GBPUSD is still in a correction stage as it has finished the B wave where it is an irregular wave and a trap for some traders as it broke the previous swing. Wave C in WAVE B was 5 waves where wave 3 is 150% of wave 1, and wave 5 is 100% of wave 1! which makes it an ideal 5 elliot waves.
After the completion of the 5th wave of Wave C, where it was IDEAL WAVES where wave 3 is exactly 2X of wave 1 and wave 5 is exactly 1.618 of wave 1, I expect it to be done with the downward trend. unless, the this low is broken where i doubt it to do so, i would be looking for the equality of wave 3 length.
Gold has been in a correction ABC pattern, where this high should be the end of wave C, unless the high was broken and it breaks the high of 1274 it should be an extended C wave and should reach to 1284.
USDCAD is showing a Bullish Gartley on the H4, as this should be the B correction after the Long rally that it was in, also it retraced 50% of the whole move up which makes the Bullish gartley stronger as has a Cluster on the 50% fibonacci level.
GBPUSD has completed its AB=CD correction pattern finding a resistance at the 0.382 where it started to build for a new bearish harmonic pattern that i believe it has finished it and it should continue its down trend.
Oil have been in a correction since 2008 from the high of 145$, it has finished the 2 corrections down and now its building patterns and corrections to go up.
as shown in the picture, the Oil has finished the ABC correction pattern and i think the investors would like to break the high of October 2015 with B ...
As shown in the image, the weekly has broken the last swing low which make this harmonic pattern valid unless a higher high is formed. Selling this pair should be with cautious. i would wait for a strong bearish candle on the Daily chart to have more probability of my bearish scenario.
As i marked my fibonacci starting and ending points, i believe this is the 1st correction wave, and the Gold was retracing its bearish correction wave to reach level 0.236 and form a strong BEARISH ENGULFING CANDLE on May close.
in my opinion showing a bearish engulfing candle on the 0.236 makes this a valid and ...
DXY collapsed on Friday after the Non-Farm Employment Change news and it was much worse than expected! i believe that the DXY did not over exaggerate as it had to fall to retrace the Long rally that it was in.
Moreover, the Monthly May close and the engulf candle occurred makes me believe more that this fall is ...
USDJPY is showing a HEAD & SHOULDERS pattern on the MONTHLY chart. my idea is supported by breaking the swing high in 2007 where the price reached 124.00 and droped drametically to 75.75$. In 2015 the 124.00 was broken and all the supply was taken out where the price reached 125.860. in my opinion this is a bullish ...