BTCUSD is still very strong in Weekly timeframe.
It seems we are within a iii of a larger wave 3 which will end soon in the 3000 area.
Once the correction ended (wave iv), we should close the sub-cycle and larger wave 3 at 8000 (set for now but may change).
For the final wave 5, my guess is it will end in a diagonal. But we are not here for now...
Here is my updated view of the CAC in 4H timeframe.
We are currently on a huge support since it matches with the top of 2015.
If it holds and go beyond the wave 1 (@ 5442), we would go straight to 5750 which is a huge resistance and should then expect a deep retracement.
5950 is also in sight but it is not clear for the moment of the importance of it. Maybe a...
EURUSD is currently at levels where the Y leg is not enough low compared to the W leg of march 2015 to believe in the end of the major bear cycle.
In the next months, I expect thus a larger move downside which would lead below the 0.9 level.
USDJPY has been stuck in a corrective move since mid december and should get out of it soon.
In fact prices are very close of 4 different supports :
- 0.5 fib retracement
- abc in AB=CD type
- mid line of the fork
The convergence of it should be enough to give impulsion to the pair to reach at least the 127 level
From the chart it seems DAX is in the wave 4 of the cycle that has started on the 3/22.
The index should end this correction between 12150 and 12050 to reach 12500 then.
The trade is a bit risky due to past events but the R/R ratio is very interesting, so the plan is to observe the reaction of price in the area and open a trade if it is positive.
However, if DAX...
Following my previous idea of a target for EURGBP at around 1.3 ("see related ideas" below), here is a first trading roadmap in Daily timeframe for the next months.
I will update it following the evolution of the pair but the main idea is to buy the dip :)