I have marked this idea as short because the major move expected is a sell. Well, until price reaches the upper trendline structure, its a buy. But I will be looking for pullbacks and corrections on lower timeframes for more entries.
For a detailed forecast of this D leg of the triangle refer to Contracting triangle in the making USDJPY
This is not a trade...
Any correction, pullback or consolidation and I am in. This could be the start of a huge move. Lets see how it develops. If it takes off, we can study the wave personality and adjust accordingly.
This is not a trade call, but just an opinion on the direction of the pair. My expectation is a huge move to the bottom structures.
Triangle or a ZigZag combination. Time will tell. But for the moment all is looking good for a long upto the upper trendline. But we need a small correction to enter the trade. Lets hope we get a good one to enter with confidence.
GBPCAD - Daily chart perspective. This is the expectation. But before it takes off to either side, my expectation is a prolonged correction.
Of course if price breaks out of the structure, I will look for trading opportunities. Until that I will trade small movements within the structure.
NZDUSD has entered a corrective structure. So back and forth price movement expected. None the less a very short term sell opportunity on the 60 min is possible. If this trade breaks out of the correction, we might be in for a long ride.
Corrective structure on EURUSD is developing into a double three formation. So another move down is of high probability. But even before a sharp move down we might see a sideways movement for the whole of next week. None the less if this structure is broken with a sharp move up, I will be looking for long opportunity. Until it does that, I am looking for short...
EURJPY weekly chart is in a clear corrective structure. While the correction does not necessarily need to have an ABC pattern, the way this chart has formed so far, I am rooting for another push down to the fib zone marked in horizontal lines.
Please do suggest if you have a different view on this.
Although EURUSD long opportunities seems appealing based on wave count on higher timeframes, the H4/daily correction is not over yet. Hence presents a triangle break opportunity to the downside. Since all EUR pairs seems to be in some sort of a corrective structure, major upcoming news could be the manipulation point for a clear direction.
In the meantime, lets...
EURJPY 4H triangle short.
There is nothing much to describe as the set up speaks for itself. Except that there could be spikes either way as Yen news is expected soon.
Although I expect an impulse move to the downside all eur pairs seems to be in Daily/weekly correction.
This is just my wave count and the forecast. This is just the expected wave pattern and the future price points shown in the chart has no significance. Please comment on the chart if you are an EW and have a different count than this.
GU is going nowhere. It seems that daily correction was broken to the downside. But if its really the case, we shouldn't have an ending diagonal like structure.
None the less, I will wait it out on this one. But awaiting some sort of consolidation to trade the breakout to either side. Most favorably to the upside.
ABC wave pattern seems to be complete. But is the correction complete yet? Looking at last weeks price action we cannot discard a prolonged flat correction .
But I will still be looking for long opportunities, as I expect wave 3 to the upside.
This is the corrective structure of a weekly impulsive down move. If this breaks up with a motive wave we might be in for a very long bullish trend. If it breaks to the down, it means the correction is still in progress and could go down to the 127% or even 161.8% (overlapping the monthly 76.4%) marked on the chart.
All this is happening around the 61.8% fib...
If the big impulsive move up was the wave 1 of a 5 wave move up then we are currently in the ABC correction of that move. For this count to be false, price has to break the lowest low.
Nature of the correction is not convincing enough to enter any trades long even if it tests the 127% fib extension of the A wave - unless there is a clear reversal with an explosive...
Another look at GBPUSD corrective structure and wave combination. I concluded that we are near to an end of correction with a Triple three completion. My previous count was discarded. None the less, looking for the same direction. But price has to make an strong motive move first before any entry is considered.
We are in corrective structure after a 5 wave move up on USDJPY. We seems to be in the latter stages of an end to the correction. Overall a breakout to the upside is expected. Remember this is a Daily chart, so it may be sometime before it pans out. Price zone to note is 119.50 - 119.00. Price action in thhis zone would give clues about what possible correction...
What more can you ask for the start of 2016? We have a possible Bat and Triangle completion of a second wave correction of a higher degree.
Some might count this whole triangle as a B wave correction. Nevertheless its a correction of an up move and a clear wave formation. So we are looking for the next impulse to the upside. This gives us the chance for a pin...
The first phase of the corrective structure is a clear flat. The second phase is underway, so it could be either the green triangle or the red ZigZag. If it is to be the triangle we should see a clear reversal at the Blue trendline resistance to complete the last leg of the triangle.
On the other hand, if price clearly breaks the Blue trendline resistance, then we...