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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 133771, member: 37217"] EUR/USD Bearish Break below 1.18 within Wave 5 EUR/USD 4 hour [ATTACH=full]10198[/ATTACH] The EUR/USD bearish retracement is indeed continuing lower, as expected in the wave analysis earlier this week. Price is now approaching two strong support trend lines, which could act as a bounce or break zone. A bullish bounce indicates the completion of wave A (purple) whereas a bearish breakout could see price fall towards the 23.6% Fibonacci level of wave 4 (green). 1 hour [ATTACH=full]10199[/ATTACH] The EUR/USD broke below the support trend line (dotted green) and could be extending the 5th wave (brown) with 5 waves (orange) if price stays below the Fibonacci levels of wave 4 vs 3. USD/JPY 4 hour [ATTACH=full]10200[/ATTACH] The USD/JPY completed an ABC (orange) zigzag within a larger ABC correction (brown) and seems to be starting a wave C correction now. 1 hour [ATTACH=full]10201[/ATTACH] The USD/JPY seems to have completed a potential wave 4 and truncated wave 5 (purple) which does not break the top of wave 3. GBP/USD 4 hour [ATTACH=full]10197[/ATTACH] The GBP/USD continued with its downtrend and is building 5 waves (grey) within wave 1 (red). 1 hour [ATTACH=full]10196[/ATTACH] The GBP/USD could be extending the 5th waves with 5 more waves (green), which could see a bearish breakout below the support trend line (blue). The other scenario is that price will bounce and complete wave 1 and start wave 2 (red). In this case price will probably break above the resistance trend line (orange). Follow [URL='https://twitter.com/ChrisSvorcik']@ChrisSvorcik[/URL] on twitter for latest market updates. Connect with [URL='https://www.facebook.com/profile.php?id=100009628491889']Chris Svorcik[/URL] on Facebook for latest Forex and education tips. [I]Risk disclosure: Forex and CFD trading carries a high level where losses can exceed your deposits. This material is 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 independent financial advisor to ensure you understand the risks involved.[/I] [/QUOTE]
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