peterdcharlebois

peterdcharlebois Updated 

No technical analysis tool is perfect and Elliott Wave can be subjective at times. But when I see patterns like this combined with such overbought signals it offers me a good entry where I can use proper money management. We will see if this reverses here this week.

peterdcharlebois

This pair looking for a bottom and maybe a bounce

peterdcharlebois

The pattern here on the weekly is reasonably clear.. The problem is the movements can be rapid and large on this pair and it's not 100% clear the bottom has formed. In fact, I think we need a 4 and 5 to complete C. Money management is everything with this pair.

peterdcharlebois

With Elliott wave, one must remain certain that more than one outcome is possible. A lot of EW technicians (and others for that matter) often do the opposite and become too certain of only one outcome. Some of my best trades have been when I have placed a STOP and REVERSE order at the point where I am wrong about the direction. (Hard to do with my ego hahahaha)....

peterdcharlebois Updated 

1244.60 is a line in the sand that if crossed could open the door to new highs.

peterdcharlebois

It's looks like a topping but where is the Volume?

peterdcharlebois

So far the move up for the USDCAD is very "Impulsive" and can currently be counted as 5 waves up. If that is the end of 5 waves up.... we should see a zigzag correction

peterdcharlebois

The CAD has moved sharply Negative on many pairs. Just saying...

peterdcharlebois

Right now GOLD is following a predicted standard Elliott Wave corrective path. To confirm this it has to drop to the 1200.00 area or lower. From there watch for a reversal. This will play out in the CAD and AUD pairs if it does so. AND the S&P could have a sharp move if this happens as well. NOTE: If it goes UP from here then the correction may be over. BUT I...

peterdcharlebois

One of these lines could cause a turn

peterdcharlebois

YEP... I'm quite confounded by the continued move up. I 'm missing something, so I am staying clear for now. I will be watching for a Volume Spike for a possible turn.

peterdcharlebois

I am watching this pair for a bottom. It seems to be rejecting the lows pretty well right now. There is a strong line of support at 0.9540.

peterdcharlebois Updated 

All USD Pairs to me right now suggest at least a pause (or close to one). Here is my updated EW count on the USD CHF. Can never be positive about a turn but that 1-hour candle has a long wick to it.

peterdcharlebois

Well I do think the USDCAD is bottoming temporary. But I am not at all sure what it's doing long or short term really. Does anyone have a potential long term EW count on this pair?

peterdcharlebois Updated 

To me the GBPJPY has been correcting it's huge move up, from Jan 2012 to June 2015 - The question is... is the correction over or do we need another zigzag and wave C. Right now I think a break of the first trend line and target the second one.

peterdcharlebois Updated 

There is a possibility that Gold has put in a long term bottom - Of course, we won't really be able to confirm this for another 6 months to a year. However, with what appears to be 5 waves up in a classic Elliott Wave pattern, the thing to watch for is a ZIGZAG correction (most common in wave 2 position) The correction may be over but I think it' needs to be...

peterdcharlebois Updated 

I'm not at all sure what's next for the EURUSD. But with such a large drop the most common pattern is a Wave 4 Triangle. So if the current move up does so in an abc and does not make a new top then heads back below 1.1141 then I am short.

peterdcharlebois Updated 

I like the larger shape here, the way the price action spilled out of the narrow channel and came back to rest up against it. - Wave 4 left the narrow channel and - wave 5 (if complete) only made a slight new high above wave 3 - Plus wave 5 appears to be ending in a Diagonal. These are characteristics of very common Elliott wave structure. This also...