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Silver $XAGUSD Short-term Elliott Wave Analysis 2.23.2016

Short term Elliottwave structure suggests rally to 15.953 ended wave (3). Wave (4) pullback is unfolding as a double three structure where wave W ended at 15.1, wave X ended at 15.54, and silver has resumed lower in wave Y. Wave ((x)) bounce is now expected to fail below 15.54, but more importantly below 15.95, for another leg lower towards 14.49 – 14.69 area to complete wave (4). We don’t like selling the proposed pullback and expect buyers to appear from 14.49 – 14.69 area (if reached) for at least 3 waves bounce if not continuation to new high.



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Silver $XAGUSD Short-term Elliott Wave Analysis 2.24.2016

Revised short term Elliottwave structure suggests rally to 15.953 ended wave (3). Wave (4) pullback is unfolding as a triangle where wave A ended at 14.89, and wave B is currently in progress. Internal of wave B is unfolding as a double three where wave (w) ended at 15.3, and wave (x) ended at 15.13. While above this level, the metal is expected to continue higher in wave B towards 15.53 15.77 area before turning lower in wave C and resume the consolidation. The triangle idea remains valid as far as wave (A) at 14.897 stays intact.



At EWF we offer 24 hour coverage of 50 instruments from Monday Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer!

Short term Elliottwave structure suggests rally to 15.953 ended wave (3). Wave (4) pullback is unfolding as a triangle where wave A ended at 14.89, wave B ended at 15.57, and wave C is currently in progress. Internal of wave C is unfolding as a double three where wave ((w)) ended at 15.15, and wave ((x)) bounce is expected to fail below 15.57 for continuation lower in wave C. The triangle idea remains valid as far as wave (A) at 14.897 stays intact.

Attached Image (click to enlarge)

At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer!

Silver $XAGUSD Short-term Elliott Wave Analysis 2.26.2016

Short term Elliottwave structure suggests rally to 15.953 ended wave (3). Wave (4) pullback is unfolding as a triangle where wave A ended at 14.89, wave B ended at 15.57, and wave C is currently in progress. Internal of wave C is unfolding as a double three where wave ((w)) ended at 15.15, wave ((x)) ended at 15.318, and wave ((y)) of C is expected to hold 14.897 for another turn higher in wave D. The triangle idea remains valid as far as wave (A) at 14.897 stays intact.



At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer!

IBEX Short-term Elliott Wave Analysis 3.1.2016

Short term Elliottwave structure suggests cycle from 11/4 peak ended with wave ((3)) at 7862.8 and the Index is in wave ((4)) bounce to correct decline from 11/4 peak. Internal of wave ((4)) is unfolding as a double three where wave (W) ended at 8478.9, and wave (X) ended at 7967.88. While above 7967.88, Index has scope to do another leg higher in wave (Y) towards 8585.89 – 8731.19 area to complete wave ((4)) before the decline resumes. We don’t like buying the proposed bounce and expect sellers to appear from 8585.89 – 8731.19 area for at least 3 waves pullback.

Attached Image (click to enlarge)

At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer

In our previous Jan 19 article Where is Euro going next, we explain the negative correlation between asset volatility and the Euro. When stock market declines, the Euro dollar goes up, and vice versa. The table below from Morgan Stanley confirms this inverse relationship. We can see that other than the period between 2007 2009 and the period in 2011, this negative correlation between the Euro and risky assets remain true.



Since the peak in 2015, global indices have corrected in double digit figure. Below is global indices correction from 2015 peak to 2016 low as of March 1, 2016


Despite the already substantial correction, looking at the world indices, its likely that the correction is not yet over. Below we take a look at two indices, Shanghai Composite Index and FTSE, to make a case that the correction is not over:

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Weekly chart of Shanghai Composite Index above is showing an incomplete 5 swing sequence from 2015 peak and more downside is expected at least towards 1944 2370 area in the higher degree time frame.



The weekly FTSE chart above also is showing a 5 swing sequence. Please note 5 swing is a sequence count, and its not Elliottwave 5 impulse waves, as explained in our Elliottwave Swing Structure and Sequence seminar.

ECB Meeting in March 10 as a possible key event for next market move

In December last year, ECB disappointed the market by merely cutting deposit rate rate by 25 bps and extending QE program by six months until March 2017. Market was expecting the ECB to expand the Quantitative Easing programme, but ECB did not deliver. The Euro rallied strongly as a reaction at that time. Since then, headline inflation in the Euro area has continued to dip lower, and latest Euro inflation rate report in February 29 shows a -0.2% yoy. As expected, the energy component is the major drag with 8% fall. However, Euro core rate (excluding energy, food, alcohol, and tobacco) also slowed down to 0.7% compared to 1% in the previous month.

This number is far below ECBs 2% target and gives pressure to ECB to act more in the next coming meeting at March 10. ECB President Mario Draghi has said at the banks latest monetary policy meeting in January that ECB will review and possibly reconsider the stimulus program at the Marchs meeting. He also said that ECB will not hesitate to act if necessary. Market interprets his statement that more easing is likely in March and currently market has somewhat priced in a further deposit rate cut by ECB, as evidenced by the steady decline in Euro dollar since February. The recent stabilization of risk asset and rally in indices in some ways also reflect the expectation that ECB might ease further.

We have seen that cutting rate (e.g. BOJ going to negative rate in January) does not really push the currency lower. In the case of BOJ, despite cutting deposit rate into negative territory, the Yen selloff is a temporary reaction and it rallied sharply afterwards. Thus, even if ECB cut deposit rate by 25 bps at the next meeting, then using the example of BOJ, Euro is likely not going to go lower significantly.

