Menu
Brokers
MT4 Forex Brokers
MT5 Forex brokers
PayPal Brokers
Skrill Brokers
Oil Trading Brokers
Gold Trading Brokers
Web Browser Platform
Brokers with CFD Trading
ECN Brokers
Bitcoin FX Brokers
PAMM Forex Brokers
With Cent Accounts
With High Leverage
Cryptocurrency Brokers
Forums
All threads
New threads
New posts
Trending
Search forums
What's new
New threads
New posts
Latest activity
Log in
Register
Search
Search titles only
By:
Search titles only
By:
Menu
Install the app
Install
Reply to thread
Forums
Forex Discussions
Technical Analysis
Elliot Wave Analysis by Admiral Markets
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Message
[QUOTE="Admiral Markets Group, post: 102927, member: 37217"] [SIZE=5][B]EUR/USD[/B][/SIZE] [SIZE=4][B]4 hour[/B][/SIZE] [URL='https://fxmedia.s3.amazonaws.com/articles/26-05-2016eu4.png'][IMG]https://fxmedia.s3.amazonaws.com/articles/26-05-2016eu4.png[/IMG][/URL] The EUR/USD is testing the resistance trend line of the downtrend channel (red/green). A bullish break, however, does not automatically translate into the end of the downtrend itself (see wave 4 on 1 hour chart). The 123 (purple) becomes more likely than an ABC if price manages to extend beyond the 161.8% Fibonacci target. [SIZE=4][B]1 hour[/B][/SIZE] [URL='https://fxmedia.s3.amazonaws.com/articles/26-05-2016eu1.png'][IMG]https://fxmedia.s3.amazonaws.com/articles/26-05-2016eu1.png[/IMG][/URL] The EUR/USD seems to have completed multiple wave 5s yesterday and price has now broken above a 1 hour resistance trend line (dotted red). The current retracement could be part of a wave 4 (green) which could see resistance confluence (orange box) 38.2% Fib level. A break above the 50% Fibonacci retracement level of 4 vs 3 would make a wave 4 (green) less likely. [SIZE=5][B]GBP/USD[/B][/SIZE] [SIZE=4][B]4 hour[/B][/SIZE] [URL='https://fxmedia.s3.amazonaws.com/articles/26-05-2016gu4.png'][IMG]https://fxmedia.s3.amazonaws.com/articles/26-05-2016gu4.png[/IMG][/URL] The GBP/USD bullish price action had sufficient momentum to break above the long-term resistance trend line (dotted red). The wave count has been changed to a bullish ABC zigzag (pink) reflect the bullish breakout. [SIZE=4][B]1 hour[/B][/SIZE] [URL='https://fxmedia.s3.amazonaws.com/articles/26-05-2016gu1.png'][IMG]https://fxmedia.s3.amazonaws.com/articles/26-05-2016gu1.png[/IMG][/URL] The GBP/USD strong bullish momentum saw continuation after breaking the trend line. Price could face strong resistance at the confluence of the previous top (red) and 100% Fibonacci target of wave C vs A. [SIZE=5][B]USD/JPY[/B][/SIZE] [SIZE=4][B]4 hour[/B][/SIZE] [URL='https://fxmedia.s3.amazonaws.com/articles/26-05-2016uj4.png'][IMG]https://fxmedia.s3.amazonaws.com/articles/26-05-2016uj4.png[/IMG][/URL] The USD/JPY failed to break above the resistance trend line (red) for a bullish breakout. The wave has been labeled as wave 5 (purple) due to the internal 5 wave structure which is visible on the 1 hour chart. A break of support (blue) would confirm the development of wave 2 (purple) correction. A breakout above the resistance would indicate an expansion of wave 5 (purple). [SIZE=4][B]1 hour[/B][/SIZE] [URL='https://fxmedia.s3.amazonaws.com/articles/26-05-2016uj1.png'][IMG]https://fxmedia.s3.amazonaws.com/articles/26-05-2016uj1.png[/IMG][/URL] The USD/JPY completed 5 bullish waves within wave 5 (blue). The 5th wave did not break the previous top which is called a "truncated" 5th wave. The current wave count suggests a bearish correction, which would be invalidated if price breaks above the 61.8% Fibonacci level of 4 vs 3. In that case, the alternative scenario is that the currently marked bearish 123 (brown) would turn into an ABC completing a wave 2 (green) as part of an extended wave 1-2 (green). [/QUOTE]
Insert quotes…
Verification
Post reply
Top
Bottom
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.
Accept
Learn more…