I think this pair may be reaching the ending of a 5th wave so I will be watching for a shorting opportunity.
As ever with Elliott wave there are alternative counts to this one that could show that my wave 3 is in fact a wave 5, but I believe this count is the more likely one as I am still pessimistic regarding the Pound and think it has lower to go yet. Of course, even if the Euro bounces where I think it might, this could be just the start of the 4th wave correction...
My Elliott wave count suggests that this stock may have finished a long correction in early 2016 and now may be embarking on some serious upside.
Sometimes Elliott wave is infuriating for a student like me as it can throw up two totally different directions for a count. Personally I am in the bearish team although the recent leading diagonal of wave i might suggest I should be more bullish . Details on the chart.
Looks to me like the Pound has finished a 5 wave move up and will now correct in at least 3 waves. I am expecting this c wave to move downwards as a 5 wave move to any of the levels shown on the chart.
Not much analysis here and in fact it's just a pitchfork which I lined up to suit myself.....but if the DOW can hold this breakout then it certainly is bullish! Merry Xmas to all.
The Pound seems to have been respecting Fibonacci levels all the way down. My question is, has it finished it's decline or does it have to respect the 2.61 Fib all the way down at 1.03?
I personally prefer the more bearish count here and think we could be approaching the end of wave 3 but in markets like these......who knows......and the more bullish count is just as possible.
JP Morgan broke out decisively from a 16 year consolidation. Although early days this could prove very bullish for the medium to long term in my opinion. I will be watching this chart with interest.
I have much doubt over this count and although GOLD has bounced off both the 38.2% and 50% retracement of the move up I still think there is more downside here. The big question will be if this correction is just a wave 2 correction of a multi-wave move up or if my wave 1 was just in fact a rally on the way down (if that makes any sense!)
Is the recent Dollar strength finally catching up with Sterling? Waiting and watching for a break....
Post Trump's election BRK has broken out to the upside but my Elliott wave count suggests that it may not have much further to go with some upside resistance provided by a combination of the 1.618 Fib extension, the parallel channel and a Andrews Pitchfork median line. It all suggests to me that the post election market euphoria may be short lived.
The Andrews Pitchfork takes the 2002 low for A and the respective 2007 and 2009 high and low for B and C. The Elliot Wave markings are on the chart. This analysis seems to suggest that the DOW may run into some serious resistance any time soon.
Using this popular UK global investment trust as a proxy this count might suggest that global equity markets are due a decent correction now or in the very near future.
The "flash crash" of a few days ago was just a wave 3 to me and the retracement that of the 4th wave. I believe we may be embarking on a 5th wave high that should take out the preceding lows. I have done the analysis with an inverted chart of the pair as that is easier to me.
It's getting increasingly tricky to put money in stocks these days but this analysis might suggest that there is still some upside in this dividend favourite from the UK stock markets. I am less confident with the count on the weekly chart as wave 5 might have completed already but still believe there id upside in the short term at least.
Again, the Pound seems to be at a juncture this morning here in Asia, hugging a median line on my pitchfork and offering numerous conflicting counts (as usual). At some stage today it should show us which way it wants to go. I would lean towards the bearish move but the recent price action suggests to me that there is a possibility of further correction to the upside.
The chart is hopefully self-explanatory but I am suggesting that the Pound is perhaps due a further wave 4 rally correction. As for targets for a bottom, I have suggested three areas to consider. Please see the chart for details.