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EUR/GBP - Correction Completed

Daytrader21 Posted 15 Dec. as Analysis on EUR/GBP, Target: 0.8680, Date: 3 von February, 12:00 GMT  in #Technical analysis #EUR/GBP #Elliott Wave #Correction #Waves #Seasonality
From beginning of the year EUR/GBP was stuck into 0.8815-0.8395 range zone which recently was broken to the downside, but was a false breakout as the momentum started to pick up .This only suggest that the up trend from the 0.7753 swing low is in correction mode. Taking this in consideration the ABC correction of the entire up trend from the 0.7753 low was completed and formed the wave 4 of larger degree(see Figure 1).
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Daytrader21 29 Dec.

Update 1: It seems that recently EURGBP has experienced a strong sell of but as long as the 0.8250 level stay intact my prediction stay in place. We, need to consolidate here before the upside momentum to get any steam. I can see it going as low as 0.8300 from where I'm expecting buyers to come in the market

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Daytrader21 3 Jan.

Update 2: The market seems is doing a double bottom at 0.8250 which must hold, otherwise my prediction maybe proven wrong, from here the next big resistance level is at around 0.8450 we should see momentum accelerating to the upside

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EUR/USD-Confluence is Key to Momentum

Daytrader21 Posted 14 Nov. as Analysis on EUR/USD, Target: 1.3340, Date: 2 von January, 12:00 GMT  in #Technical analysis #Consolidation #EUR/USD #Elliott Wave #Range #Waves #Momentum #Triangle Pattern
In the last few months EUR/USD has been trading within a triangle pattern which are corrective patterns that occur either in the 4th wave or B wave according to Elliott Wave theory and which are caractherized by a five wave sequence. From the 1.3710 pick, that happened last year, we saw an aggressive five wave trade sequence all the way down until the 1.2740 low which was the lowest point this year and from where we formed an extended triangle pattern(see figure 1).
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Daytrader21 17 Nov.

@stane2405 In the large picture that down swing wave is a B wave of higher degree where that A wave is the move from 1.2035-1.3710 and this whole structure is just an ABC correction which form wave 2 of higher degree where wave 1 is the down leg from 1.4950(2011.05.01)-1.2035. I hope you get the picture, use the weekly chart

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Daytrader21 22 Nov.

Update 1: The market is expected to stay in this consolidation for some time now. The wave B can develop a 3 wave correction type and we could end up with a double zig-zag pattern. Also recently I discovered that the decline from 1.4930(2011.05.05) is a fractal for today's price action. If we apply that model for the next 3 months we should expect a wide consolidation zone.

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Daytrader21 29 Nov.

Update 2: Wave B is in the final stage and it took form of an abc correction, wave a from 1.3290-1.3577, wave b 1.3577-1.3400, and with wave c from 1.3400 and I'm expecting the price to top at 1.3680 from where the market should start correcting.

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Daytrader21 9 Dec.

Update 3: Wave B is already completed and as expected it seems the 1.3700 is capping the upside movement. From here on we should see a 5 wave downside movement with the first major support level laying around 1.3600 if we manage to break and close below it we're going straight down to our target

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Daytrader21 14 Dec.

Update 4. It seems the market is overextend at current market levels and it seems 1.38 has capped the upside movement. From here on we should see the market resume downwards, next big support area that we should pay attention is 1.3500 big round number

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Cable: ready to resume it's long term bearish trend

Daytrader21 Posted 13 June as Analysis on GBP/USD, Target: 1.5100, Date: 1 von August, 12:00 GMT  in #Technical analysis #GBP/USD #Elliot Wave #Triangle #Waves
Cable remains in the long term bearish trend as Elliot wave suggest we still have to make another swing low point in order to complete the 5 wave formation. Currently we have just finished the 4th major cyclical wave (see fig.2) and we are in the inception of the final 5th wave (see fig.1) which should get us below the 1.3500 major swing low point.For the last few years after the major crash of 2008 price has been moving in a big triangle formation (see fig.2) which constitute the wave 4 of this…
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Daytrader21 18 June

When wave 5 extend itself you get something like this when wave 3 is shortest than wave 5

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Daytrader21 30 June

It's already the beginning of July and we have almost hit the 1.51 target. The fact that we sold off very hard from the recent swing high is just a confirmation that my wave count analysis is right and the price is following the elliot wave wave cycle. After such a huge sell of I'm expecting price to take a pause in the next few weeks, so most likely we will see price moving in a sideways action around this levels

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Daytrader21 4 July

After today strong sell of and going below the 1.51 target the market can accelerate to downside if previous low doesn't hold. But if it will hold expecting market to take his breath and consolidate between the 1.5280 resistance point and 1.5000 round number support level. We'll see in the next days how it turns out

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Daytrader21 13 July

As I said in my previous post I was expecting the market to sell of if the previous low wouldn't hold and we indeed broke below another swing low at 1.4820, but after we broke below the market reaction was very strong and we had a big rally of around 400 pips. After recent surge in volatilityI 'm expecting the market to take a pause for the next weeks and by the end of the month we should find cable at around 1.5100

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Daytrader21 30 July

Tomorrow is the end month flow and I'm expecting the current sell of to continue and to get near my target 1.5100. Usually cable is very volatile on the end month flow as traders are positioning themselves and adjust their positions. Next support is at around 1.5150 before 1.5100 so I'm expecting there the market to find some minot support in the short term play

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