EURGBP short term idea

EURGBP made a small impulsive five on the 15-minute chart, followed by a three-wave decline. Wave (3)/C to the upside should start soon, which could be a good intraday buying opportunity. The invalidation level is at 0.8195, below the start of the rally.

EURUSD, pull-back expected

EURUSD rose significantly from 1.3670 to 1.3905. This move fits perfectly in our big picture outlook, as wave “a” of wave 3 of an ending diagonal. On the chart below you can see how our idea of this pattern looks like right now in EURUSD. As shown, wave 2 of the presumed ending diagonal bounced…

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USDJPY entry chance now

On the 30-minute chart of USDJPY we are tracking a possible ending diagonal for wave 5 of C of Y of (2)/B. USDJPY bigger picture here. If this is the correct count, what we are witnessing could be a major top and the beginning of a long-lasting bear market for wave (3)/C in USDJPY. This…

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GBPJPY intraday update

Correction for wave (2)/B seems to be finished in the form of a double zig-zag w-x-y. Prices could start declining towards the first target of 167.00 south. Here is our big picture outlook on GBPJPY and on the chart below you can see how it has been developing so far.

Gold developed well

In our intraday analysis on gold from yesterday we were expecting the yellow metal to drop at least to 1373. As you can see on the chart below, gold developed well, falling from 1384 to 1350 in an impulsive manner. The white rectangle shows where we were yesterday, when that forecast was made. After every five…

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Gold is going south

Five waves down, three waves up. In terms of the Wave Principle, gold is going south. Entry between 1385-1387, invalidation level at 1392. First target 1373.

EUR/AUD buying chance

EUR/AUD buying chance could be in place. A five-wave impulse with an extended fifth wave, followed by a zig-zag, that retraces the entire extension at the 61.8 Fibonacci level. From an Elliott Wave point of view, we have plenty of reasons to go long here. Invalidation level at 1.5150, first target above 1,5540.

USDCAD could go higher

An impulsive advance in combination with a flat correction, suggests that USDCAD could go higher. If we add the 38.2% Fibonacci level to the analysis, we will have one more reason to expect a move to the upside.

Crude Oil is heading lower

That five-wave decline on the 5-min chart means that Crude Oil is heading lower. Now could be the time for an upside movement, but a strong sell-off should be expected next. Here you can see where this pattern is placed in the bigger time frame – 1 hour chart.

Crude Oil changed direction

Crude oil is confirming our bearish outlook on the 10 min chart. A complete impulse to the downside means that we have to prepare for a three wave rally and go short after it, in order to catch wave (3) or (C). From a trader’s perspective, it does not matter, if it is a third…

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Gold, expanding or running?

Gold could afford interesting selling opportunity, if price falls below 1340. If this happens, the first target of 1320 offers a risk/reward ratio of 2:1, while the second one – more than 3:1. Keep in mind that running flats occur only 1 times out of 10, so chances are on the side of the expanding…

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Gold, intraday trading idea

Gold is looking bearish on the 5-minute chart. An intraday trading idea is shown on the chart below. Risk/reward ratio is at least 2,5:1.