Elliot Wave Analysis by Admiral Markets

Discussion in 'Technical Analysis' started by Admiral Markets Group, Apr 27, 2016.

  1. Admiral Markets Group

    Admiral Markets Group Master Trader

    331
    0
    62
    EURUSD, GBPUSD build trend channels in bullish waves

    EUR/USD
    4 hour
    [​IMG]

    The EUR/USD has approached a resistance trend line (orange) which is a bounce or break spot. A bearish bounce would confirm the wave X (green) correction; whereas a bullish breakout would see the larger WXY (purple) develop towards resistance (red).

    1 hour
    [​IMG]

    The EUR/USD continues to build a bullish channel (purple lines) but seems to have completed an bullish ABC zigzag (orange). A break below that channel could start a bearish correction towards the Fibonacci levels of wave X (purple) mentioned on the 4 hour chart.

    GBP/USD
    4 hour
    [​IMG]

    The GBP/USD broke above another resistance trend line (dotted brown) but price still has one more horizontal resistance level to deal with (red) before the uptrend has managed to break all of the long-term resistance.

    1 hour
    [​IMG]

    The GBP/USD is building a bullish ABC zigzag (blue) with Fibonacci targets above. One more 5th wave seems likely as long as price remains in the bullish trend channel indicated by purple and light green lines.

    USD/JPY
    4 hour
    [​IMG]

    The USD/JPY is challenging the bottom of wave 1 (red line), which is the invalidation level of the current wave structure. A break below the support trend line (light green) makes it more likely that the wave Y (pink has been completed).

    1 hour
    [​IMG]

    The USD/JPY made a bullish break above the resistance line (dotted orange) and could have completed the 5th waves via a truncation (failure to break the previous high). This wave count would make sense once price breaks below the support trend line (green).

     
  2. Admiral Markets Group

    Admiral Markets Group Master Trader

    331
    0
    62
    USDJPY bearish momentum aligned with wave outlook and Fibonacci



    EUR/USD
    4 hour
    [​IMG]

    The EUR/USD is in bullish trend channel (purple) with resistance trend lines (orange) closeby. A bearish bounce would confirm the wave X (green) correction; whereas a bullish breakout would see the larger WXY (purple) develop towards resistance (red).

    1 hour
    [​IMG]

    The EUR/USD needs to break below the channel before a bearish correction becomes a more likely scenario. For the moment a bearish ABC (orange) could be taking place but the wave count is vulnerable to change if price stays in the channel and/or breaks above the 100% level.

    GBP/USD
    4 hour
    [​IMG]

    The GBP/USD seems to have completed the bullish ABC zigzag at horizontal resistance (red). Price is now testing the inner support trend line (green) and a bearish break could indicate a change to a downtrend. A break above resistance invalidates the current wave structure and indicates the potential for an uptrend.

    1 hour
    [​IMG]

    The GBP/USD seems to have completed 5 bullish waves within wave C (blue). Price is now respecting a layer of support (green) and has resistance above it. Price will need to break below support before a bearish momentum could start.

    USD/JPY
    4 hour
    [​IMG]

    The USD/JPY is moving down lower with lots of bearish momentum. Price was not able to break above resistance, which was in accordance with the wave analysis of the previous 2 weeks.

    1 hour
    [​IMG]

    The USD/JPY made a bearish break below the support trend lines (dotted green) and seems to be starting a new bearish impulse.
     
  3. Admiral Markets Group

    Admiral Markets Group Master Trader

    331
    0
    62
    EURUSD, USDJPY finally display flavours of momentum



    EUR/USD
    4 hour
    [​IMG]

    The EUR/USD has indeed showed a continuation of the uptrend within the waves Y as indicated last week. Price is now reached a heavy resistance zone (red). A break above it could see price continue towards the Fibonacci targets.

    1 hour
    [​IMG]

    The EUR/USD broke above the resistance trend line (dotted orange) and made a strong bullish impulse which seems best explained by a wave 3 (grey). Price could retrace for a wave 4 (grey) but must not retrace deeper than the 61.8% Fibonacci level otherwise the wave count is invalidated.

