Elliot Wave Analysis by Admiral Markets

Admiral Markets Group

Master Trader
Mar 23, 2016
331
0
62
21
www.admiralmarkets.com
EUR/USD, GBP/USD Build Key Sideways Correction and Chart Patterns

EUR/USD

4 hour




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The EUR/USD is moving sideways as price stays in between support (green) and resistance (red) trend lines. The overall trend however is up and a bearish break could stop at the Fibonacci support levels of wave 4 (blue). A bullish breakout could indicate that the WXY (red) correction is finished.

1 hour




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The EUR/USD is in a triangle chart pattern which is indicated by the trend lines. Price is in a wave C (purple) of wave Y (red) unless price manages to break above resistance (red). In that case, the wave C is most likely completed at the most recent bottom.

GBP/USD

4 hour




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The GBP/USD is also in a sideways range (red/green lines) within a larger uptrend. A break below support could see price challenge the 38.2% Fibonacci level of wave 4 vs 3. A break above resistance could see price continue with the trend.

1 hour




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The GBP/USD needs to breakout below support (green) or above resistance (red/orange) otherwise the sideways range remains valid.

USD/JPY

4 hour




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The USD/JPY is testing a support trend line (green) of the uptrend channel.

1 hour




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The USD/JPY needs to break above resistance (orange) before an uptrend continuation is likely. A break below support (blue) could confirm an ABC (blue) correction.

Follow @ChrisSvorcik on twitter for latest market updates.
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Risk disclosure - Forex and CFD trading carries a high level where losses can exceed your deposits. This material does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from an independent financial advisor to ensure you understand the risks involved.
 

Admiral Markets Group

Master Trader
Mar 23, 2016
331
0
62
21
www.admiralmarkets.com
GBP/USD Falling Wedge Pattern Approaches Support within Wave-4

GBP/USD

4 hour




27-09-2017gu4.png1668x754 202 KB



The GBP/USD seems to be building a falling wedge chart pattern (green/yellow lines). Price is now testing the support of that wedge. The corrective chart pattern fits within the larger wave 4 (blue) correction.

1 hour




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The GBP/USD has many support layers below it and could complete an ABC (grey) correction at support. A break of resistance (orange/red) could indicate the continuation of the uptrend whereas a break below support could indicate a larger wave C (grey) correction towards the Fibonacci targets.

EUR/USD

4 hour




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The EUR/USD broke the support zone (dotted green) as expected in yesterday’s analysis. The bearish momentum is indicated by the resistance trend line (yellow). Price could continue lower towards the Fibonacci targets but overall the bearish price action seems to be corrective. This could be explained by the potential wave 4 (blue).

1 hour




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The EUR/USD broke the support (dotted blue) of the bear flag chart pattern and continued lower towards the 1.1750 quarter level. The EUR/USD could extend the bearish momentum if price breaks below the support trend line (blue).

USD/JPY

4 hour




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The USD/JPY has bounced at the 23.6% Fibonacci support level. Price is now testing the resistance trend line (red) of the correction and a bearish bounce could confirm the wave X (blue) correction. A deeper correction could be part of a wave 2 (light green) or a wave B (green).

1 hour




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The USD/JPY is probably in a wave X (blue) unless price manages to break above the resistance trend line (red) and the 138.2% Fibonacci level of wave X vs W.

Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest Forex and education tips.

Risk disclosure - Forex and CFD trading carries a high level where losses can exceed your deposits. This material does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from an independent financial advisor to ensure you understand the risks involved.