Posts Tagged “Wave”
The single currency finally reached our indicated downside target at 1.2500 as price dropped to as low as 1.2451 last week, however, as price has rebounded from there, suggesting the wave iii of 3 has possibly formed a temporary low there and few weeks of consolidation is in store and above 1.2750 would add credence [...]
Daily and 4H: In following the AUD/USD, we are still looking for a wave 4′ of wave (c). Wave 3′ has definitely been developed or is still developing, as the RSI in the 4H time-frame went above 60. We may then, be in a wave 4′, which we may see View full post on Technical Analysis
The AUD/USD pair has been developing a wave (c). At conclusion of (c), we may have concluded wave 2 of wave C. A wave 3 decline could initiate if the current rally tops off under 0.89 (61.8% retracement). However, wave 2 can go back up to 0.90 and the bearish outlook would still be valid. View [...]
Following up with yesterday’s AUD/USD post, we are indeed seeing a wave 3 of (c) behavior as the market accelerates. The 4H chart shows the surge hitting the 78.6% retracement at 0.8430. The target for (c) wave is at least 0.8550/0.86, as this is equality with wave (a). 150% expansion would bring (c) to 0.88. View [...]
Daily and 4H: The daily shows the AUD/USD still in consolidation after a break out below a long intermediate term channel. The bearish breakout is being tested, and a (c) wave may be developing. We may be in wave 3′ of (c). If the current speed of rally continues and View full post on Technical Analysis
The daily shows that we are yet to complete Wave (C), which is an impulse wave. I believe the alternative count is appropriate because the break of the channel should be part of wave 3, not 5, which is suggested by the non-highlighted (i) to (v) counts. The original count View full post on Technical Analysis
Although the British pound recovered after holding above recent low at 1.4228, as the price action from there still looks corrective in nature, suggesting upside would be limited to 1.4781 (previous support level) and bring another decline later. View full post on Forex Trading Ideas
Sterling dropped below support at 130.00 again and this move confirms the wave (ii) of iii has ended at 140.55 and wave (iii) of iii is now unfolding and would bring retest of 126.80, break there would extend to 125.00 and 124.60 (100% projection of wave (i)), however, reckon 120.84 (1.236 times projection) would hold [...]
This is a followup on yesterday’s GBP/JPY post. The question was whether wave V extension is the scenario. Today, we find that a bottom is forming, so the answer is no. Instead, we are now looking at a developing correction. The 4H time-frame has a target for the correction to 133 area, or the 61.8% [...]