    GBP/USD
    4 hour
    [​IMG]

    The GBP/USD remains in an uptrend as long as price stays above the support trend line (green). Price is showing signs of struggle now at the horizontal resistance (red).

    1 hour
    [​IMG]

    The GBP/USD is showing choppy price action since the break of the inner resistance line (dotted orange), which can be explained by an ending diagonal (purple 5 wave). Whether wave 5 has been completed remains to be seen and price could push higher if it stays above the support trend line (green). A bearish break could lead to a bearish ABC (orange) or 123.

    USD/JPY
    4 hour
    [​IMG]

    The USD/JPY has reached a large 38.2% Fibonacci retracement level of wave B (sea green), which could initiate a bullish rally or a correction.

    1 hour
    [​IMG]

    The USD/JPY could extend the 5th wave with an extension due to strong bearish momentum and lack of divergence via a wave 4 and 5 (orange). A break above the 61.8% of wave 4 makes the current wave count unlikely.
     
  4. Admiral Markets Group

    Admiral Markets Group Master Trader

    331
    0
    62
    Forex market builds remarkable zigzag and chart patterns

    EUR/USD
    4 hour
    [​IMG]

    The EUR/USD remains above the support trend line (solid green), which could mark the difference between a retracement (for more upside) or a reversal (for more downside). For the moment a bearish ABC (blue) pattern seems the most likely path of least resistance.

    1 hour
    [​IMG]

    The EUR/USD is building a descending wedge chart pattern (orange/green). The EUR/USD break above resistance (orange) could indicate the end of the ABC (blue), although the Fibonacci levels of B vs A could still play a role. A break below support (green) could indicate the continuation of an ABC zigzag towards Fibonacci targets C vs A.

    GBP/USD
    4 hour
    [​IMG]

    The GBP/USD's has respected the 38.2% Fibonacci retracement level of wave B vs A. A break of the support trend line would confirm the downtrend on the GBP/USD whereas a bounce at support could indicate the completion of the ABC (pink) and an expansion of the uptrend.

    1 hour
    [​IMG]

    The GBP/USD completed an ABC (blue) within wave B (pink). A bullish break above the resistance trend line (red) could indicate a completion of wave C (pink). A bearish break below the support trend lines (green) could price expand wave A (pink) lower.

    USD/JPY
    4 hour
    [​IMG]

    The USD/JPY is building an ascending wedge triangle chart pattern (red/blue). A bullish break of the triangle could indicate a trend change (from down trend to uptrend) whereas a bearish break of the triangle could see a downtrend continuation unfold.

    1 hour
    [​IMG]

    The USD/JPY attempted to break above the resistance trend line (red) but has failed several times. A successful attempt could see the continuation of wave C. The other likely wave count is the start of an impulsive wave count via 123 (purple).
     
  5. Admiral Markets Group

    Admiral Markets Group Master Trader

    331
    0
    62
    EUR/USD
    4 hour
    [​IMG]

    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.

    1 hour
    [​IMG]

    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.

    GBP/USD
    4 hour
    [​IMG]

    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.

    1 hour
    [​IMG]

    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.

    USD/JPY
    4 hour
    [​IMG]

    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).

    1 hour
    [​IMG]

    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).
     
  6. Admiral Markets Group

    Admiral Markets Group Master Trader

    331
    0
    62
    EUR/USD
    4 hour
    [​IMG]

    The EUR/USD downtrend continues lower after making a retracement and breaking support (dotted green). A bearish 123 (purple) becomes more likely when price is able to break below the 161.8% Fibonacci target.

    1 hour
    [​IMG]

    The EUR/USD broke below the support trend line (dotted green) and is building a bearish 3rd wave (orange). Once the wave 3 is completed then a slow and gradual wave 4 correction is expected.

    GBP/USD
    4 hour
    [​IMG]

    The GBP/USD failed to break the horizontal resistance (red). The broken resistance (dotted red) has now turned into a potential support level in the development of wave C (pink). The triangle pattern seems to be confirming the corrective mode at the moment.

    1 hour
    [​IMG]

    The GBP/USD seems to have made an ABC (grey) correction within the wave 4 retracement (green) as long as price stays above the 61.8% Fibonacci level. A break of the resistance trend line (red) of the triangle helps confirm the start of wave 5 (green).

