Bulls are getting more and more excited about EURUSD as it is getting closer to the 1.40 mark. But if we want to draw a line between financial decisions and emotions we need to look at the charts, because they show what is really going on in any market. For the purpose of analysis we…
Ending diagonal, as its name suggests, is a reversal pattern, that occurs either in the position of wave C of a correction or as wave 5 of an impulse. On the chart of AUD/USD below you can see both cases. First, in wave 4 we have an ending diagonal for wave “c” down. Second, wave…
GBPJPY bottomed in the beginning of October 2011 and has been in a strong uptrend ever since. The Elliott Wave Principle has taught us never to rely only on the trend, but to look into its structure, in order to determine in which phase it is now and what is left from it. So starting…
USD/JPY rose significantly yesterday after the FOMC reports and during Janet Yellen’s speech. Does that post-news strength provide enough of a reason to start buying? Considering that our previous analysis is still valid, we think you ought to be careful with USD/JPY. Let’s see how it has been developing by now. To make that count more…
The US dollar is still going sideways against the Canadian dollar, without making new lows or new highs, which suggests that USDCAD is forming a triangle. The chart below puts us in mind that wave (D) of the pattern is still developing. If this is the correct count, we should expect a decline in wave…
In our opinion GBPUSD could provide two opportunities. The first one is to sell. On the 15-minute chart we have to wait for wave “b” to end around 1.6680 and go short for wave “c” down. This pair could fall as low as 1.6550. The second opportunity should occur, when wave “c” ends. On the…
Not many changes since our last post on USDJPY, except the better entry, which we now have for a long-term position. On the 4-hour chart, our count starts from the end of that truncated fifth wave. We have a complete 5-3 cycle. According to the Elliott Wave Principle, we are waiting for another drop-off. Considering our…
EURUSD has been very annoying with all those new lows and new highs since the middle of January. “New lows and new highs”, is there an Elliott Wave pattern that fits this description? Fortunately yes, there is one – the expanding triangle. Let’s see whether EURUSD’s recent price action looks it or not: The answer…
A very clear 5-wave decline can be counted in USDJPY, starting from the orthodox top at 104.92, where the fifth wave truncation ended. The corrective pattern after that decline looks like an A-B-C zig-zag with wave C ending diagonal. Wave 5 of C may reach the 102.90 – 103.10 zone. A resumption of the downtrend…
It looks like the recent rally on AUDUSD could be limited to the 0.9150 area. If this happens, we will have a complete expanding flat correction, after which the larger downtrend should resume. If you do not know what an expanding flat is, you can go to out “Education” section and look for the “Elliott…
The decline that started from 1.2391 seems to be at its final stages now. The chart of EURCHF depicts a complete 5-wave impulse to the downside, so it is time to expect a 3-wave correction in the opposite direction. Furthermore, price is making a strong bullish divergence with the RSI indicator, typical to occur between…
“USDJPY will reach 115.00 in the first couple of months of 2014” -Deutsche Bank-. Well, we at Elliott Wave Markets think that we will not see another top from this pair.We think so, because we don’t rely on expert’s opinions or fundamental factors. We prefer looking at the charts, directly at market’s psychology. The first chart shows…
EURUSD has been very stubborn in its attempt to hit the 61.8% Fibonacci level twice. It looks like this effort is going to be successful, because wave “c” of Y of (X) needs to be completed. In other words, figures around 1.39-1.40 should be reached, maybe during the first couple of weeks in 2014. After…
Both EUR and GBP look weak against the US dollar, but which one of them is weaker, compared to the other? There are two wave counts on the charts below, suggesting that the EUR should be stronger than the GBP in the long term.
Despite all new highs, which EURUSD recently made, this pair remains bearish. Expect a reversal to the downside from that 61.8% Fibonacci level.
