Looking at the daily chart of the gold futures contracts from CME we may spot a complex corrective structure. Previously we have assumed its simplified form. We have to change that view because wave B takes more time to form. Wave B which consists of three sub-waves labeled as “abc” could create a possible flat correction pattern. If the trendline is broken we...
The EUR/USD exchange rate has been rising since May within a nice upward trend channel. The market since then has been creating a potential Elliott wave structure. After the first rebound labeled as wave 1 the correction as wave 2 appeared. Currently, the market could be moving upward as a wave 3 which may consist of sub waves labeled as “i” to “v”. Looking at...
Looking at the chart of ETHUSD we have spotted a potential running correction that we have described in our previous analysis. We wrote that “It typically works as a potential indicator for the strength of a trend where the price doesn’t have enough momentum to create a new lower low.” After the end of wave C, the market has been rising as a potential new impulse...
The price of Ripple has been creating a potential corrective movement after a previous strong rally. The correction looks like an irregular correction pattern where wave B could break the previous top and wave C could break the low of wave A. A recent V-shaped recovery after the A breakout could confirm the structure. If 0,2705 is defended we could wait for the...
The GBP/USD exchange rate has been moving within an upward trend channel. Its upper and lower limits seem to be the nearest potential key resistance and support levels. The resistance may also be set by previous highs with the first one at 1,3300. If the mentioned resistance is broken we could expect another rally. Looking at the whole chart we may spot also a...
After a strong rally, the price of silver has been creating a correction. The whole corrective movement may look currently like a triangle pattern with support at 26 USD and resistance set by the line drawn through the tops. If the trendline is broken the market may create an upward movement to the previous highs at 28,50 or 29,40 USD. It seems that only a move...
The price of gold after a strong rally has been creating a potential corrective movement that could be labeled as ABC. The correction occurs after a significant price increase so there could be a stronger pullback (approximately 15%). Currently, after the potential wave A and wave B the wave C may appear. However, it could happen only after a trendline breakout....
Looking at the USD/JPY currency pair we may spot a potential simple correction labeled as ABC. The textbook target for wave C should be located at the upper limit in the upward channel. However, we could also spot a potential head and shoulders pattern. The first resistance may be set by the left shoulder at 106,47 where the price is currently. If the C wave is...
Looking at the ETH/USD daily chart we may spot a potential running correction. It typically works as a potential indicator for the strength of a trend where the price doesn’t have enough momentum to create a new lower low. What's more, the higher highs also occur in an upward trend so there could be a confirmation for the bulls. Current Fibonacci expansion levels...
The S&P 500 futures contracts are trying to break the lower limit in the rising wedge pattern. The market has been creating it since the end of June with lower and lower trading volume. What is more, the market has stopped the recent rally at its previous record high from February. Talking about the double top pattern could be too soon, but definitely we can talk...
The price of BTC has retraced to the lower limit within a main upward channel. The line previously was a lower limit in the triangle pattern that we described earlier. The recent pullback and previous breakout of the 12059 USD area may indicate that the market has been creating a potential running correction. The recent upward movement may be labeled as “abc”...
In the previous analysis of the USD/JPY currency pair, we have mentioned that the price has been creating a potential simple correction labeled as “abc”. According to the previous assumptions, the pair has broken the lower limit within a channel and the impulse wave has accelerated. The nearest potential target has been reached at the low of wave “b” at 105,30....
The price of Bitcoin has been within a triangle pattern since the beginning of August. The upper limit of the triangle was broken yesterday with a huge volume on the crypto exchanges. This may indicate that the price movement is supported by the money flow behind that move. It seems that the broken resistance may be the nearest support level (12059 USD). If it...
The price of Ripple has created a flag pattern and an inverted head and shoulders structure in one chart with almost one move. First of all the flag pattern and inverted head and shoulders pattern may be considered here as trend continuations patterns. The upper limit within a flag has been broken with a neckline so it can open a way to the potential textbook...
The price of ETH/USD has broken a potential resistance at 363 USD where the previous top has been located. This is four weeks of an upward movement in a row which shows a potential ETH strength. The textbook target for a double bottom pattern is located at 644,58 USD and the price may reach it rather quickly. The key support is set by the mentioned broken...
Looking at the H4 chart of the USD/JPY currency pair we can spot a potential simple correction pattern (abc). This is the easiest corrective pattern to spot on the market however, it should be confirmed by the specific price behavior in the future. The correction consists of three waves labeled as abc where wave c could reach 61,8 or 100% of wave a. The...
Looking at the XRPUSD chart we may spot a potential flag pattern. It could be usually a trend continuation structure with possible support at the line drawn through the bottoms. What is more, to the price also has stopped at the 38,2% of the Fibonacci retracement. If the mentioned support levels are not broken we may expect another rally after the breakout of the...
The price of gold has surged recently. The move seems to be too fast in a too short time which could lead to a larger correction. Looking at the chart it seems that the market has broken an upper limit in an upward channel which has been creating since 2 years. Currently, the price may move back again inside the channel. In percentage terms, the market may...