FX_IDC:GBPCHF With a "BC" wave closing below the 38% after kissing the 50's, we can expect a strong bearish "CD wave". My first "landing platform" at next fib retracement level, the 50% retracement (blue fib), confluence zone between 127% first wave (AB) extension (or external extension), and 161% second wave (BC) extension (or alternate extension) - This forges...
Cable is in a multi-month consolidation. we have two possible scenarios. 1) blue marks - we are in a ABCDE contracting triangle. waves D and E are pending as highlighted in blue arrows. 2) yellow marks - we are in a wave C of ABC flat correction. wave C can hit 1.3559-1.3987 (C=1-1.618 of A) Main thing - this is just a correction before downtrend resumption.
USDCAD is giving an ABC correction and I would expect it to rise towards 1.3400 level as Wave C of the correction. Details are on the chart.
Like I forecasted , the first target is reached (Look at the related idea and the comments I've posted yesterday). Now I'm waiting for wave C down to TP2 near 1.2850.
It's a consolidation pattern here. Wave B looks finished. Target for wave C = A = 55.30
B wave has 2 possibilities. ABCDE Triangle and a simple ABC ZigZag. Looking at the sentiment of other EUR pairs ABC ZigZag seems more likely. Only time will tell. Nevertheless there is plenty of time before the C wave starts. Short term sharp movements to both sides are a possibility in these conditions.
The big bullish impulse is anticipated for a long time . But it seems there is more downside before it happens.
This is a daily chart. So the forecast covers few months to come and beyond. There is a lot left in the correction and it is far from over.
This setup is looking pretty clear , we have an impulse to the downside, it was correcting until now making an ABC correction now it looks like it wants to break to the downside for the next impulse which will be likely to hit 111.70 area.I'll be looking to sell this after a sell setup appears on lower timeframes. Trade your plan
It may not seem much. But here is the forecast till the end of 2017.
Pullbacks and short-term corrections marked on the chart in blue are for illustration purpose only. They hold no significance in terms of price or time. Read EURUSD weekly outlook 15th – 19th August 2016 for complete details.
Looking through dollar index we're on a corrective phase right now.We're looking to break the correction for more upside until 97.00 area then from then we would have an ABC correction finished so we would look for downside targeting 94.30 area.So the way it looks now we'll have an upmove to 97.00 then downside to 94.30.I'll be looking to enter after confirmation...
Gold is in the C wave of an ABC correction. Obviously long term view is for the upside, but not before it reaches the lows - at least 1300.00 Learn basics of Elliott wave principle
we have concluded the ongoing bullish wave to be a wave C instead of a wave 3 of a larger impulse. So there may be a breakout to the down side. Trade with care cos its NFP Friday Trade Pips
How to trade this wave : i) We can enter long at correction wave A on retest of trendline around 0.7200's for a target of 30pips (0.7230's) in NZDUSD ii) At B point enter short @0.7230's with 30 pip stops, for Targets around 0.7160's (70pips) iii) If all goes fine, we may pocket 100pips in NZDUSD alone today ! Though in charts everything is marked, there are...
GBPUSD it's on the B corrective wave, I m looking to go short for the C wave after a sell setup appears on lower timeframes , which will complete the ABC corrective structure before heading for the next impulse up. Trade your plan