    USD/JPY
    4 hour
    [​IMG]

    The USD/JPY broke the resistance (dotted red) of the contracting triangle chart pattern. Price is now moving higher as part of the wave 5 (purple).

    1 hour
    [​IMG]

    The USD/JPY broke above resistance (red) and price is now moving towards the Fibonacci targets of wave 5 (purple).
     
  7. Admiral Markets Group

    Admiral Markets Group Master Trader

    331
    0
    62
    EUR/USD, GBP/USD display first signs of bearish momentum

    EUR/USD

    4 hour

    [​IMG]

    The EUR/USD showed a bearish turn at the 61.8% Fibonacci retracement level after which is broke the steep support trend line (dotted green). This could indicate the completion of wave 2 (brown) at the 61.8% Fib but a push higher could see price challenge the 78.6% Fib level of wave 2 vs 1. A break above 100% invalidates the wave count.

    1 hour

    [​IMG]

    The EUR/USD is building bearish momentum which seems to be part of a wave 3. Any pullback should not go above the 78.6% Fibonacci level of wave 4 (blue) otherwise price invalidates the current wave count by moving above the bottom of wave 1 (blue).

    GBP/USD

    4 hour

    [​IMG]

    The GBP/USD will be impacted the Bank of England (BOE) rate decision on Thursday 4 August. The Cable is now building a contracting triangle (red/green). The breakout will decide whether the Cable is bullish or bearish. Price is either in a bearish 123 (pink) or in a bigger ABC retracement (purple).

    1 hour

    [​IMG]

    The GBP/USD retraced back for a wave B (purple) and the pushed further for a new higher high, which could complete wave C (purple). At the moment the bearish momentum could lead to the start of a new wave 1-2 (blue) but the break of the triangle (purple lines) will indicate whether price can test the next resistance (orange) or support (green) lines.

    USD/JPY

    4 hour

    [​IMG]

    The USD/JPY is respecting the 78.6% Fibonacci level. A bullish bounce could indicate the completion of wave X (brown) whereas a bearish break could price fall further to test the 100% Fibonacci level.

    1 hour

    [​IMG]

    The USD/JPY is building a channel (blue line). A break above or below the support or resistance of the channel could indicate the start of a bearish or bullish breakout.

    Follow @ChrisSvorcik on twitter for latest market updates
     
  8. Admiral Markets Group

    Admiral Markets Group Master Trader

    331
    0
    62
    GBP/USD plunges in bearish wave-3 after rate cut to record low

    EUR/USD

    4 hour

    [​IMG]

    The EUR/USD has replaced the bullish impulse with the start of a bearish momentum. Price however needs to break below both support trend lines (green) before a continuation is possible.

    1 hour

    [​IMG]

    The EUR/USD seems to be building an ABC zigzag (green) within wave 4 (blue). Typically waves 4 are shallow retracements such as the 38.2% Fibonacci level. A break above the 61.8% and bottom of wave 1 (blue) invalidates the current wave count. A break below the support could see the continuation of the downtrend.

    GBP/USD

    4 hour

    [​IMG]

    The GBP/USD was impacted by the Bank of England’s (BOE) decision to cut the interest rate from 0.5% to a record low of 0.25%. The Cable broke below the support level (dotted green) of the contracting triangle, which could trigger the start of more bearishness especially if price break below horizontal support and if it stays below the resistance (red).

    1 hour

    [​IMG]

    The GBP/USD made a strong bearish momentum yesterday which has been labelled as a wave 3 (blue). The wave 3 (blue) could still be ongoing but if a retracement does occur, then the Fibonacci levels of wave 4 (blue) should act as resistance.

    USD/JPY

    4 hour

    [​IMG]

    The USD/JPY is respecting the 78.6% Fibonacci level. A bullish bounce could indicate the completion of wave X (brown) whereas a bearish break could price fall further to test the 100% Fibonacci level.

    1 hour

    [​IMG]

    The USD/JPY is building a channel (blue line). A break above or below the support or resistance of the channel could indicate the start of a bearish or bullish breakout.

