Veejahbee

The EURCAD made an impulsive move to the upside and followed by a corrective structure that has retraced 61.8% of the rally. The prices have rejected a broken resistance that lined up with mean value "moving averages" as support. Price has the potential to resume higher from the near current level and resistance level @ 1.51700 area is a plausible target!

With regards to my previous post on AUDNZD, the price seems to has completed the flag pattern and a bullish rally should resume. There is also a weekly doji price action signal on the weekly chart which is suggesting indecision. However, since our bias is bullish it can serve as a buy signal. The trading plan here is very conservative as we're putting our stop...

The 4-hour chart reveals the structure of AUDJPY from the top at 80.728 in mid-April. During the next two months, the pair lost approximately 680 pips. That is not the most exciting part by itself. What matters a lot more is the fact that the sell-off to 73.929 can be seen as a complete five-wave impulse. The pattern is labeled (i)-(ii)-(iii)-(iv)-(v) where the...

AUDNZD bears have been stuck in a consolidation structure for the past three months after a sharp bullish rally that peaked at 1.07301 level on April 17, 2019. The sideways bearish move indicates that the market is in a corrective phase and sooner or later, the bulls will take over and break out the bearish barriers. Fortunately, a very notable corrective price...

BTCUSD price has been marching higher since it bottomed in December 2018 at around $3200. By June 26th, the first-ever cryptocurrency (Bitcoin) top at approx. $13800. Unfortunately for the bulls, the rally came to a halt and Bitcoin dropped 34% to ~$9000 on July 17th. As at the time of this writing, Saturday, July 20, 2019, the bulls are recovering the losses,...

Gold bulls have been unstoppable in the last few weeks. The price of gold has gained 13% to $1439.31 an ounce after a bearish correction that lasts through February and May 2019. The precious metal still has the potential to move substantially higher from the long-term perspective. However, in this post, we will look at the recent rally in Gold and what the next...

The EURAUD weekly chart above reveals that the rally from February 2017 low to as high as 1.61957 in March 2018 took the shape of a textbook Elliot Wave leading diagonal structure. The pattern is labeled (i)-(ii)-(iii)-(iv)-(v); wave (iv) overlap wave (i) high which make the whole advance an Elliot wave motive diagonal rather than an impulse. The Big Picture...

The Daily chart reveals something that should make the bulls feel uncomfortable. It shows that EURNZD’s massive decline from October 2018 high at 1.79337 to December 2018 low at 1.63279 took the shape of a textbook five-wave impulse. The pattern is labeled 1-2-3-4-5. EURNZD Bears Remain in Control According to the theory, the impulses point in the direction of...

The XRPUSD "Ripple" has been moving higher in wave (3) since the bottom of the May 23 low at 0.35976. The recent rally from wave (2) low at 0.35976 unfolded as an impulse Elliot Wave structure in wave (i) in blue. According to Elliot Wave Theory, a three-wave pullback follows every impulse move before price resumes in the direction of the larger trend. . This...

Hi Traders, Following up on the larger degree analysis I posted on BTCUSD, here is the shorter cycle view. The BTCUSD seems to be completed an expanded flat correction in wave (ii) of 5. The correction retraced 78.6% of the wave (i) rally. According to the theory 1. Wave (ii) must not exceed the low of wave (i), hence, the invalidation level on the chart. 2....

Looking at the significant growth that started late Dec 2018, one can easily forget that the Bitcoin can go down, again. No trend lasts forever and history shows that those who ignore this lesson suffer the greatest losses. So instead of simply relying on the future to resemble the past, let’s take a look at the BTCUSD through an Elliott Wave perspective. The...

The daily chart above puts the price action of NZDUSD from the low at 0.64252 into Elliot Wave context. The first major reason not to join the bears right now is the completed bullish 5-3 wave cycle. The advance to 0.69705 can be seen as a five-wave impulse labeled 1-2-3-4-5. NZDUSD Bears Cannot Hide Their Weakness Much Longer The theory states that every...

Hi Traders, The RIPPLE "XRPUSD" daily chart above shows that the rally that started August 2018 from the major low at $0.24694 area took the shape of Elliot Wave five-wave impulse structure labeled (1)-(5). According to Elliot Wave theory, a three-wave correction in the opposite direction follows every impulsive move. . In Ripple's case, the corrective wave...

Hi Traders, The rally on EURCHF from the major low at 1.11621 took the form of Elliot wave impulse structure, labelled (i)-(v). According to the Elliot Wave theory, a three wave retracement follows every impulse move, in the EURCHF's case, the decline from wave 1/A high unfolded as a three-wave (a)-(b)-(c) zigzag pattern in wave 2/B. . The correction also finds...

Hi Traders, The rally on EURCHF from the major low at 1.11621 took the form of Elliot wave impulse structure, labelled (i)-(v). According to the Elliot Wave theory, a three wave retracement follows every impulse move, in the EURCHF's case, the decline from wave 1/A high unfolded as a three-wave (a)-(b)-(c) zigzag pattern in wave 2/B. . The correction also finds...

Hi Traders, The rally on EURCHF from the major low at 1.11621 took the form of Elliot wave impulse structure, labelled (i)-(v). According to the Elliot Wave theory, a three wave retracement follows every impulse move, in the EURCHF's case, the decline from wave 1/A high unfolded as a three-wave (a)-(b)-(c) zigzag pattern in wave 2/B. . The correction also finds...

Hi Traders, The USDJPY has been trading in a large triangle on the longer cycle after a bullish Elliot wave impulsive structure that ended in May 2015. Once the price breaks out of the triangle trendline and crosses the wave (D) high, we can expect a long-term bullish move. . However, in the shorter cycle, the price has just completed a three-wave correction that...

Hi Traders, The GBPNZD daily chart above revealed that the sell-off from the high at 2.0476 to the low at 1.8132 was an Elliot wave impulse structure, labelled 1-2-3-4-5. According to the theory, a three-wave correction in the opposite direction follows every impulse. . The retracement after the impulse unfolded as a W-X-Y double three corrective structure with a...