The waves in EURCHF are hard to make out, but my bias remains to the down side.. And price seems to be agreeing with me at the moment... I posted on this pair earlier in the week showing the doji reversal candle on the weekly chart, and price has indeed dropped this week confirming a likely top in place... I'm looking for a multi-week drop back down to FIB support at 1.4723

Here is my take on EUR/GBP. Please if you have an alternative count, clue me in!



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Does anyone agree with this idea ?

GBP/JPY 4 hr chart

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Since we've broken up through the down trend line on the daily charts, I think up is the way were are going for the cable. I move to 1.55 or greater, but we clearly have 5 waves up, with some overlapping corrective action, so I think we need a move back down to finish C wave....Market posted a similar chart earlier....before heading back up.

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Chemistry....It's Elementary!

The strength of this rally sends a strong signal to me that this market has formed a bottom that should last for months, or more. For that reason, it's time to start trying to get long this market. However, the market appears severely overbought, and momentum indicators are not confirming the new price highs and are dragging downward on the larger time frames. You can see on my 4hr S&P futures chart above that even the RSI has failed to make any significant new highs since the S&P hit the 760 level. So that's about 60 S&P points uncomfirmed by the RSI. This is very bearish. Plus, with the amount of progess this market has moved upward in such a short period of time, some pullback and profit taking is due. The financials (XLF) has been leading this market up and down, actually brokedown at the close today and closed down almost 5% on the day. It made new lows and declined impulsively. So the short term trend appears to be down for the financials and they should drag the entire stock market down with it.

Key target areas for this decline are the fibonacci 38% retracement level and prior 4th wave area at 761, which should prove to be formidable support, as well as the 743 and 725 levels. I am mildly short the market right now but will quickly move to start establishing bullish positions once the S&P gets into the 760 area.

So, to sum up, the market appears to have formed a significant bottom and I'll be looking to get heavily long once this market pulls back enough to releive these overbought indicators. In the very short term, the market looks bearish and should take it down to the 760 level. From there I will start shifting from a short bias to big long bias.

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Hey AT,

This is what I am looking at. I just don't think we will have enough substantive evidence that the economy is recovering to keep the momentum for any sustained period of time. From a societal perspective, I hope that you are right.

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Hey Guys,

Here is a count for the GBP/USD daily chart.

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Here is a close-up of the subdivisions of the larger fourth wave triangle. Price could move lower to about 1.3800 or so now in a (D) wave.

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At this moment, my Delta count is ruling out the possibility of triangle EW wave 4 count as Justy posted. Based on Delta, a more probable EW count is expanded flat or larger correction.

I prefer much more bullish count for GBP actually. If my Delta count is correct, we shall break 1.4985 soon by April 3 without retracing lower than 4390.

Only time will tell.

Possibility Here For The NZDUSD 8 Hour Chart

Gbpjpy - short term possible count - down to 141 and then up to 165

edit: - hmm - this train may rally from here - looks like an impuslive bounce of 1.68 extension of w1
edit: - ok -back to primary count

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Hey Guys,

On a longer term basis, I think GBP/JPY is tracing out a pattern similar to the GBP/USD. I see GBP/JPY in a fourth wave correction right now, which shouldn't get too much higher before rolling back over to the downside.

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The EUR/CHF setup I posted a few weeks ago has finally been triggered. I'm long EUR/CHF now looking for price to rally for the next several weeks.

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I'm guessing everyone got stopped out for their trades in this pair on the bounce but the expectations are for it to head down still, here's a possible count, the chart is AUDNZD 5 minutes.

I've placed an entry order short @ 123.410 (just below the tendline and wave 1), p/l @ 116.000 and s/l @ 123.800

Gbp/Usd


Good Morning ,
Here the result for yesterday's chart post ( Bullish View )......

------------------------------------- -------------------------

Price-action did not reach its intended target-

Trade set up was stopped out ! ----------- Loss 32 pips -------

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