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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 134176, member: 37217"] EUR/USD, GBP/USD Build Shallow Retracements after Bearish Breakout EUR/USD 4 hour [ATTACH=full]10319[/ATTACH] The EUR/USD is showing bearish continuation as expected in the wave analysis earlier this week. Price is building a potential ABC (purple) correction within a larger wave 4 (green). The main target of the ABC are the Fibonacci levels of wave 4 vs 3 (green). 1 hour [ATTACH=full]10318[/ATTACH] The EUR/USD broke below the support trend line (dotted blue) but was unable to break below the bottom (green line). Price is now building a pullback, which could be a wave 4 (brown). A break above the 61.8% and resistance trend line (red) makes a wave 4 less likely. A break below support (greens) could see price continue towards 23.6% Fib. GBP/USD 4 hour [ATTACH=full]10320[/ATTACH] The GBP/USD broke below the support trend line (dotted blue) and continued the downtrend. 1 hour [ATTACH=full]10321[/ATTACH] The GBP/USD is building an extension within the 5th wave with another 5 waves (grey). The current pullback is a bear flag chart pattern and could be a wave 4 (grey). A break above the 61.8% Fibonacci level invalidates the wave 4. USD/JPY 4 hour [ATTACH=full]10322[/ATTACH] The USD/JPY breakout managed to reach the 38.2% Fibonacci resistance level of the wave B (brown), which could cause a bearish bounce and complete wave A (orange). 1 hour [ATTACH=full]10323[/ATTACH] The USD/JPY seems to have completed wave 5 (purple) within wave A (orange). A bullish break above resistance (orange) could see an extension the uptrend whereas a bearish break of the support trend lines could see an ABC (purple) within wave B (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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