RavingEagle

RavingEagle

Base of Wave 4 Triangle supported at 1.618 Fib level (projected from top of Wave 1); Diversion between (D)-(E) Triangle leg and MACD histogram; Slow Stochastics approaching Oversold; Longer term target @3.618 Fib extension (1.6720) ... Risk / Reward > 1:3 Optional shorter term Target @ 2.618 Fib extension (1.61700)

RavingEagle

Support Zone may suggest good chance to enter a Long Position of the Aussie against a (presently) weaker Yen. Fibonacci tool left out, by mistake... my apologies! Note that the Support / Resistance Zone coincides with the 1.68 Fibonacci Level; Additionally, Wave V ends exactly at the 2.618 Fibonacci Level.

RavingEagle

Fundamentals/Market Sentiment RBA recently reduced interest rate but AUD seems still strong. USD rate hikes are not expected anytime soon... will USD data continue to show signs of weekness? Technical A new Elliot Wave Formation is possible on previous Resistance turned Support Zone; 200 Simple Moving Average line provides possible additional Support; Stochastics...

RavingEagle

The Triangle suggests trend continuation... to be resumed after Price Action retracement. After a long and healthy uptrend, Double-Top and Overbought Stochastics might indicate Temporary Uptrend Exhaustion; For Countertrend traders, this might present a good potential opportunity window to short; Recent Market Memory resistance levels suggest possibilities of...

RavingEagle

The EURGBP has been downtrending strongly and has presently paused. Before a trend continuation or trend reversal, Price Action may consolidate for a shorter or longer period. Overbought Stochastics may suggest that Price Action will continue its Bearish momentum. Risk Reward just under 1 : 2

RavingEagle

Interesting potential of Wave ( v ) starting at conjunction of: Test of 1.618 Fib level resistance Bottom of Wave ( iv ) level reaching its limit at top of Wave ( i ) level Bollinger Bands extreme being reached Resistance of 50 Simple Moving Average (on the close) ...to complete Wave 5 Risk / Reward > 1 : 1.5

RavingEagle

Potential Price Action exhaustion at top of Range... Additional Confirmation provided by : Resistance near the 200 Simple Moving Average (at the Close) Overbought Stochastics Risk / Rward > 3.5 : 1

RavingEagle

Range between 0.7850 and 0.7650 (200 pips) Overbought Stochastics Bearish bias from previous trend Risk Reward > 3 Could be an interesting trade...

RavingEagle

Wave 4 retracement may have found resistance at 2.618 Fib extension + previous resistance zone. Crossover between 50 and 200 Simple Moving Averages may provide more conseravtive trigger confirmation. If entered now (more aggressive entry) Risk / Reward > 1 : 2

RavingEagle

Recent previous Price Action may form enough resistance for resuming previous strong downtrend. Wave V will at least reach the base of Wave IV Triangle (if truncated)... there's potential for more downside movement.

RavingEagle

Market Indecision at Wave 4 Triangle, to be potentially followed by a breakout to the upside, respecting and continuing the previous Bullish trend (weakened CAD, due to correlation with Bearish trend on Crude Oil). Shorter term Risk/Reward ratio (based on Fibonacci + recent Price Action Highs) about 1 : 1.6 Longer term Risk/Reward ratio (based on Fibonacci...

RavingEagle

Elliott Wave 4 potentially ending at 2.618 Fib + 88.00 Psych level + previous Price Action peak resistance. Risk Reward > 1:2

RavingEagle

1.51 level = previous Support, turned Resistance Established downtrend -> Consolidation over 1.51 level -> possible Downtrend continuation 1.51 level broken to the downside 1.51 level being tested, at Resistance, with possible Price Action exhaustion (overbought) Target -> Market Memory -> Low formed near 1.48258, from MAR to JUL 2013

RavingEagle

Wave 4 coincides with 2.618 Fib level resistance; Wave 5 complete at 3.618 Fib level; Corrective wave exhausting at Wave 4 level (resistance) Risk/Reward ratio > 1:2

RavingEagle

Breakout projected from the Wave IV Triangle (Momentum Trade) Elliot Wave metrics: Wave III topped at the 1.618 Fib level; Wave V (in the channel) expected to reach 0.9830 (2.618 level) Trade valid until Price Action crosses Wave I level Risk Reward > 7:1