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Impulsive

EURCAD Facing A Temporary Correction In Sessions To FolllowOn the EURCAD we are observing a nice impulsive decline taking part as black wave 1, that can be in final stages as four sub-waves of five are already visible. As such we can expect one more push to the downside to follow as sub-wave v-circled. After this final leg takes place the pair could face a temporary correction in wave 2. A decisive break beneath the 1.4589 level could prove to be a nice confirmation, that lower levels will follow.
Short
by ew-forecast
AUDNZD Showing Singns Of A Completed CorrectionOn the 4h chart of AUDNZD we are observing a nice three wave corrective decline taking place from 1.0763 level as higher degree wave 2 or B, with price currently trading in final stages of sub-wave c. If that is the case, then we could be in for more gains as blue wave c has already showed us his five sub-waves. As such a reversal may be near and may have already started to unfold. Break above the wave (iv) swing at 1.05417 would be the first confirmation for higher levels to follow.
by ew-forecast
3
Elliott Wave Analysis: USDJPY Undergoing A Temporary RecoveryUSDJPY found a support at 102.50 from where we are now observing a new recovery, but a minor one as part of a bearish impulse. We are tracking wave four which will normally retrace for a 38.2% back to the area of a former wave four. This interesting zone comes in around 103.50, so we would not be surprised if a new sell-off will occur from there in sessions ahead. But once new lows will be seen, traders should realize of a bounce into a higher corrective structure. Keep in mind that after any five waves market makes a minimum three wave reversal!
by ew-forecast
3
Elliott Wave Analysis: USDJPY Trading Within A Triangle USDJPY dropped sharply yesterday, well bellow a channel support connected from September low which suggests that market completed a five wave rally up in black wave (c) of C-circled. Decline is also very aggressive, so we believe it's part of a bigger three wave drop that can continue even to 101-102 area for wave D-circled based on an Elliott Wave triangle count. A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivides into 3-3-3-3-3.
by ew-forecast
6
Five Waves Up On The USDHCF Indicates A Corrective RecoveryUSDCHF is in sharp rise for the last couple of weeks with increasing bullish momentum since market found support at 0.9640 so it appears that strong bullish trend is in progress now. In fact, we can count five waves up from 0.9640 which is a structure of an uptrend, so we can expect more upside after any three wave of retracement. Recently market fell sharply from 1.0000 psychological level, which can signal for an upcoming A-B-C retracement especially once channel support line is broken.
by ew-forecast
Elliott Wave Analysis: NZDUSD Aiming For Lower LevelsNZDUSD is trading quite nicely in a bearish impulsive decline from the high at 0.7486, with price specifically trading in wave 4 of (3). We believe this intraday bullish bounce may only be temporary, as we see it as the first leg of a three wave correction as wave a. As such two more corrective waves will show up, labeled as wave b and c. The ideal resistance for this upcoming correction could be around the region of a former wave iv at 0.7202 or near the 38.2 and 50.0 Fibonacci ratio.
Short
by ew-forecast
4
Elliott Wave Analysis: USDCHF Could Be In For More GainsOn the USDCHF we are looking at higher degree corrective move, that consist out of three waves A-B and C. As we know waves A and C are motive waves, meaning each have five sub-waves and wave B is a corrective wave, meaning that price usually slows down when in the middle of a wave B correction. In our case this wave B correction seems to be a triangle, a complex pattern that usually after its completion pushes price higher, and as we see on the chart, the final wave E of a triangle seems already over, thus meaning we could be at the start of a new five wave move into blue wave C-circled. Break above the red wave (D) swing could be the confirmation point of view and could mean that the correction is over and more upside may follow.
by ew-forecast
Elliott Wave Analysis: Triangle On EURJPY Points To Lower LevelsOn 4h chart of EURJPY we have seen a strong decline below the triangle line so we assume that pattern in wave B can be finished so traders may look and expect more weakness down into wave C, especially after a re-test of that broken trendline that seems to have turned into a resistance at 114-115 area. A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide into 3-3-3-3-3.
by ew-forecast
3
Elliott Wave Analysis: Triangle On GBPJPY Points LowerOn the 4h chart of GBPJPY we are looking at a triangle correction pattern taking place, that is located in black wave 4 with still two more waves to go, waves d and e for the full completion of the pattern. That said intraday structure suggest that price could be now trading in blue wave d-circled, after recently completing blue wave c around the 139 area. As we know a triangle correction is a continuation pattern that can after its completion point to lower levels, as in this case.
by ew-forecast