NZDUSD made a impressive recovery after hitting the low at 0.55 in March.
The market is now approaching a daily resistance zone, which includes in last two highs on daily timeframe.
After making an impulsive wave ③, Wave ⑤ is forming a ending diaognal channel. The trendlines are not converging, but the structure is still valid.
The Subwaves are 3-3-3-3-3 with...
EURUSD had some strong moves the last days.
The wave count could either be ABC or an impulse. Last impulsive move could be wave 3 or wave c.
We got nice price action at the turning points. For the low of wave 2 we got a perfect fake breakout from the outside/mother bar. It is even clearer on the 4H timeframe:
AUDJPY is forming a leading diagonal. The overall structure is 3-3-3-3-3 with all three's being ABC corrections.
When the count is valid, we are in the final wave C and one more push to the upside should take place.
Last week i tought the high might be in, but we did not get an impulsive break to the downside and the market closed above the weekly top.
just a quick update on GBPUSD. We have been in an extended sideways movement since five weeks now.
The wave count suggests the end of wave E to finish the barrier triangle and therefore wave 4.
Remember Wave E can break out of the trendline and often does. But if price goes below the low of wave C, the count is invalid.
In 20min is BOE Meeting, and...
GBPUSD made a 400 Pips move to the downside (Wave Ⓐ) and has been correcting since then.
This move to the upside could not be labelled impulsive. And we can clearly see an ABC Correction.
In this ABC pattern we have an Zig-Zag for wave (A), an expanded flat for wave (B) and five-wave push to the upside for wave (C).
Wave (C) got right into the resistance zone...
EURUSD took a wild ride the last weeks and definitly blown up some accounts.
From a technical perspective we got a 5-Waved downward movement.
After the initial push, we got a correction in a form of a rising wedge pattern.
This wedge made it's thrid touch of the upper trendline at the 50% Fibonacci retracement and also formed a price action sell signal.
● A Fake breakout is a classic price action pattern.
● These setups can best be described as a false breakout from an inside bar pattern
● They can happen with an engulfing or pinbar candlestick pattern
Have a look at the chart above:
● Price was sitting at the 50% Fibonacci level and formed inside bars
● Then we got the breakout below the support zone, the...
EURGBP made a really impressive rally as pound weakend significantly all over the board.
Price pushed 1200 Pips to the upside and the trend is still ongoing.
What we can see here is a classic extended Wave 3 where no real deep correction took place.
Wave 3 is most likely to be extended and a nice example why it is important to let the market decide when to get...
GBPUSD dropped like a hot potato the last two weeks. Panic is in the markets and we have seen a sell off in equities and commodities. (and commodity currencies)
From a technical and Elliott wave perspective we have completed the expanded triangle with the finish of the ABCDE correction.
The last drop was wave Y, the last push of Wave X, which started roughly 2...
USDJPY had a huge fall of +1100 Pips due to panic in the markets. YEN is sought after in times of uncertanty and liquidation of equity positions.
Have a look at my long term analysis of USDJPY:
After the impulsive fall, we now got a classic channel correction to the 61,8%...
EURUSD acted like predicted in the last analysis. Due to the market volatility the target was reached much faster.
On the fiscal side we got another rate cut from the FED yesterday. Emergency (cut) is the word of the time.
Typically for Wave 2, price found support at the 61% Fibonacci...
US30 like all the Indices in the world have been shaken by the uncertainty, fear and maybe even panic of the world.
Like on my analysis for the German DAX index, the early signs where there.
We now had the first strong Impulse to the downside, which had 5 Waves with...
The German DAX index took a pretty big hit all Indices over the Weekend.
Panik is in the markets and the professionals want a better entry Price.
The documented cases in Germany of COVID-19 increased by 10x times in 7 days.
Some manufactures are closing down, others a ordering their staff to work from home if possible.
At the Moment no one knows and it is...
EURUSD made a strong 5-Waved Impulse the last two weeks. Price gained more in two weeks than it lost in 8 months of correction.
The Indices fell hard and demand after cash is high. Just have a look at the YEN, a save haven for all Investors (especially from Asia)
With the GAP and the final push to the upside, the 5 Wave pattern is complete.
We should now see a...
EURGBP made a real textbook example of a wave 3.
Price is currently in correction mode after that strong push and it may correct more for the next sessions.
Wave 2 was pretty short, so we should see a longer and deeper correction of wave 4.
When we get the price action signal at the area of interest we will open a long position to participate on wave 5.
EURUSD made a pretty impressive move the last two weeks. Price hit the lower channel line and was rejected hard.
RSI extreme low on daily chart was made, but no divergence so far.
In my opinion is the complex and longterm correction of Wave 2 not yet finished.
The correction is a complex WXYXZ combination, also known als Tripple Three.
The second X Wave is...