and B LEG of the zigzag and currently in the midst of completing the final leg which is the C LEG Of THE ZIGZAG. Based on elliot wave's theory a zig zag corrective pattern is formed by a 5-3-5 structure. As u can see we did a 5 wave structure for LEG A followed by a 3 wave Structure for LEG B.
Therefore for the C LEG we would be expecting a 5 wave structure downwards.As for now within the 5 wave structure we are currently in the 3rd wave of it. Besides that if you zoom out abit you will see that the USD is currently in a channel. I believe the corrective WAVE 2 (ZIGZAG) would end at that bottom channel before shooting up and breaking out of the channel
On my analysis there will be 2 take profit area.
1. TP at completion of wave 3 (based on fibonacci extension of 161-8% of wave 1-2)
2. TP at completion of the whole 5 wave structure (END OF THE C LEG Of THE ZIGZAG.At botton channel trendline)
PAIRS I'M LOOKING AT (predicted movement for next week)
AUDUSD BUY
NZDUSD BUY
GBPUSD BUY
USDCAD SELL
As for now based on my counting we are still in the midst of completing a zigzag for WAVE2. We have completed the A and B LEG of the zigzag and currently in the midst of completing the final leg which is the C LEG Of THE ZIGZAG. Based on elliot wave's theory a zig zag corrective pattern is formed by a 5-3-5 structure. As u can see we did a 5 wave structure for LEG A followed by a 3 wave Structure for LEG B.
Therefore for the C LEG we would be expecting a 5 wave structure downwards.As for now within the 5 wave structure we are currently in the 3rd wave of it. Besides that if you zoom out abit you will see that the USD is currently in a channel. I believe the corrective WAVE 2 (ZIGZAG) would end at that bottom channel before shooting up and breaking out of the channel
On my analysis there will be 2 take profit area.
1. TP at completion of wave 3 (based on fibonacci extension of 161-8% of wave 1-2)
2. TP at completion of the whole 5 wave structure (END OF THE C LEG Of THE ZIGZAG.At botton channel trendline)
PAIRS I'M LOOKING AT (predicted movement for next week)
AUDUSD BUY
NZDUSD BUY
GBPUSD BUY
USDCAD SELL