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EURCAD Elliott Wave Analysis

Daytrader21 Posted 15 Ago as Analysis on EUR/CAD, Target: 1.4244, Date: 1 di Ottobre, 12:00 GMT  in #Technical analysis #EUR/CAD #Elliott Wave #Wxy Pattern
Based on the Elliott Wave count we can tell that EUR/CAD is at the beginning of resuming its long term downtrend. On a weekly chart we can discern an WXY pattern which can be subdivided into wxy patterns of smaller degree. Right now we're testing an historical level 1.4500 which has provided good resistance in the last few years.
Major Levels to watch:
  • 1.4500 Big round number and psychological number, Resistance level;
…
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Daytrader21 28 Ago

Update 1: The market has experienced a violent rally that can put in place a major high as usually at market turns the volatility is the greatest. We need the big round number 1.5000 to hold as resistance if this holds we can still see further downside

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EUR/NZD WXY Pattern

Daytrader21 Posted 15 Mag as Analysis on EUR/NZD, Target: 1.5682, Date: 1 di Luglio, 12:00 GMT  in #Technical analysis #Pivot Point #Elliott Wave #Fibonacci Retracement #EUR/NZD #Wxy Pattern
Based on Elliott Wave analysis EUR/NZD is playing inside a very complex price structure and corrective in nature. Since 2014 top at around 1.6400 we have been moving inside an WXY pattern which can be subdivided in lower degree WXY patterns. Right now we're in the last stage of completing the pattern as we're currently developing wave Y of higher degree and wave y of Y before the cycle to be completed. Before the last leg up we need a retracement towards at least 38.2 Fibonacci …
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Daytrader21 16 Mag

Update 1: EUR/NZD has made a new intraday marginal high above 1.5300 however the market is not ready for prime time, we should see that pull-back towards the 38.2 fib retracement before to make the new up leg

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Daytrader21 22 Mag

Update 2: Right now we have made the temporary top and the market is looking for retracement towards the 38.2 fib level around the 1.4800 level which is also a pivot point. Next week we should be looking for further downside move as per my prediction

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Daytrader21 29 Mag

Update 3: This Friday we finally managed to break above previous minor swing high at around the 1.5400 level. If we manage to get a weekly close above this key level than the next level that comes into play is the 1.5600 level which is near my forecast target as well. Support level for next week comes in at 1.5350

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Daytrader21 14 Giu

Update 4: Unfortunately we broke towards new high above key resistance level and big round number 1.6000. We need to find resistance at 1.6200 which is the last level of invalidation, if this gives up my analysis may be wrong and we're heading much more higher.

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