Daily Elliott Wave Count The simetry in the elliott wave analysis is not a rule but an important guide to reduce de guess work to determine if a wave structure had been completed or not. In this case, as we expected a clear retrace had been done since the end of the impulsive pattern for wave 3) with a nice fibonacci's level of 38.2 (the most common level of...
My reasons: The bounce at 76.4% of retracement after a decline from a strong and fast rally. The strongest rally since decline started confirm the bullish view The only chance is a temporary retracement but eventually should go up again. About the days to hit the highs not shure, the idea is that the price will come to try to break the resistance.
Daily Elliott Wave Count Yesterday published a wave count where the expected 4) wave could be in a dobule correction pattern but after the todays Retail Sales fundamental, this scenario has became less probable (- 4) impossible but an extension of 3) still have has a chance) and more probable the running flat. This could explain the lack of down side momentum. and...
Daily Technical Analysis If you remind, after the down side break of the bullish trend line, the price made a gartley that at it's end was the first call for early sellers who wanted to jump in into the possible new bearish trend. Even when the upside push penetrated the recently created down trend line, the formation of a clear push back with a long top shadow...
Daily Elliott Wave Count
Daily Elliott Wave Count As we were expecting since Sunday and confirmed 2 days ago, the impulsive movement to the down side was underway and with this strong decline expressed a strong and clear longest 3) wave, we are near the 261.8% wave 1 extension which is common projection, as we expect an even longer move for this wave 3)) we do not intent to take profits...
The new highs above the 9080 confirms the down side movement finished at the very low of this chart will not extend beyond, Now the odds are between the corrective movement ended in y a the first part of a more extended correction like the a wave of an expanded flat (suitable for a more deep ii) wave (more probable) or that the y wave is all the correction for b)...
In a down trend that could be longer than is now appears a Harami that confirm this situation, one of the most probable paths is a pullback to the now formed down trend line or a 38.2% retracement of the movement from .9080s to the actual low at .8775 aprox. There the down trend should at least try to push for new lows again.
While this do not break under the 79.92 the chances are for a new impulse (and the most strong) yet to come to take us at least to the 81.40 and beyond (could be well beyond) Upside break out beyond 80.28 will confirm this view
Daily Elliott Wave Count. The wired behavior of the pound in the last few days could be explained as a leading diagonal where motive waves 1 and 3 were zigzags and wave 5 as impulse, remember that in leading diagonals this could happen. After a nice zigzag appears but think more correction is to come due the length in time of this corrective pattern vs the diagonal.
For the major pairs the bullish engulfing in here is the most significant of all. The conjunction with the 50% retracement and bounce of the original long term channel makes even more appealing to keep pushing to new high. Show no recent divergence that's a plus factor for this pair. Daily Technical Analysis
With today push above the 1.3740 level the chances for extended c) wave of b)) is discarded and therefore the chances for surface the a)) wave seems even more probable. Daily Elliott Wave Count
Tomorrow will be published the highly expected NFPR and unemployment rate, we are almost about the rate that FED had signaled before December as a threshold for keep the rates ultra-low, even when now this guys have declared the rates will keep ultra-low well long after the the 6.5% had been breached the rate of unemployment still a significant measure (the best...
After the NFPR disappointment the DXY seems on track to a short term correction, even so, the chances for a resume of the bull trend seems unchanged after a retrace around the 61.8% from the 79.70 to 81.20 rally. This should take a week or two to be completed.