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GBPCAD Elliott Wave completed

Daytrader21 Posted 15 Feb. as Analysis on GBP/CAD, Target: 1.9235, Date: 1 von April, 12:00 GMT  in #Technical analysis #GBP/CAD #Consolidation #Elliott Wave #Correction #Cycle
Based on Elliott Wave GBP/CAD has completed a five wave cycle (see Figure 1) and from here on we should expect a 3 wave correction to unfold. There may be also the case that wave 5 has not been yet completed and can also develop a five wave cycle right now we can count only 3 waves in the wave V, and it appears we're right now developing wave 4 of V. Based on Elliot Wave wave 4 can take form of an prolonged type of consolidation action, and in this regard we may spend some time between 1.8800 su…
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Daytrader21 22 Feb.

Update 1: It may be the case we're getting an overextended wave V as the sequence is still not finished yet. Wave A has still not been developed and as such we should label as Wave A the first major sell off from the highs. Major support level remains the 0.8700 level

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Daytrader21 28 Feb.

Update 2: It seems that wave V is overextending it's move and we have yet to see the wave A developing so far. On the weekly chart we have a PB which is a reversal pattern and may be the sign that we're about to retrace. Big support remains 1.9000 big round number and resistance the PB's high at 1.9550

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Daytrader21 7 Mar.

Update 3: We broke key support zone of 1.8970, our only chance to see a rebound is for previous week's low to hold and to move back up and develop wave B, otherwise wave A length can be much more deeper than was expecting.

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Daytrader21 14 Mar.

Update 4: Wave A has no completed a 3 wave move of smaller degree and as such we should expect the market to develop from here on wave B and see the market moving back up. For next week support stands at 0.8800 and resistance at 0.9000 big round number

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Daytrader21 21 Mar.

Update 5: Unfortunately we continue to expend the downside move and it seems the wave A is still not finished yet. But we are near big major pivot point 1.8700 which should provide some support. Our target will come near the 50% fib retracement from wave A so it's still probable that we will see that target hit

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GBP/CAD Typical Consolidation

Daytrader21 Posted 16 Nov. as Analysis on GBP/CAD, Target: 1.8173, Date: 2 von January, 12:00 GMT  in #Technical analysis #GBP/CAD #Consolidation #Elliott Wave #Range #Round Number
Since the rally from the 1.5200 lows GBP/CAD has not yet completed a five wave sequence and we still need one more high before the wave sequence to be completed. Based on Elliott Wave we're still in the wave IV stage(see Figure 1) which typical is characterized by a lot of consolidation and range bound action. The line in the send for the bulls remains the 0.7500 big round number which it needs to be protected.
Figure 1. GBP/CAD Weekly Chart. Elliott Wave count.

As you can see fro…
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Daytrader21 29 Nov.

Update 2: As expected the big trend line (see Figure 1) has been holding the price for further going down and now wave A of 4 has been completed. During this stage of Elliott Wave sequence we should expect further consolidation. Now wave B is developing and it should stop at 1.8150.

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Daytrader21 8 Dec.

Update 3: As expected wave 4 has been completed and we're in the process to develop wave 5 which should take form of another five waves of smaller degree. But we still need a break above the big round number 1.800 before the bulls can be considered in control

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Daytrader21 22 Dec.

Update 4: As expected wave 5 is currently under way and although we already hit our target the structure of current wave should take form of another 5 wave of smaller degree. We're still in the earlier stage of this new up swing wave and we can consider the move from 1.7540 to 1.8400 wave 1 of 5

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Daytrader21 27 Dec.

Update 5: 1.800 is a strong pivot point and the fact that we couldn't break and have a weekly close below that big round number suggest the bulls are still in control. For next week we have support level at 1.8000 and resistance stands at 1.8200, an 200 pips range that should keep the market balanced during this time of low volume.

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Daytrader21 31 Dec.

Update 6: As expected the 1.8000 provided a good support zone and the fact that we couldn't break below this level even though the market was trying for several days to break below this suggest the bulls are still in control and are ready to push the market back up and resume the up trend. Resistance is at 1.8190 and support is now at 1.8050.

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