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Impulsive

Elliott Wave Analysis: AUDUSD Trading In A Temporary CorrectionAussie turned up last week after better than expected AUD employment data. From a technical perspective we adjusted the wave count as current bounce is part of a minimum three wave recovery since it turned up impulsive in the first part, labeled as red wave A). As such, there will be more upside coming now within an A)-B)-C) structure which may stop near 0.7640. Bigger picture remains potentially bearish for Aussie as long as 0.7747 holds.
by ew-forecast
Elliott Wave Analysis: EURUSD Sharply Turning LowerOn the 4h count of EURUSD we see price trading south following a completed zig-zag correction that was in progress since the start of the year. Reversal down is strong and clearly impulsive, thus an important sign of a top in place, meaning a minimum three wave drop is expected to unfold, which should resume after current rally is completed. We see this rally as corrective wave (2) that touched first resistance near 1.0690 but there is room for 1.0740 before bears may step in. Daily close price below 1.0567 will indicate that wave two is finished.
Short
by ew-forecast
2
Possible Wave 3 of 3 to follow completion of Wave 2 (ZigZag)A Wave 2 ZigZag has completed at the .618 retracment of Wave 1 which is a strong indication the correction has complete. The price has already made a bounce from this level and seems to be in a correction which has probably has further downside before the up move. This initial bounce could be the beginning of a Wave 3. The larger picture shows this Wave 3 could be part of a Wave 3, this means it is likely going to be a strong impulsive move. Entry Level: I will be setting a conservative pending entry at the break of Wave B of the ZigZag. Stop Loss: At the extreme of Wave C of the ZigZag. Target Level: The target marked on the chart is a 1.618 multiple of Wave 1. There is potential for a more upside after this level. As always I will monitor pattern over setting a hard take profit.
Long
by ciano1993
Elliott Wave Analysis: CADJPY Could Be In For A ReversalAs you might know, we are looking higher on stocks based on Elliott Wave structure after only three waves of decline on E-mini S&P500 from 2400 highs. So more upside on stocks is normally bearish for Japanese yen, in risk-on environment. At the same time we see Oil prices in bullish mode as well which can be supportive for the Canadian dollar. What all that said, CADJPY can be an interesting pair in the coming sessions and days. Not only because of those market correlations, but also because of the wave structure which shows wave C) down to be an ending diagonal; this is a reversal pattern which can already be pointing to the upside if we consider five waves up on 30min chart.
by ew-forecast
Elliott Wave Analysis: Bears On EURUSD Taking ChargeOn the updated count of EURUSD we see price trading south following a completed a zig-zag correction, that was in progress since start of the year. Current reversal is strong and clearly impulsive, thus an important sign of a top in place, meaning a minimum three wave reversal to the downside may start to unfold but ideally that's a start of an impulsive drop in wave five of a higher degree. At the moment we see price trading in the first wave 1), probably in late stages, so let's be aware of correction that may pop up during the process in the next few sessions as wave 2), that may later find resistance around the previous swing low at the 1.0760 level.
Short
by ew-forecast
Elliott Wave Analysis: USDCHF Undergoing A Bullish ReversalOn the updated chart of USDCHF, we see price undergoing a nice sharp and strong rally to the upside, probably as an indication for a reversal. If that is the case, then recent big three wave pattern to the downside is completed and more gains may follow in the near-term. For a confirmation, that the previous pattern is completed, we would need a decisive breach above the previous wave 4 and five minor waves to unfold to the upside. Invalidation level is at 0.9813 - as long as it holds we are looking bullish.
Long
by ew-forecast
Elliott Wave Analysis: GBPUSD Looking To Aim LowerIt appears that flows have changed over the last 24-48 hours, since stocks found a support on Monday with E-mini S&P500 turning nicely up from 2320 area. This has a strong impact on some majors, especially on EUR and GBP against the buck after Theresa May signed Article 50 letter to leave Europe and start with negotiations in the following months. Long-term speaking I think that this can be better news for GBP rather than EUR, but in the short-term both can see lower levels which can also be visible on EUR and GBP crosses. Pound is falling sharply from 1.2615; it has impulsive qualities so more weakness may be seen in sessions ahead. We see near-term resistance for EU session lying at 1.2472.
by ew-forecast
4
Why USDJPY Could Move Lower..Hello Traders, we hope you had a successful trading week. In this short update, we wanted to talk about the USDJPY and why it could move lower thru out next week. After the market rose about 17.09% in last years impulsive to the upside, the USDJPY was in a sideways trend for weeks. Now the market broke its key level of 111.476, which could open up an extension lower to around the last resistance now acting as new support at around 107.456. With the health bill rejected today, we could see throughout risk equity weakness next week. Which would consist with USDJPY trading lower on risk aversion. If we don't see any significant fundamental changes throughout next week, were going to search for short opportunities in USDJPY, especially with the break of the important resistance. We will keep you updated on this one. We wish you a relaxed weekend. Trade with care and always use a stop loss while trading and don't overleverage, otherwise you will lose your account! Cheers
Short
by secrets2trade