    Follow @ChrisSvorcik on twitter for latest market updates
     
  9. Admiral Markets Group

    Admiral Markets Group Master Trader

    331
    0
    62
    EUR/USD, GBP/USD break support lines and build wave-4 corrections

    EUR/USD

    4 hour

    [​IMG]

    The EUR/USD seems to have completed a wave 2 (brown) correction but more bearish momentum is needed before this can be confirmed.

    1 hour

    [​IMG]

    The EUR/USD broke the support trend line (dotted green), which completed wave 5 (green) of wave 3 (blue). The current pullback is expected to turn at shallow Fibonacci levels of wave 4 (blue).

    GBP/USD

    4 hour

    [​IMG]

    The GBP/USD keeps pushing lower with lower lows and lower highs. The bearish breakout is part of a wave 3 (pink) of wave 5 (blue) unless price breaks above the resistance line (red).

    1 hour

    [​IMG]

    The GBP/USD completed a wave 4 (grey) pullback as expected and then broke support levels (dotted green) to complete wave 5 (grey) of wave 3 (blue). The 4 (blue) retracement is expected to stop at shallow Fibonacci levels. A break above the 61.8% makes the current wave count unlikely.

    USD/JPY

    4 hour

    [​IMG]

    The USD/JPY is respecting the 78.6% Fibonacci level by building a bullish channel, which could indicate the completion of wave X (brown). A bullish break above the resistance trend lines (orange/red) would confirm a larger uptrend, whereas a bearish break could price fall further to test the 100% Fibonacci level.

    1 hour

    [​IMG]

    The USD/JPY has not been able to break above or below the channel (blue). The breakout direction will indicate the short-term trend.

    Follow @ChrisSvorcik on twitter for latest market updates
     
  10. Admiral Markets Group

    Admiral Markets Group Master Trader

    331
    0
    62
    US Dollar cautiously developing bullish first wave

    EUR/USD

    4 hour

    [​IMG]

    The EUR/USD is building a downtrend with lower lows and lower highs, which would be invalidated if price manages to break above the resistance trend line (red). A break below the support levels (greens) should see a continuation of the bearish momentum.

    1 hour

    [​IMG]

    The EUR/USD is building an ABC (green) correction within wave 4 (blue). A break below the support level (green) could spark the start of the 5th wave (blue) whereas a break above the 50% Fibonacci level makes the development of a wave 4 (blue) less likely.

    GBP/USD

    4 hour

    [​IMG]

    The GBP/USD would need to reach at least the 100% Fibonacci level before a wave 3 (pink) is confirmed but for the moment a bearish breakout is pushing with lower with lower lows and lower highs.

    1 hour

    [​IMG]

    The GBP/USD completed a wave 4 (blue) pullback as expected and then broke support levels (dotted green) to continue with the bearish momentum of wave 5 (blue). Price could now be heading towards the Fibonacci targets of wave 5 (blue).

    USD/JPY

    4 hour

    [​IMG]

    The USD/JPY broke above the smaller resistance (dotted pink), which is confirming the larger bullish bounce at the support trend line (green). Price is slowing developing a trend reversal but a break above resistance (orange/red) is needed before larger bullish moves could be expected.

    1 hour

    [​IMG]

    The USD/JPY seems to be building a bull flag chart pattern (green/red lines) within an impulsive wave 3 (pink or green).

    Follow @ChrisSvorcik on twitter for latest market updates
     
  11. Admiral Markets Group

    Admiral Markets Group Master Trader

    331
    0
    62
    EUR/USD, GBP/USD switch momentum direction after bullish breakout

    EUR/USD

    4 hour

    [​IMG]

    The EUR/USD managed to break above the resistance trend line (dotted red), which has indicated has lead to a change in wave structure where wave 1 (purple) has been completed at the recent bottom. Wave 2 (purple) is invalidated if price manages to break above the 100% Fibonacci level.

    1 hour

    [​IMG]

    The EUR/USD broke the resistance with strong momentum which indicates a potential wave C (blue).

    GBP/USD

    4 hour

    [​IMG]

    The GBP/USD bearish breakout below the support trend line (dotted green) has not shown the momentum which a wave typically has. Therefore, the wave count now shows a wave 4 (blue) completed at the recent top. Price is either completing a 5th wave (blue) or more likely expanding it via an internal 5 waves (pink) as shown in the image.

