I am expecting the loonie to rise to 1.3500 region 1ith my invalidation evel to be below wave B as sown on the chart.
This trade has a high reward with minimum risk.
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A little updates, I see that USD/JPY is trap into this bearish rising wedge and the price it's comming to explode to bear scenario, so, from Monday I keep my posiiton in short, don't closed this position and be patience, this is an elliot wave # 4. The price is into too in the descedent triangle into the bearish rising wedge and a strong resistance mark in clear green.
GBPJPY's chart above shows the corrective move that started from wave (v) high.
The sharp decline can be seen as a five-wave impulse in wave (a) which means the impending correction will most likely be a zigzag.
Price has since then moved in a sideway and seems to have completed a double three complex correction in wave (b).
To complete the zigzag pattern a...
AUDUSD is approaching the completion of a five-wave pattern after breaking out of a major corrective structure.
Once a five-wave pattern is completed, a three-wave in opposite direction should follow according to Elliot Wave theory.
That's AUDUSD should find a bottom soon and at least we should see a three-wave move higher in the weeks ahead.
Bearish bat on GJ is still valid. The support zone was created by a huge gap at Britains exit polls hours before the actual results were announced. The actual came out better. Unless by some miracle there is no empirical evidence on the fundamentals that gives a bullish Pound-Yen beyond this point. Elliot wave analysis is consistent with this view. The 1 leg is...
NOT SO FAST MY DEAREST TEA DRINKER !
As you can see, my magical arrow that is so not magical, is magically pointing up to the upside (We call this a retracement btw, or something.....)
I don't expect the price to go too high... BUT A POSSIBILITIES NONETHELESS !
Now, since we already established that GBPUSD gonna fall.
We need to know where its gonna...
I am looking for a huge sell on Oil. The price action that started on November 29th seems to be corrective. We can expect another big sell off similar to the 300 tick drop that happened on November 29th
The move up in Gold that started on November 12th seems to be a corrective structure. I identify it as a (3-3-5) Flat pattern, the move is also contained within parallel lines. I am looking for a huge sell off to around the 1413 area. If price break out of the parallel lines impulsively to the upside then this analysis would prove to be invalid
If you look at my analysis from November 25th which is linked below you can see that I forecasted a big sell off in Oil. The sell off I was anticipating have began, now I am looking for the trend to continue to the downside. Before that happen I will not be surprised to see a bigger corrective structure to form which may retest resistance around 57.19. It may not...
Gold have been in a corrective structure since September of this year moving lower. I believe we are in a complex corrective structure and we are going to get another push lower in wave Y of the complex structure
Gold is setting up for some really good trading set ups. Depending on what type of trader you are, Trend following or counter trend, will determine which set up is suitable for your trading plan. The arrows give somewhat of a map of the movement that I am expecting to take place.