Elliott works, even on a 5-min chart

Yesterday in our intraday section we showed you a forecast of GBPUSD on a 5-minute chart. All we needed was a five-wave structure, which we had, so we were expecting more strength from this pair. Below you can see how the chart looked like back then. On the next chart you will see how GBPUSD developed…

Read More »

GBPUSD intraday strength

Five waves to the upside on the 5-minute chart of GBPUSD means that we should expect new highs after the end of wave (2)/B down. The invalidation level is at 1.6820.

EURUSD on its way to 1.40

EURUSD seems to have finished its three-wave A-B-C zig-zag decline. Pay attention to the fact that the 61.8% Fibonacci level reacted as a support once again. In our previous analysis we stated that EURUSD needs one more pull-back lower to the 1.3760 area, before the resumption of the uptrend. As you can see on the chart…

Read More »

EURUSD down before up?

In our last analysis we were expecting an upside move in EURUSD and the pair really did rise, but the rally was limited to only three waves, suggesting that we are still in some kind of a corrective pattern. Below you can see an updated chart with a little relabeling. The corrective pattern, that started from…

Read More »

EURUSD. Next stop – 1.40

On April 13th EURUSD was at 1.3885 and the majority of traders was still looking for higher levels. We, on the other side, were expecting a pull-back. As you can see on the chart below EURUSD dropped by 100 pips to 1.3785. What the chart shows is the common 5-3 Elliott Wave cycle, telling us that…

Read More »

USDJPY on its way down

In our previous forecast on USDJPY we suggested that the rally to 104.11, despite being quite strong, should be only a correction of the larger downtrend. In our intraday section we even gave you an exact entry point for the trade, which went according to plan with USDJPY falling by 280 pips to 101.31. Currently in the…

Read More »

Has Bitcoin run its course?

Since the failure of Mt.Gox, the worlds biggest Bitcoin exchange, the product “virtual currency” has not been seeing any huge gains. Other exchanges like BTCE and BITFINEX also met a huge drop in prices around the 90 US dollars level. Prices remained stable only on the american Bitcoin exchange BITSTAMP, where they dropped only to…

Read More »

EURUSD may fall even sooner

On March 30th we showed you our big picture outlook on EURUSD, in which we stated that the European currency may be near a major top, after which we should expect a reversal. Now, what we are going to do here is to show you a different, although again bearish scenario, according to which the rally…

Read More »

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…

Read More »

USDCAD. What happened?

In our previous analysis on USDCAD we were expecting wave 5 to develop, once wave 4 is complete, probably in the form of a triangle. On the chart below you can see that the situation developed just as expected, with wave 5 reaching to a new top at 1.1276. But what happened next? A fast and…

Read More »

AUDUSD big picture

AUDUSD made its last top at 1.1080 in the end of July 2011 and declined by more than 24 cents to 0.8650 in just 3 years. A loss of value, that is quite impressive. But no trend lasts forever, so we might want to examine the wave structure of AUDUSD, in order to see whether…

Read More »

GBPUSD, five moves predicted

On March 11th we showed you our analysis on GBPUSD. We were then considering a double zig-zag correction under construction, with waves “b” and “c” of Y left, after which the uptrend was expected to resume. On the chart below you can see how the situation developed. So, the market has been going according to our forecast…

Read More »

Ending Diagonal? What is this?

In conventional technical analysis they call it “wedge”. In Elliott Wave analysis we call it “ending diagonal”. Both terms imply the same thing – reversal ahead, but since we work with the Wave Principle, we will refer to it as an ending diagonal. So, what is it? On the example chart below you can see…

Read More »

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…

Read More »

USD index before ECB

ECB’s decision about interest rates can always bring some surprises into the markets, but it won’t hurt if we look at the USD index before the news tomorrow. The Elliott Wave Principle has the ability to absorb news quite often, so let’s see what the charts have to say. As shown on the 1-hour chart…

Read More »