We are in corrective structure after a 5 wave move up on USDJPY. We seems to be in the latter stages of an end to the correction. Overall a breakout to the upside is expected. Remember this is a Daily chart, so it may be sometime before it pans out. Price zone to note is 119.50 - 119.00. Price action in thhis zone would give clues about what possible correction...
Morning! Looking at the correlations in excel for today, EUR/USD + GBP/USD have a very positive correlation (93.9) for the hourly This means USD is countered, i.e it becomes EUR/GBP > also waiting on retracement from the FIB EXT level of 127.20%, this will complete D, and will be a good time to sell if the price reverses from that area. Elliot Wave - I have...
The Correction from 7003 reached 7050 before turning and breaking the up channel 7050 marks the 61.8% Fib from 7080-7003 The correction up unfolded as a double corrective structure. Since we have broken the channel and formed wave a of the larger wave Y at 7012 - looking to sell retracements in this leg up towards 7036-7041 which holds a confluence area of Fib...
Very Interesting R/R. A nice gartley pattern inside a triangle. Possible C Wave extension(127.1) to 1741.9. FX:SPX500 Stop Loss above 2117. I would close the trade if a breakout occurs above the top TL. Have a look at my take on the long term outlook in the picture below. Good Luck trading. Regards, JK.
Today while analyzing the market, I noted a very interesting moves on FX:EURGBP . Look close and see how price is moving harmonically. We see that diagonal support was broken @0.7209, since then price is in correction wave in a harmonic move. It is more likely to repeat the previous move-break the second diagonal support which is exactly parallel to the previous...
Maybe this progression can be expected. I m newbie, so don't expect this to happen. :p
As you can see the Gartley pattern has completed and in the process I have also identified the 1-5 elliot wave. I am now expecting the correction waves to begin based on price action. There is a potential for price to retrace from the completion of A-B around the 50%-61.8% fib levels before heading further down to the 1.27 Extention towards the 0.7150. Targets...