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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 133994, member: 37217"] EUR/USD Decision Zone at 1.19: ABC Zigzag or Uptrend EUR/USD 4 hour [ATTACH=full]10260[/ATTACH] The EUR/USD divergence between the tops (purple line) could create a larger bearish retracement via an ABC correction (purple). A break of the top and 100% Fibonacci level of wave B vs A at 1.1910 could indicate an uptrend continuation. 1 hour [ATTACH=full]10261[/ATTACH] The EUR/USD potential break above the resistance (red) of the triangle chart pattern could see price move towards the next 78.6% Fibonacci level of wave B vs A whereas a break below support (green/blue) could see price complete wave B (purple) and start wave C. USD/JPY 4 hour [ATTACH=full]10262[/ATTACH] The USD/JPY broke below the support trend line (blue) and could be building a downtrend continuation within wave C (brown). 1 hour [ATTACH=full]10263[/ATTACH] The USD/JPY could be building a wave 4 (orange) pullback if price manages to stay below the bottom of wave 1 (orange) which is indicated by the resistance trend line (red). GBP/USD 4 hour [ATTACH=full]10264[/ATTACH] The GBP/USD broke above the resistance trend line (dotted red) and could be building a potential bullish retracement as part of a wave 2 (red). The red trend lines and Fibonacci levels could act as a resistance zone. The purple boxes are indicating a potential head and shoulders reversal chart pattern. 1 hour [ATTACH=full]10265[/ATTACH] The GBP/USD bullish breakout has probably started wave C (purple) of wave 2 (red). 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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