    1 hour

    [​IMG]

    The GBP/USD broke the resistance trend line (dotted red) and is building a bullish ABC zigzag (green).

    USD/JPY

    4 hour

    [​IMG]
    The USD/JPY seems to be building a hook back to the support tend line (green). A bearish break would invalidate wave 1-2 (green) and revive the downtrend.

    1 hour

    [​IMG]

    The USD/JPY broke the support of bull flag chart pattern (dotted green) and is now at/near the Fibonacci levels of wave 2 (green).

    Follow @ChrisSvorcik on twitter for latest market updates
     
  12. Admiral Markets Group

    Admiral Markets Group Master Trader

    331
    0
    62
    US Dollar is close to completing wave 2 correction

    EUR/USD

    4 hour
    [​IMG]

    The EUR/USD is now testing and challenging the 78.6% Fibonacci retracement level of wave 2 (purple). A break above the 100% level invalidates wave 2 (purple) and means that a larger wave 2 (brown) is still ongoing and active.

    1 hour

    [​IMG]

    The EUR/USD seems to be losing momentum at the Fibonacci resistance and has broken the steeply angled support trend line (green dotted). Price needs to break below the support trend line (green) before the completion of a wave 2 (purple) can be confirmed.

    GBP/USD

    4 hour

    [​IMG]

    The GBP/USD remains in a downtrend with resistance indicated by the Fibonacci retracements of wave 2 (purple) and with targets indicated by the Fibonacci levels of wave 5 (blue).

    1 hour

    [​IMG]

    The GBP/USD completed the expected bullish ABC (green) zigzag. It could now be at a bullish bounce or bearish break spot. A bullish rally would enlarge the correction with a WXY (green). A break below the Fibonacci levels of wave X (green) could spark a wave 3 bearish momentum (pink).

    USD/JPY

    4 hour

    [​IMG]

    The USD/JPY seems to be building a hook back to the support tend line (green). A bearish break would invalidate wave 1-2 (green) and revive the downtrend. A bullish bounce could see price rally to the Fibonacci targets of wave 3 (green) and the resistance trend lines (orange/red).

    1 hour

    [​IMG]

    The USD/JPY seems to be respecting the 78.6% Fibonacci level of wave 2 (green) and has broken the resistance trend line (dotted red).

    Follow @ChrisSvorcik on twitter for latest market updates
     
  13. Admiral Markets Group

    Admiral Markets Group Master Trader

    331
    0
    62
    Breakout direction to decide wave structure in Forex

    EUR/USD

    4 hour

    [​IMG]

    The EUR/USD bounced at the deep Fibonacci retracement level of 78.6% within a wave 2 (purple). A break above the 100% level invalidates wave 2 (purple) and indicates a large and complex correction. In that case the wave count will be changed to reflect the corrective zone. A break below support could still confirm the potential waves 3 (purple/brown) but sufficient momentum must be visible in the breakouts.

    1 hour

    [​IMG]

    The EUR/USD has clear resistance (red/Fib) and support levels above and below price. A bearish break could start the impulsive waves (purple/blue) whereas a bullish breakout would indicate an ABC correction (purple).

    GBP/USD

    4 hour

    [​IMG]

    The GBP/USD is either completing a wave 5 (blue) or extending the wave 5 (blue) with a wave 1-2 (pink).

    1 hour

    [​IMG]

    The GBP/USD seems to have completed an ABC correction (blue) at the previous bottom, which has been labelled a wave X (green). A break below the support (green) and Fibonacci levels of wave X vs W invalidate the current wave count and indicate a downtrend continuation. A break above resistance (red) would most likely confirm a bullish rally for wave C (blue).

    USD/JPY

    4 hour

    [​IMG]

    The USD/JPY indeed bounced at the support tend line (green). A bullish break above resistance (oranges) would confirm potential for a wave 3 rally (green).

    1 hour

    [​IMG]

    The USD/JPY has completed deep wave 2 pullbacks and might be starting with bullish momentum. A strong resistance level (red) however is nearby and a breakout is needed before the wave rally can develop.

