An explanation of the EURUSD chart analysis on the 15 minutes time frame.
After the completion of the A-B-C correction, the impulse wave began rapidly as we experienced in the last week market we were able to count sub waves 1,2,3 for the wave (i) What we expect for the week ahead is correction of the impulse move then an advance for wave 3, which often represents the strongest part of the market cycle and can't be the shortest by price
Above is a clear count of 5 wave impulse which makes up the wave (A) of a zigzag correction (5-3-5) then followed by a triangle correction which serves as the wave B. According to Elliot wave rules, a triangle pattern more often that not appears as wave B or wave 4. Now we are in a short position for the C leg of the zigzag correction .
An update on dollar index. we have been experiencing some sideways corrective structure, we expect a break out to the upside soon
A rebounce on the bearish trend line signals a contination of this new bearish trend,,,
As we analyzed few days ago, gold has resumed another nearish impulse and traget still holds at last 2 weeks low .
as seen on the chart, wave 5 was preceded with a triangle corrective pattern serving as wave 4. An ideally, after the completion of an impulse the corrective structure began rapidly on the opposite direction of the trend, Now we are selling wave 3 of the C leg of zig zag correction
Gold is set to completes is bearish control with another impulse wave downward, I expect price to reach the region of 1880 and beyond so far the invalidation level is not broken
The triangle preceded the 5th Wave. After the end of the wave 5 , the rapid correction in the opposite direction began. Next week we expect more upside, after correction in to the potential reversal region marked on the chart
I see btc ready to push up to 12000 region, the price action around this level will be a deciding factor for the second leg of the bearish correction to resume, then we may see a decline in price to somewhere around 10600 or beyond.
A Break above 0.91400 region will be agood place to buy with the stop loss around 0.90237 Our target is the 0.93500 region
The triangle preceded the 5th Wave. After the end of the wave 5 , then we saw a rapid correction in the opposite direction . Next week we expect more downside, after correction in to the potential reversal region marked on the chart
Usdjpy is pointing at a new opportunity to sell with this corrective pattern. This correction is one of the five types of corrective patterns that correct the completed cycle of the prevailing trend. Zigzags (5-3-5), Flats (3-3-5), Triangles (3-3-3-3-3), Double threes which are a combination of two corrective patterns previously mentioned. Then lastly a Triple...
I am expecting a further sell on GOLD up to 1900 and beyond. as shown on the chart
We are heading for the C leg of zigzag correction pattern... Alternatively the current move down maybe a wave 4 which will be followed by a bullish move up.
Eurusd as more room to the downside to either form a wave 3 or wave c leg ... Invalidation level around 1.8880
Usdjpy is on its way t the Z leg of the triple three correction as explained in our last analysis. We are currently in a sell position for the wave c of thIS Z leg. The invalidation level for this analysis is around 107.000 psychological number
I am currently in a by position to follow the B correction before changing my position to SELL.