The GBP/CAD looks set for a move to the 1.81 area.
The daily RSI is bouncing from bullish support at 40
The MACD looks like it is making a 0 line reversal
Price turned at 50% of wave 3
There was support from the mid point of the corrective channel and also the midpoint of the base channel.
Finally it also got support from the top of the daily ichimoku...
This looks like we have had a clean 5 wave impulse down followed by a 3 wave correction.
I am short from 1.4789 with a stop at 1.4836. Target 1 = 1.4529 Target 2 = 1.4343.
Please also note that the RSI is also turning around from the 60 level.
From this chart I can see a 5 wave impulse (labelled (i) to v)) from April to August 2015. After this it looks like a clear 3 wave correction (w),(x) and (y) which has taken place since August 2015.
I can also see significant MACD and RSI divergence at wave (y) (see the blue lines)
In the last few days RSI has broken the red down trend line and is challenging the...
GBP/CHF seems to have come to the end of a 3 wave correction
wave (c) = wave (a) and the correction stopped around the 50% retracement of the prior drop.
Price was also rejected at the 200 day moving average
The bullish RSI trend line from the 1/a low has also been broken
If not already in wait for a break of the trend line and a 3 wave correction to apply risk / reward
The chart above shows The developing bearish impulse in GBP/USD since summer 2015
W]ave (I) is labelled as a leading diagonal
Wave (II) is a short 3 wave correction which is to be expected after a leading diagonal.
Wave (III) is an extended wave which itself subdivides into 5 waves. Wave (III) also equals 1.618 wave (I)
Wave (IV) takes the form of a...
For the week commencing November 2nd I am looking for confirmation that GBP/JPY is ready to make new yearly lows.
I have labelled the move from the 18th June low as a series of 1's and 2's and am looking for confirmation that the latest (2) is complete and that we are ready to move lower in a wave 3.
As per the chart the following factors are in favour of...
EUR/CAD looks like it is forming a real nice sell opportunity on 2 time frames.
The main chart is the 4 hour. Here there is a 5 wave impulse (wave 1) with a complex WXY correction (wave 2)
Wave 2 retraced 50% of wave 1
Wave Y = 78.6 % of wave W
In addition we can see that the RSI has held the 60-70 bear resistance indicating that the move up is a pull...
GBP/CHF looks like it is making a contracting triangle in the wave 4 position.
So far I have labelled this triangle as being in the middle of making wave e which is the final wave of an Elliott Wave triangle.
I will be selling on a break of 1.4660 looking for an initial target of 1.4509 (38.2% Extension of wave 1-3)
The second target is 1.4317 which is the...
GBP/USD looks like we are starting a wave 3 of 4. In addition it looks like we have a wedge forming which is a sequence of waves 1 and 2 which could make the move explosive.
Wave 2 stopped in between 50% and 61.8% of wave 1.
Price has keep capped my the weekly ichimoku cloud base
What to look for.
look for a 3 wave move up to form wave (2). When this has...
Did the UK treasury make a mistake selling some of their stake in RBS?
Looking at this Elliott wave count suggests they might have done!
According to my count we have finished an intermediate wave 1 (leading diagonal) of a wave 3 of one larger degree
Now we are in the process of making a wave (2).
The next wave is a wave (3) of 3 which is a trader's dream to...
I am not in this trade yet but am looking to enter.
1) RSI held the 50-40 bullish support
2) The second X ended at 61.8% of Y
3) The chart formed a daily Doji at the second X
I will be looking for a 3 wave pull back after a break of 1.1377. I will post another message when or if this transpires.
I am long GBP/CHF from 1.4550 but if this count is correct a top could be forming soon. I currently have my stop at 1.4930 just below b of 5.
I have my preferred count is that we are working on a expanded flat wave II. If this is the case I have price working a wave c of B with c being an ending diagonal. For this to be valid price can not go above 1.5409. If it...
Sell EUR/GBP on a break of 0.7011
Target 1 0.6902
I have labelled EUR/GBP as being in the midst of wave c of v of an ending diagonal.
It looks like wave 1 has been completed as well as a flat wave 2.
I am looking to enter on a break of wave b of 2 (0.7011) with my first target being 1.618 of wave 1 which is 0.6902.
RSI has held the 50-60...
I am looking to buy GBP/NZD on a break of 2.37. My stop will be at 2.3555 (145 pips) with a target of 2.4173 (473) pips.
I am labelling this as wave c of iii of an ending diagonal. We maybe haven't got quite enough information to confirm this yet but if it not a wave c it will be a wave 3 so either way I am looking for upside. RSI is holding the 50-40 zone...
EUR/AUD looks like it has made a clear 5 wave move up from the April low.
I have drawn the 2-4 trend line and when this is extrapolated from wave 3 it catches the top of the move
Wave 4 is 38.2% of the entire impulse which agrees with the fibonacci divider
Wave 5 is also around 38.2% of wave 1-3
I am short from 1.5139 and am looking for 1.4640 as my first...
GBP/NZD looks like it is forming a complex wave iv. This pair has been on a strong upward trend since April. Please also note that the RBNZ monetary policy meeting takes place on Wednesday 22th July and they are expected to cut interest rates.
So far price looks like it is dropping as a W X Y double Zig Zag correction. I have labelled waves W X and a of y and b...
It looks like we have a clear 3 wave move in the 15 min GBP/AUD chart
At 2:30AM London time we have Australian GDP and Chinese CPI Data
My Idea is to go long on a break of wave b(2.0749) with a stop below wave c (2.0600)
I have labelled the 2009 - 2015 move as an A B C ZigZag with an ending diagonal wave c
The advance has turned at the point where Wave c = Wave a
Wave c looks like an expanding ending diagonal. If this is the case a break of wave 4 of c should lead to a rapid move to the beginning of the diagonal which is at 4789.
Bearish RSI divergence is present between...