    Follow @ChrisSvorcik on twitter for latest market updates



     
  14. Admiral Markets Group

    Admiral Markets Group Master Trader

    331
    0
    62
    EUR/USD bullish breakout in wave E of contracting triangle

    EUR/USD

    4 hour

    [​IMG]

    The EUR/USD is testing the resistance trend line (red). A breakout above resistance could see price move towards the wave E (green) of wave 4 (blue), which has been added due to the lack of a bearish breakout. The consolidation zone on the daily chart is lengthy and suggests a contracting triangle chart pattern (ABCDE brown).

    1 hour

    [​IMG]

    The EUR/USD showed bullish momentum above the broken trend line (dotted red). Price is building an ABC bullish zigzag (blue) unless price breaks below the 100% Fibonacci level of wave B.

    GBP/USD

    4 hour

    [​IMG]

    The GBP/USD is either completing a wave 5 (blue) or extending the wave 5 (blue) with a wave 1-2 (pink).

    1 hour

    [​IMG]

    The GBP/USD seems to have completed an ABC correction (blue) within wave Y (green) of wave 2 (pink). A break above the 100% Fibonacci level invalidates wave 2 (green).

    USD/JPY

    4 hour

    [​IMG]

    The USD/JPY bounced at the support tend line (green) but has not managed to move away from it and is challenging the same trend line again. A bullish break above resistance (oranges) would confirm potential for a wave 3 rally (green). A bearish break below the 100% Fibonacci level indicates a potential for a renewed bearish trend.

    1 hour

    [​IMG]

    The USD/JPY has to break above the resistance trend line (orange) before a wave 2 (green) can be considered completed. The 100% Fibonacci level is the invalidation point of the wave 2 (green).

    Follow @ChrisSvorcik on twitter for latest market updates
     
  15. Admiral Markets Group

    Admiral Markets Group Master Trader

    331
    0
    62
    USD/JPY bearish breakout expands wave B correction to 61.8% Fib

    EUR/USD

    4 hour

    [​IMG]

    The EUR/USD is testing the resistance trend line (red) of a larger contracting triangle chart pattern (ABCDE brown). A bullish breakout could see price move towards the wave E (green) of wave 4 (blue).

    1 hour

    [​IMG]

    The EUR/USD needs to break support (green) or resistance (red) trend lines before momentum can be expected.

    GBP/USD

    4 hour

    [​IMG]

    The GBP/USD is either completing a wave 5 (blue) or extending the wave 5 (blue) with an internal 5 wave (pink).

    1 hour

    [​IMG]

    The GBP/USD is building a neat downtrend channel (trend lines). A break above the channel and 100% Fibonacci level invalidates wave 2 (green).

    USD/JPY

    4 hour

    [​IMG]

    The USD/JPY broke below the support tend line (dotted greens), which confirms the bearish wave structure. Price seems to have space to fall towards the Fibonacci levels with main target at the 61.8% Fibonacci level of wave B vs A.

    1 hour

    [​IMG]

    The USD/JPY seems to be building a wave 3 breakout.

    Follow @ChrisSvorcik on twitter for latest market updates

     
  16. Admiral Markets Group

    Admiral Markets Group Master Trader

    331
    0
    62
    EUR/USD, GBP/USD move impulsively towards Fibonacci targets

    EUR/USD

    4 hour

    [​IMG]
    The EUR/USD is in a bullish momentum which is part of a larger contracting triangle chart pattern (ABCDE green).

    1 hour

    [​IMG]

    The EUR/USD showed a retracement back towards the 50% and 61.8% Fibonacci retracement level which completed wave 4 (orange). The wave 5 (orange) is heading towards the Fibonacci targets.

    GBP/USD

    4 hour

    [​IMG]

    The GBP/USD is either completing a wave 5 (blue) or extending the wave 5 (blue) with an internal 5 wave indicated by wave 1-2 (pink). A break below the previous bottom (green) is needed before an extension of the downtrend is confirmed.

    1 hour

    [​IMG]

    The GBP/USD indeed completed a wave B (green) correction and is moving higher as part of the wave C (green). A break of the resistance trend line (orange) or retest and bounce at the support trend line (green) could lead to bullish continuation towards the Fibonacci targets.

