Elliott Wave Forex

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Archives for July 2017

EURUSD 31st July, 2017

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The market rallied sharply throughout most of the day, in opposition to my previous expectation, forming a nice 5-wave impulse. Usually this sort of developments calls for only a localized adjustment, but in this case I had to shuffle many of the labels to put the entire count in a correct, fitting order. The general picture, however, remains largely the same. Read More

GBPUSD 28th July, 2017

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On Friday's session, Cable unfolded higher in line with the outlook. At this juncture, the advance off wave (iv) green low is in a three-wave pattern, leaving us with two possible scenario. The main hourly count expects Cable to continue its upward thrust while the alternate count expects that downward pressure has resulted in a truncation. If so, we should expect a swift decline from these levels to confirm the bearish alternate. We will wait for either counts' confirmation point to be reached to determine the highly probable count. Read More

EURUSD 28th July, 2017

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Even though the market spent the day edging upwards, it remained below the proposed resistance line. Looking at it in another way, this recent rally failed to match the preceding decline, even though it took more time to form. This is usually a dependable bearish sign, which fits well with our current count. Read More

GBPUSD 27th July, 2017

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Cable is -- so far -- tracing out the ending diagonal pattern nicely, The first daily target was reached to the pip before reversing directions and unfolding lower. The main hourly count expects a final thrust up while the alternate count expects sideways consolidation to have the upper hand before reversing directions and pushing higher. We will wait for either counts' confirmation point to be reached to determine the highly probable count. Read More

EURUSD 27th July, 2017

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As expected the euro moved towards the upside, reached our target and exceeded it by 9 pips, and then immediately reversed downwards for 125 pips. Given that we were waiting for wave 3 to form a top, this strong decline looks like convincing evidence that wave 4 is now in effect. Fourth wave are the most difficult to count and anticipate, as they can unfold into any corrective form, but we have a couple of clues that may prove helpful in limiting the possibilities. Read More

EURUSD 26th July, 2017

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By moving above 1.1712 in such a strong fashion, where the market rallied about 125 pips, I find the most fitting count for the preceding movement is that it was a complex double combination in wave 4, which would make the recent rally most probably the third wave of a wave 5. This means the market still has a bit of room to move towards the upside before the entire rally is complete, but most of the action is probably already behind us. Read More

GBPUSD 25th July, 2017

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Cable ended the day in the minus column and we continue to look for higher highs to complete the pattern that we are tracking. However, if we are on the right track, the rise should prove limited to the targets mentioned for today's main hourly count. On the other hand, the alternate count expects Cable to drift lower before resuming the uptrend. We will wait for either counts' confirmation point to be reached to determine the highly probable count. Read More

EURUSD 25th July, 2017

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As expected the euro moved towards the upside, reached our first target, exceeded it by 15 pips, and immediately reversed towards the downside to wipe out most of its advance. There are several reasons to expect the current phase of the uptrend to be over, but it's unwise to jump to such a conclusion without sufficient confirmation. Therefore, the daily count keeps its focus on the targets of the uptrend, whereas the hourly count zooms in to finer details. Read More

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Investing in foreign currency markets carries risk of losses especially because these instruments are highly leveraged and traders can lose more than their initial margin funds. Information supplied by Elliott Wave Forex is supplied in good faith but it is not guaranteed. The market service that never makes mistakes does not exist. Elliott Wave Forex is not responsible and cannot be held liable for individual investor’s decisions.

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