Elliotters..Elliott Wave Trading

Hi there to all traders and elliotters,
This thread is dedicated to sharing ideas and patterns of elliott waves on the different forex pairs.

I hope you welcome my new thread, though I know many traders do not believe such thing (elliott wave analysis) exists.

The thread is for sharing and discussing elliott wave ideas, presenting trade ideas in elliott waves, etc.

Thank you! More next.

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Would like to begin with my view on the EURUSD Daily chart.

To me; it appears that euro rallied in 5th waves from 1.3360. The most recent surge was a breakout from a triangle (unsurprisingly the triangle was wave 4 seen as corrective before a rally)

The triangle is a-b-c-d-e a thrust then appeared that broke out in the triangle signalling that we are now in wave 5 of the euro rally.

The chart is posted because eur/usd could be "real" close to a top.
Wave 1 was 918 pips, and wave 3 was 952 pips. It is very possible that wave 5 can be like wave 1 or extended.

Either way, the Euro/USD is very close to a top in the zone 1.5360-1.5440

So bottom line I expect a big reversal in eur/usd to follow soon that could challenge 1.49/1.45
Chart attached

Next..

EURJPY Hourly

The decline from 161.30 can be perfectly viewed as five waves decline.

The fifth wave was truncated though, if you notice prices bottomed at 155.9/156.1 very close lows after wave 5 failed to make new lows below 155.94.

The EURJPY then rallied as a correction took place after five waves down.
Note that the decline was in 5 waves previously which is very bearish for this bear in the medium term.

The correction almost reached significant top at 159.25, and 61.8 fib. The potential reversal zone is 159.20/159.50

I entered short there with stoploss above 161.30 (medium term)
A new bear leg should begin soon and should accelerate in five waves.

Since we've discussed EURJPY, similarly USDJPY also failed to register a new low in a fifth wave when it made a "double-bottom" on the hourlies.

However, the rebound is seen corrective. And since usdjpy has declined in five waves, this means that the outlook for USDJPY is bearish "Sell Rallies"

A potential correction end zone is 104.70, overall it remains bearish and a sell in the 104.30-70 zone is preferred.

Very similar to EURJPY.

According to this count, aussie rally still has room to maximum 0.9900 before a big reversal starts.

Potential reversal zone is 0.9800 to 0.9900.

wave 1 and 3 are almost equal. So if wave 4 ended at 0.9217 ? no confirmation yet. Then 600 pips least from there would equal 0.9800. But if wave 5 is larger than wave 1 and 3 (wave 3 still not shortest wave) it can expand more than 98 cents.

bottom line: aussie may stop and reverse at 0.9800 and this level extends to 1.0 usd. A very strong reversal is then expected in that area.

Let us see how audusd will play out.

Can you post your analysis on GBPJPY?
thanks.

'I still do not see clear counts on GBPJPY

The euro rally is not over yet but we are close.

I posted the daily count which suggests a reversal in the zone mid-1.53 to mid 1.54

This is the hourly chart it. We are in a wave 5 advance now. Basically this is the last leg in eur/usd rally.

Wave 5 started from 1.5144 and its about 160 pips until now. I suspect it can extend little more.

But we are close to an end to this rally. Perfectly at 1.54 zone though.

Update:

EURUSD leg accelerating now, and we are entering a potential reversal zone. Although, a high in the 1.54 can't be ruled out. Despite this, positional traders should enter shorts with adding up until 1.54. First target comes in at 1.49.

USDJPY is consolidating corrective wave gains, it is possible that the correction topped out at 104.20 however, a spike to 104.70 a more important fibonacci can't be ruled out. Strategy is to take shorts in the pair in the 104 area and first target comes at 102.

EURJPY found resistance at the hourly top and fibonacci resistance in a potential reversal zone (159.00-159.50). The pair should accelerate in its wave 3 of 3 soon, a retest of 159.30 is not out of the question but (I initiated shorts) at the 159 targeting a move to 154/152.

Those are the current updates to the patterns posted. Will keep you updated always.

EURUSD Direction: Bullish - Toppish - Reversal expected in 1.54 zone or slightly lower
USDJPY Direction: Bearish - Corrective bounce underway could meet 104.70 fib
EURJPY Direction: Bearish - Corrective bounce underway 159.50 is potential reversal area.

More next..

Here you go, to help you

UK CPI is being released at 5:30 EST and no major surprises are expected. There are some interesting indicators lining up. It will be interesting to watch the price reaction.
Sentiment position is 1.1 buyers for every seller.
Potential right shoulder of a head and shoulder forming.
Elliot wave count: Wave 2 of a 4 hr W5 down potentially completing.
Current retracement / price correction potentially near completion.
8 hours to go before the setup can be confirmed.