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Since beginning of 2013 when EUR/GBP has made the final swing high at 0.8800 level we have been trading in a steady way to the downside. Based on Elliott Wave we can count 4 waves of major degree and currently we are in the stage of developing wave IV. Usually based on Elliott Wave principles wave IV can take shape of big consolidation zone, a pause in the trend before the last and final low and the cycle to be completed. Right now wave IV is developing between the 0.7000 big round number and th…
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Kiwi COT Extreme
NZD/USD has broken key support after support level and it seems now that the bearish trend is already oversold. We can't rule ot another retest of the big round number 0.6500 before going up again. The COT report is already warning us that a reversal or at least a bounce should happen because during this last leg down the commercials have become net buyers and they have been accumulating a lot of contracts as the COT report has been moving to extreme levels again (see Figure 1[/…
EUR/GBP Range Mode
Since beginning of 2013 when EUR/GBP has made the final swing high at 0.8800 level we have been trading in a steady way to the downside. Based on Elliott Wave we can count 4 waves of major degree and currently we are in the stage of developing wave IV. Usually based on Elliott Wave principles wave IV can take shape of big consolidation zone, a pause in the trend before the last and final low and the cycle to be completed. Right now wave IV is developing between the 0.7000 big round number and th…
USD/JPY Elliott Wave Cycle Completed
Based on the Elliott Wave cycle the bullish trend that started in 2012 in USD/JPY as completed a 5 wave move(see Figure 1) and in this regard now we can expect some type of correction. This bullish move was quite straight forward without much correction only a shallow correction in wave IV. Now that we have completed a 5 wave move Elliott Wave suggest we should expect an ABC correction but this should push us back all the way towards the levels of wave 4 which will be quite a big downside move. …
Cable Trendline Broke, But Upside Move Not Over Yet.
Although cable broke the trendline from that originates from the 1.4800 low the current upside move is not over yet. Based on Elliott Wave analysis we have only completed 4 wave so in order for the cycle to be completed we need a final spike up above 1.6260 resistance level(see figure 1). Also at 1.6100 we had a first failure retest of the trendline, market reaction was very mild and currently the market is rallying strong from the 1.5860 support level suggesting sellers are very weak. Also we h…