EURCAD Wave Count: Two Triangles Potentially CompleteHey traders, I have been following this impulse in wave-1 waiting for a retracement. After the daily close, a bearish wave-c presented itself to complete wave-2. I want to buy here. Movement past invalidation will have me on the sidelines again. Updates to come as the tide rolls, cheers.
EW
AUDJPY Short: Selling the Zig-ZagThis pair has completed a descending triangle and has exhibited a strong breakout to the up-side. I want to be bullish in the long term after this correction. However, this correction is very possibly going to be sharp to the downside to satisfy the Elliott Wave rule of alternation since we saw a sideways correction in wave-2. Also, the previous red candle was a sharp impulse. I want to follow that with a SL above its root. Cheers
USDCAD Wave Count: Trading Wave-C of Zig-ZagHey traders, a potential breakout toward wave-C of this potential zig-zag is approaching. Looking to ride the C wave up toward potential (a)=(c) target. Of course, if invalidation is broken I will be out to re-evaluate. Target is tentative based on price action. Cheers
ABX could be ready to correct!ABX has been very bullish for 6 weeks and is starting to lose the momentum which shows up in Bearish divergence in RSI as well..
I'll short on break of lower TL
GBPAUD Wave Count: Bullish Impulse ChannelIn FX it is important to leverage strong currencies against weak currencies. GBP is our strongest and AUD is the weakest on news over the past 24 hours. I'd like to get long through wave-((5))-of-v-of-(v) to ride the bullish trend. Next related predicted volatility due to news is in about 20 hours.
NZDJPY Wave Count: Technical + Fundamental AnalysisAfter this bearish impulse, it is likely that if the entry level is taken out we may see further downside. The EW count suggests the same. Also, with the inauguration occurring today, there is a possibility for a "risk off" economic environment to take the reigns which would mean a drop in riskier currencies like the kiwi and a rise in the safer yen. Cheers
GOLD Wave Count: Sideways to Potential CypherGold is in an uptrend on the hourly chart and a downtrend on the daily chart. On the weekly, we have a classic cypher pattern emerging if price should drop further. During this short-term uptrend (it will likely be short-lived as the wave is best counted as a corrective structure) we can see a channel potentially complete. I won't make any immediate trades, but this roadmap will have me looking for bearish impulses to ride toward the cypher PRZ. Cheers
USDJPY Elliott Wave Count: Correction Before RallyHey traders! I definitely want to be LONG this pair as the Yen has been weak against the USD and the trend is bullish. However, it looks as though the correction will continue toward the .382 retracement of Wave-(iii) before we see continuation. I will be looking for bullish impulses to get back into the bull rally. Updates to come - Cheers
AUDUSD Long: Wave Count Update; Adding to PositionHey traders! The wave count is panning out as planned and the long is still active from last week. I like a double-up on this position. The missed pivots are in sight and resistance is minimal up to target. SMA's provide added support between SL. Trade is active. Cheers