The weekly chart is already showing a nice head and shoulders bottom pattern but I believe oil needs a C wave down to complete this sideways correction.
A move to 34.55 would make a noce right shoulder.
The usdjpy could be completing a wave for here and shot higher for a wave 5. This also could be wave 5 of a 3rd wave so another wave 4 and 5 could follow.
A move below 113.33 before a new high would invalidate the count.
The target for this wave 5 is 115.54.
Looking for a long trade on AUDNZD. My one concern here is that this could be a fifth wave down but long term I am looking higher so the move down from the highs could be an abc down and this is the start of a move higher.
I believe the triangle is complete but there is still a chance that D is still in play and E will follow. A break of 1.05237 and the triangle is compete. The target down using the width of the triangle is .9500, this is 1200 pips from current price.
As I have previously mentioned, I believe the USDJPy is heading for the 135.00 area. The Daily count is showing that the B wave down has ended in a Y wave triangle and the pair is in a 3rd wave up or at least a nested 1-2.
If this is a nested 1-2 then I would expect the pair to pullback and test the broken ...
There are a number of ways we could count this move up right now, This could just be an BAC correction up and we go lower to new lows before heading higher. I think the pair is headed for that 135.00 area so for now I am going with the idea that wave 3 is nearing an end and a wave 4 is about to take place. ...
Looking at this recent drop as wave 1 still in progress. I will be shorting any bounce with stops above .77783.
A bounce in the RSI to 50 or 60 would be a good sell signal. If the following drop is a 3rd wave I would like to see the RSI break below 40 and even 30.
I am showing the Fib extensions with ...
I originally posted this chart on Twitter back in June and thought I would update it on TradView. I believe we are headed for the 135.00 area right now before heading back down to the 101.00 area again.
This triangle for the Y wave of wave 2 is nearing completion. A move below .75576 and I would say it is done and a 3rd wave down is under way.
Currently the pair is either completing an expanding ending diagonal c wave of e or it is a b wave of the blue b.
A move above .77344 and a larger ending diagonal C ...