Hi every body.
My previous analysis about EURUSD had some flaws so i made it right. So far a Flat pattern has completed, wave C retraced more than 161% wave B so its a Elongated Flat. Then a ABC pattern couldn't break the flat's channel therefore it wasn't an impulse and that count as a X wave.
Elongated flats are also common in triangles but i don't think that's...
Broke out of expanding flat only to crash right back into the pattern. No clear direction here except a possible bounce here due to oversold technicals. Support seems strong around $1.05 on daily TF. I would look to buy that test if we get there.
See how bears failed to push price down to support. This is our first indication that bulls are beginning to take control of this market.
Bulls did indeed take control and we've seen a breakout overnight of this range after some indecision at our key resistance level.
Where will price head next on this pair?
Interested in talking trading over the weekend? Why...
Price has rallied up to tag our long term resistance zone before bears have entered the market once again. Will we see a break of our ascending trendline? Price still trading inside our blue highlighted area bouncing between key levels in the market.
We can see a break of descending structure, bears take over the market. Price finds support and is consolidating in this range. Where will see price go heading into next week?
Any questions? Just drop me a message.
Happy Trading and have a great weekend!
We can see price has followed our first initial price path by falling to our support zone in our flat channel. Bulls are sitting at this level once again, but will they be able to take price higher once again? Or will we see a break of this structure?
Happy Trading - and as always, any questions please feel free to shoot me a DM!
We've seen yet another bounce off our support level and price continues to trade in our flat channel. We're expecting bears to enter the market around this level. Stay tuned and watch this pair as we head into next week. Will we see a breakout?
Here we can see price is trading in a flat channel highlighted with the black horizontal lines and our green highlighted rectangle. Price is contained in this area. We are waiting for price to breakout to the downside on this pair.
Please drop me a message. I'll be happy to help with any forex related queries!
GBP/JPY 4HR - Remember yesterday we posted analysis on the pair expecting a break and retest move to the upside. We didn't get triggered into this trade as price didn't come back to test our key level, but we certainly saw the bullish move.
However, price now testing our 4hr resistance as expected. Will we see a break or a bounce heading into next week?
We can see EUR/JPY is currently trading around our long term resistance zone. We have highlighted our flat channel and marked key levels in the market. Price has been gravitating towards these levels and bouncing.
Scaling down to the 4hr timeframe we can see a short term support zone marked with a black horizontal line.
FIVE ELLIOT WAVE IN A FLAT DOWN CHANNEL,
WAITING FOR BIG VOLUME TO GET THE REAL BREAK AND HIT SOME OF THE FIB LINES,
I GOT YOU THE STOPLOSS AND THE PROFIT RATES,
FOR ANY QUESTION SEND ME A MESSAGE,
WOULD LOVE TO HEAR IF THERE IS ANY OTHER IDEA YOU BELIEVE IN!!?
GOOD LUCK EVERYONE,
For months I have struggled to make Elliott wave theory fit this Bear Flag rising channel but although 5 wave impulses appear within the channel, it is not itself a motive impulse, but rather, it is a complex, 7 or 9 multi-wave zig-zag flat corrective pattern "A-B-C". It also contains WXY components which we recently observed press index under 25000, as well as...