    USD/JPY

    4 hour
    [​IMG]


    The USD/JPY is struggling to break the horizontal support of the previous bottom (green). Price will either break the support for a downtrend continuation or break above the resistance and potentially start a reversal.

    1 hour

    [​IMG]
    The USD/JPY needs to break below the Fibonacci levels of wave X vs W before a continuation of the bearish momentum is expected. At the moment a bullish ABC zigzag (green) seems the most likely scenario.

    Follow @ChrisSvorcik on twitter for latest market updates
     
  17. Admiral Markets Group

    Admiral Markets Group Master Trader

    331
    0
    62
    EUR/USD, GBP/USD continue with bullish momentum in wave 3

    EUR/USD

    4 hour

    [​IMG]

    The EUR/USD continued its strong bullish momentum yesterday and throughout the week. This

    seems to have completed an impulsive wave 3 (green) and one more push higher (wave 5 green)

    could occur if a corrective wave 4 (green) pattern develops.

    1 hour

    [​IMG]

    The EUR/USD could bounce at the Fibonacci levels of wave 4 (green). A break below the 61.8%

    Fibonacci level and trend line (green) invalidates the wave 4 (green).

    GBP/USD

    4 hour

    [​IMG]

    The GBP/USD is either completing a wave 5 (blue) or extending the wave 5 (blue) with an internal 5

    wave indicated by wave 1-2 (pink). Price has not reached the 61.8% Fibonacci level of wave 2 vs 1 but

    a break above the 100% Fib level invalidates the pink 1-2. A break below the previous bottom (green)

    is needed before an extension of the downtrend is confirmed.

    1 hour

    [​IMG]

    The GBP/USD broke the resistance trend line (orange) yesterday and showed bullish impulsiveness as

    expected within the wave C (green) zigzag. Price could now bounce at the Fibonacci levels of wave 4

    (blue) but a break below the 61.8% Fibonacci level, however, invalidates the wave 4 (green).

    USD/JPY

    4 hour

    [​IMG]

    The USD/JPY will either break the support for a downtrend continuation or break above the

    resistance and potentially start a reversal. Consider the struggle to break the horizontal support of

    the previous bottom (green), a larger upside correction or reversal seems most likely.

    1 hour

    [​IMG]

    The USD/JPY indeed completed the wave A (green) and wave B (green) as shown yesterday. A break

    above the resistance (red) should initiate wave C (green).

    Follow @ChrisSvorcik on twitter for latest market updates
     
  18. Admiral Markets Group

    Admiral Markets Group Master Trader

    331
    0
    62
    EUR/USD, GBP/USD in waves 4 marked by trend lines

    EUR/USD

    4 hour

    [​IMG]

    The EUR/USD has made a bearish retracement back to the 38.2% Fibonacci retracement level as
    expected. The Fibonacci levels could provide support as part of a wave 4 (green). A break below the
    61.8% Fibonacci level would invalidate the wave 4 (green) structure.

    1 hour

    [​IMG]

    The EUR/USD has arrived at a spot where it could complete a bullish bounce at the Fib levels or
    bearish break through the support trend line (green). A bullish break above resistance (red) could
    indicate the start of wave 5 (green).

    GBP/USD

    4 hour
    [​IMG]

    The GBP/USD is either completing a wave 5 (blue) or extending the wave 5 (blue) with an internal 5
    wave indicated by wave 1-2 (pink). The Cable turned at the 61.8% Fibonacci level of wave 2 vs 1 and
    broke below the support trend line (dotted green), which could mark the start of wave 3 (pink) if
    price manages to break the previous bottom (green). A break above the 100% Fib level invalidates
    the pink 1-2.

    1 hour
    [​IMG]

    The GBP/USD completed 5 waves (blue) within a wave C (green) zigzag. The Cable is now showing
    bearish momentum (wave 3 blue) and a triangle (trend lines). A break below the support trend line
    could start wave 5 (blue) whereas a break above the 61.8% Fibonacci level of wave 4 (blue)
    invalidates it.

