ECMetts2112

ECMetts2112

Look at that nice double top. Looking for this to fill out that 5th waves down.

ECMetts2112 Updated 

Chart speaks for itself. 156 is a formidable support level. Unlikely to find support there again if it tests that level again. Good for a quick trade down to 154.400

ECMetts2112

Simple setup. Potential Elliot Wave 5 wave set up. No rate hike from the BOJ this week. Yen weakness to be priced in. Looking for a 5th wave up on this pair. Price Target 103 to 104.

ECMetts2112 Updated 

The chart speaks for itself. Looing for a 5th wave higher to finish the long term 5 wave Elliot Wave impulse. 2.15 is a reasonable price target. There is a long term .618 Fib ratio around there and it's the top end of a long term channel. If this pair does this in the come 6 to 12 months then we have to expect a large bout of volatility in world markets over...

ECMetts2112 Updated 

Looking at the 6 month candlesticks, whereby each candlestick represents 6 months of price action, every time this pair has put in a bottom it has done so relatively quickly and started an uptrend. The past 4 years have been different though. It has been testing the .55 level since 2020. The Covid Rally was formidable but it came right back down in 2022 and has...

ECMetts2112

Simple. The chart speaks for itself. Looking for one more wave down below 1.200 to the long term trend lines and fib ratios then off to the races to test the long term equidistant channel up towards 1.900 by the end of the decade on into the early 2030's.

ECMetts2112 Updated 

Long term historical charts of NZD/USD are looking quite bearish from a technical point of view. This multi decade head and shoulders formation could be starting to break down. The head is a nice looking double top as well Price target of .50 over the next 12 months. Lines up nicely with a trend line, the lows in 2009 and the .786 fib from the all time lows to the...

ECMetts2112

The DXY has risen 7 consecutive weeks in a row. Only 6 other times in its history has it risen more than 7 weeks in a row. The probabilities are not on the bullish side here, although it is possible. We must prepare for a down week and possibly a continuation of the larger downtrend that started last Fall. It is possible the DXY is in the process of forming a long...

ECMetts2112

Only 5 times in the last 30 years has AUD/USD traded down for more than 6 consecutive weeks. The probabilities are not on the side of trading down a 7th week in a row. Also there have been 7 consecutive 4-month candlesticks in a row. That is unprecedented for negative 4-month candlesticks. It had 7 consecutive 4-month positive candlesticks back in the 80's. The...

ECMetts2112

The Aussie Dollar as been selling off hard in recent weeks. Daily stochastics and RSI are significantly oversold. It has also tested the .786 Fib of the recent yearly range. Also testing a long term trend line from the low of 2020 to the low of last fall (second pic below). Taking a shot here to the upside for a short term trade and possibly could be on the...

ECMetts2112

NZD is potentially about to fill out the fifth down since 2014. I all also see a massive multi decade head and shoulders formation and the head is a massive multi year double top. Price target around .50 over the next 6 to 12 months. This lines up with a nice trend line and the .786 fib from the all time lows to the highs in 2011.

ECMetts2112

This is a New Zealand Dollar Currency index equally weighted against the majors. It is potentially in the middle of a 5th wave down. It is unlikely to find support where it is currently trading. Could trade down close to the 1 handle over the next 6 months to a year

ECMetts2112

The last time there was a green monthly candlestick with no bottom wick was June of 1990. It is highly unlikely for there to be no bottom wick for July 2023. If it trades down to form a monthly bottom wick and closes near there, it will be a massive sell opportunity to trade down much lower and very quickly.

ECMetts2112

A long term swing trade could be coming into play soon in historically relative terms. Very simple long term Elliot Wave analysis shows 5 waves down, no looking for a wave retracing to the highs of the 4th wave by the lat 2020's or early 2030's. Look at that long term descending wedge pattern too. Very indicative of a long term move higher

ECMetts2112

NZD/CHF is consolidating in this wedge pattern and has so far failed to break out to the upside. Todays daily candle is bearish in my opinion and could represent a top. It needs to break below and close below .5430. After that it should target all time lows (Blue horizontal line) and trade to new all time lows. This is where things get interesting and...

ECMetts2112

This is a chart of the US Dollar currency index equally weighted against the majors. It speaks for itself. It is currently consolidating and trying to find support on this major inflection zone. My money is to the upside long term

ECMetts2112

This is a monthly chart of a New Zealand Dollar Currency index equally weighted against the majors. Imo it is unlikely to find support again in the 3-4-5 handle. Probably going to break through and test the 1 handle. Monthly candlesticks looking very bearish.

ECMetts2112

A test of all time lows for NZD/CHF seems imminent. Looking for a move down to .50 over the next 6 months to test the bottom of this long term descending wedge pattern (see pic below in link). Once it tests .50 it might be prudent to start thinking about a long term bullish breakout of the descending wedge pattern. In the meantime i suspect this move down to .50...