Thread: Elliott Wave Analysis & Forecast

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Sometimes it's better to keep an eye on line chart because of clearer price action.

Hi all,
I've got a seemingly bullish setup on the EURCAD cross. Note that while the EURUSD has dropped over 700 pips in the past 5 weeks, the EURCAD is still in an uptrend. I remain bullish on this pair, and it's the only euro cross that I'd buy right now (been bearish on the EURUSD and EURAUD since mid-February).

Anyone have an opinion on the wave count that I currently have?

EURCAD, Daily Chart

Silver Made Corrective Bounce; Weakness In View

As per Elliott Wave Analysis, S&P 500 is in an impulsive rally which is still incomplete as impulses are five wave patterns.

GBPUSD is in sharp uptrend for the past two days, which was expected from a Elliott Wave Analysis after five waves down in red wave 5) of (3) followed by a broken trend-line. According to Elliott Wave Patterns, current rally has an impulsive structure which means that leg is part of a larger recovery which will probably prove corrective as we are tracking a blue wave (4) pull-back.

GBPUSD 4h: Elliott Wave Analysis Chart

Sharp and extended decline seen in February suggests that pair is trading impulsively lower from above 1.6300 high. However, last week pair has found a bottom at 1.4830, which was expected after five waves down in wave (3) exactly to 261.8% Fibonacci level measured of a red wave 1).

Despite a big gap down on USDJPY pair remains in bullish mode as decline is actually still in three waves which we think it's wave (iv).
USDJPY Elliott Wave Analysis

EURUSD Intraday # Elliott Wave Analysis

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Originally Posted by Gregory McLeod

Here are some possible solutions:

Originally Posted by biggari

cypriot bank employees getting a nice extended holiday this week - hope its beach weather for them

suppose you cant have a run on the bank if the bank never opens - makes sense

Originally Posted by JerryPan

Thanks for response...

Hey traders! on a more serious note. You may want to check out your Forex broker for any type of Cyprus exposure and plan accordingly. Stop hunting, whipsaws, and gap opens are bad enough without losing access to your funds due to a banking crisis in Cyprus. You may need to consider your options and give FXCM a try. (sorry for sounding too salesy)

Here is a list of Cyprus firms:

Ironfx
Alpari
Windsor brokers
Leverate
Forex Time
Fibo group
Easy Forex
Banc de binary

As per Elliott Wave theory USDCHF is now in wave B) with resistance seen around 0.9500. Breakdown into wave C) towards 0.9340 is expected as long as 0.9566 is in place.

USDCHF 4H Elliott Wave Analysis

Hii Mr McLead and EveryOne
I would be Glad if you correct my EW numbering for USD/CAD ,
thanx

EURUSD remains in bearish mode after only three wave rally from 1.2750 low that was just another temporary pause within ongoing bearish sequence. As such, new lows are in view, especially now when wave 4 pull-back appears complete around 1.2880 after recent weakness towards the lower side of a corrective channel as shown on the chart. With that said, price is expected to extend towards 1.2700 level in the next few sessions before we may see a bottom formation on this pair. Keep in mind that we have a wedge pattern on EURUSD which looks like an ending diagonal. Ending diagonals are reversal patterns, so sharp EUR rally could follow from a new low.

Sharp fall on gold seen yesterday from 1600 level with extensions through support line suggests that corrective wave 4 is complete with failure wave (c) at 1617 region. Also notice that recent weakness has extended through the support line of a base channel which is also very important evidence when trying to identify a continuation mode. As such, we think that impulsive price action is underway, now towards 1540. Meanwhile any minor bounce should be wave four in the middle of an impulsive weakness that may find resistance around 1575-1580. Critical level is at 1590; if breached then we will look for even more complex wave 4 but still part of a corrective movement.
Gold (XAUUSD) 4H Elliott Wave Analysis Chart