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Silver Prices: Correction Within Uptrend

The first of December was an interesting day for silver. At first, prices fell to as low as 14.33, but this weakness turned out to be short-lived. By the end of the day silver prices climbed up to 16.80. The wave structure of this 2.5-dollar rise increases the odds in favor of a larger uptrend…

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A Confusing Type of Flat Correction

In our Education Section there is a lesson, called “Elliott Wave Patterns”, where you can learn in details about all three variations of the flat correction. The most important thing you should know about a flat is its wave structure. It consists of three waves, labeled A-B-C. Waves A and B have three sub-waves, while…

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USDCAD Far Beyond The First Target

“If this is the correct count, USD CAD should exceed the top of 1.1316.” Do you remember, when you read this in “USDCAD: A Bullish Elliott Wave Setup” three days ago?  As always, it was the Elliott Wave Principle, which encouraged us to make this forecast, because the 15-minute chart of the US dollar against the Canadian…

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The Bears Are Ready To Attack AUD JPY

In our previous analysis of AUDJPY we showed you the big picture outlook on this pair. Here you will see the latest details on an intraday basis. In Wednesday’s analysis there was a small chart, depicting that the recent decline from 102.84 to below 100.00 is impulsive. AUDJPY bottomed at 99.90. After that it recovered…

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USD CAD: A Bullish Elliott Wave Setup

USD CAD managed to climb above 1.13 in the beginning of the week, but the bulls quickly ran out of power, which brought the forex pair back down to the 1.1220s. In order to form an opinion about the most probable future development, we will examine the 15-minute chart of USDCAD. Does the chart show…

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USD JPY: Deeper Pull-Back Ahead?

The USD JPY foreign exchange pair has been in a strong uptrend. Earlier today it climbed to as high as 117.04, but reversed sharply to the downside after that. Is this pull-back set to extend? The chart below could help us form an opinion. In the Elliott Wave Principle‘s catalogue of patterns there is one called…

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GBPJPY performing nicely

A week ago, on October 22nd, we published an analysis, called “GBP JPY to regain positive bias”, saying that we expect the uptrend to resume soon. We thought so, because the 15-min chart of GBPJPY was showing a perfect impulse to the upside, followed by a correction and according to the Elliott Wave Principle, prices…

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GBP USD to head towards 1.64?

Four days ago, on 19th October, we showed you a 4-hour chart of GBPUSD in an article called “Decreasing Selling Pressure on GBP USD”. The corrective recovery, which we told you about in this material seems to be still in progress. In order to gain deeper knowledge of the wave structure of the rise, we will take…

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GBP JPY to regain positive bias?

A five-wave impulse followed by a correction is what every Elliott Wave analyst is looking for. It seems that we have found one such pattern on the 15-minute chart of GBP JPY. You can see the impulsive wave structure of the advance from 168 to 173, as well as the corresponding retracement to the downside,…

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Decreasing Selling Pressure on GBP USD

On September 23rd we gave you our short-term outlook on GBPUSD in an article, called “Intraday Weakness for GBPUSD Rate”. The chart below gave us enough reason to “expect more weakness”, because we had a perfect 5-3 Elliott Wave cycle on it and, according to the theory, the trend should resume in the direction of the…

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EUR USD to fall below 1.25?

It has been a wild Wednesday for EUR USD, climbing up more than 260 pips. However, this bullish strength may turn out to be deceptive. On October 7th we showed you a forecast, called “EUR USD rate aiming at 1.28?”, suggesting that EURUSD is likely to extend its rally, because we thought it was in…

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AUDUSD in corrective mode

It looks like the downtrend in AUDUSD still has room to develop, because on the 15-min chart there is a clear five-wave structure, also known as an impulse. According to the Elliott Wave Principle, every impulse is followed by a three-wave correction in the opposite direction. Then the trend is expected to resume in the…

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The New Zealand Dollar to suffer more?

The New Zealand dollar bottomed close to 0.77 against the US dollar in the end of September and has been trading above that level ever since. However, in our previous update on this pair we stated, that “0.7350 should be reached before we start looking for a bottom”. We still think so, which means that the…

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GBPCHF to regain negative bias

Four days ago, on 2nd October, we showed you an analysis of the GBPCHF exchange rate, expecting it to fall to 1.53. Those of you, who have been observing this pair, probably know that it fell to 1.5372 and then bounced back up to the 1.5460 area. The chart below will help us examine the…

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Gold at an intraday Fibonacci level

Despite the fact that the smallest time frames are the ones you can rely the least on, they often provide some good examples of market behavior, governed by Fibonacci ratios. This is exactly what we may have on the 5-minute chart of gold below. First, there is a sharp wave A, which should be counted…

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