    USD/JPY

    4 hour

    [​IMG]

    The USD/JPY will either break the support (green) for a downtrend continuation or break above the
    resistance (red) and potentially start a reversal. Bullish momentum seems likely at the moment after
    the break above the first resistance trend line (dotted orange).

    1 hour

    [​IMG]

    The USD/JPY is in a channel (orange/green). A break below the channel could indicate a downtrend
    continuation and invalidate the current wave structure. A break above the channel could confirm the
    development of a wave 3 (brown/blue).

    Follow @ChrisSvorcik on twitter for latest market updates
     
  19. Admiral Markets Group

    Admiral Markets Group Master Trader

    331
    0
    62
    US Dollar break unlocks bearish momentum

    EUR/USD

    4 hour

    [​IMG]

    The EUR/USD used the 38.2% Fibonacci retracement level as a support for a bullish bounce at wave 4

    (green). Price also broke above the resistance trend line (dotted red) which could indicate the

    continuation of wave 5 (green).

    1 hour

    [​IMG]

    The EUR/USD is in a bullish break above resistance (dotted red) within wave 5 (green). A break below

    the support trend line (green) would indicate that wave 5 (green) is most likely finished.

    GBP/USD

    4 hour

    [​IMG]

    The GBP/USD is either completing a wave 5 (blue) or extending the wave 5 (blue) with an internal 5

    wave indicated by wave 1-2 (pink). A break above the 100% Fib level invalidates the pink 1-2. For the

    moment price seems to be expanding the bullish correction via a WXY (green) towards the resistance

    trend line (red).

    1 hour

    [​IMG]

    The GBP/USD broke the resistance trend line (dotted red) and not the support (greens) levels. The

    bullish momentum has been marked as a wave A (blue) and a bullish zigzag could take place once

    price breaks the new resistance (red).

    USD/JPY

    4 hour
    [​IMG]

    The USD/JPY will either break the support (green) for a downtrend continuation or break above the

    resistance (orange/red) and potentially start a reversal.

    1 hour
    [​IMG]

    The USD/JPY seems to have completed a leading diagonal for wave 1 (brown), which becomes

    invalidated if price breaks below the 100% Fibonacci level of wave 2 (brown).

    Follow @ChrisSvorcik on twitter for latest market updates
     
  20. Admiral Markets Group

    Admiral Markets Group Master Trader

    331
    0
    62
    Fibonacci levels present breakout spots in Forex

    EUR/USD

    4 hour

    [​IMG]

    The EUR/USD is in a contracting triangle chart pattern (red/blue lines) at the 61.8% Fibonacci retracement of wave E vs D. A bullish break could price make an extension of wave 5 (green) towards the 78.6% Fibonacci level. A bearish break (below blue) however could be a first indication that the ABC (purple) zigzag has been completed. A break below the other support lines (green) indicates the potential for a larger bearish reversal.

    1 hour

    [​IMG]

    The EUR/USD is either expanding wave 4 (green) or it has completed wave 5 (green). A break above resistance (red) indicates a bullish continuation, whereas a break below the Fib levels of wave 4 vs 3 (green) indicates a completion of wave 4 (green).
    GBP/USD

    4 hour

    [​IMG]

    The GBP/USD is either completing a wave 5 (blue) or extending the wave 5 (blue) with an internal 5 wave indicated by wave 1-2 (pink). A break above the 100% Fib level invalidates the pink 1-2. For the moment price seems to be expanding the bullish correction via a WXY (green) towards the resistance trend line (red/orange).

    1 hour

    [​IMG]

    The GBP/USD is struggling with the resistance trend line (orange) but a bullish break could see a continuation of wave C (blue) to the 78.6% Fibonacci level of wave 2 vs 1. A bearish break below support (green) would indicate that wave Y (green) is completed and start a bearish reversal.

    USD/JPY

    4 hour

    [​IMG]

    The USD/JPY will either break the support (green) for a downtrend continuation or break above the resistance (orange/red) and potentially start a reversal. The current wave 1-2 (blue) is invalidated if price breaks the bottom of wave 1.

    1 hour

    [​IMG]

    The USD/JPY has support (green) and resistance levels that mark a potential breakout.

    Follow @ChrisSvorcik on twitter for latest market updates
     

Share This Page