The big unknown however is whether ECB will expand the QE programme at the Marchs meeting. Germany has consistently opposed to the idea of expanding the QE programme, and while ECB might be willing to expand, they currently face the problem of limited eligible bonds to buy. The ECB has a rule that it cant buy any bond that yields less than its current deposit rate, which is minus 0.3%. Using this rule, 50% of Germans debt is no longer eligible for the ECBs QE progamme as they fall below the -0.3% yields. German two-year yields for example touched -0.57% in Feb 29, thus making it ineligible under the ECBs QE programme.

Should the ECB decide NOT to expand the QE program at the coming March meeting, then a similar reaction (Euro dollar rally) may happen like the one we saw in December last year. Due to the inverse correlation with indices, then without QE expansion, it can also mean a turning point in Indices for the next leg lower. Chart below shows reaction of three Euro pairs in Decembers meeting when ECB decided not to expand the QE programme.



For further information on how to find inflection areas to trade $EURUSD, Indices and other $EUR pairs using Elliottwave and our unique trading method of 3-7-11, sign in today for the limited time only FREE 14 Day Trial to see our Hourly, 4 Hour, Daily and Weekly Technical Analysis.

IBEX Short-term Elliott Wave Analysis 3.3.2016

Short term Elliottwave structure suggests cycle from 11/4 peak ended with wave ((3)) at 7862.8 and the Index is in wave ((4)) bounce to correct decline from 11/4 peak. Internal of wave ((4)) is unfolding as a double three where wave (W) ended at 8478.9, and wave (X) ended at 7967.88. Cycle from wave ((3)) low is already mature and there’s enough number of swings to call wave ((4)) complete, but while above 8221.01, Index can still extend higher a bit in wave ((4)) towards 8859.61 – 8966.38 area before the decline resumes. We don’t like buying the proposed push higher and expect sellers to appear from 8731.19 – 8966.38 area for at least 3 waves pullback.



At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer

NZDUSD Short-term Elliott Wave Analysis 3.8.2016

Short term Elliottwave structure suggests cycle from 2/29 low ended with wave ((w)) at 0.682 and pair is in wave ((x)) pullback. Internal structure of wave ((x)) is unfolding as a double three where wave (w) ended at 0.6745, wave (x) ended at 0.6815, and wave (y) of ((x)) is in progress towards 0.669 0.6738 area before turning higher either to new high or at least in 3 waves bounce. We dont like selling the proposed pullback and expect buyers to appear from the above area for at least a 3 waves bounce as far as 0.656 pivot stays intact.



At EWF we offer 24 hour coverage of 50 instruments from Monday Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer

NZDUSD Short-term Elliott Wave Analysis 3.9.2016

Short term Elliottwave structure suggests cycle from 2/29 low ended with wave ((w)) at 0.682. Wave ((x)) pullback is proposed to be unfolding as a triangle where wave (a) is expected to complete at 0.6689 – 0.6707 area, then it should turn higher in wave (b) and continue triangle consolidation. Once wave ((x)) triangle is complete, then the pair should extend higher in another leg. We don’t like selling the proposed pullback and expect buyers to appear from the above area for at least a 3 waves bounce as far as 0.656 pivot stays intact.

Attached Image (click to enlarge)

At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer

NZDUSD Short-term Elliott Wave Analysis 3.10.2016

Short term Elliottwave structure suggests cycle from 2/29 low ended with wave ((w)) at 0.682. Wave ((x)) pullback is unfolding as a FLAT where wave (a) ended at 0.6712, wave (b) ended at 0.6809, and wave (c) of ((x)) is expected to complete at 0.66 – 0.664 area. As far as pivot at 0.6561 remains intact, pair is expected to resume rally higher from the area above or at least bounce in 3 waves.



At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer

ASX All Ordinary Short-term Elliott Wave Analysis 3.15.2016

Short term Elliottwave structure suggests wave C rally from 2/10 low is unfolding as 5 waves where wave ((i)) ended at 5047.1, wave ((ii)) ended at 4905.5, wave ((iii)) ended at 5245, and wave ((iv)) ended at 5146.4. Near term, wave (ii) of ((v)) is expected to complete at 5175.8 – 5194.4 area, then as far as wave ((iv)) pivot at 5146.4 stays intact, index still has scope to extend higher towards 5320 – 5370 area to complete wave (X) and end the cycle from 2/10 low. A break below 5146.4 may suggest that Index has started to turn lower. We don’t like buying the proposed bounce and expect sellers to appear from 5320 – 5370 area for at least 3 waves pullback.

Attached Image (click to enlarge)

At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer

ASX All Ordinary Short-term Elliott Wave Analysis 3.16.2016

Short term Elliottwave structure suggests wave C rally from 2/10 low is unfolding as 5 waves where wave ((i)) ended at 5047.1, wave ((ii)) ended at 4905.5, and wave ((iii)) ended at 5245. Wave ((iv)) FLAT can be called complete at 5147.4 although a marginal low at this stage still can’t be ruled out. While pivot at wave ((ii)) low at 4905.4 stays intact, Index still has scope to extend one more leg higher in wave ((v)) towards 5300 area to finish wave (X) and end the cycle from 2/10 low. Once wave ((v)) is complete, Index should at least pullback in 3 waves to correct the rally from 2/10 low. We don’t like buying the proposed bounce and expect wave ((v)) rally to fail below 10/26 peak at 5423.3 for at least 3 waves pullback.



At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer

US Dollar Outlook into FOMC Meeting on March 16

When the Fed raised the rate last year, the minutes suggest that they were relatively hawkish and expected 4 more rate hikes in 2016, as December Fed’s dot plot shows. Subsequent events after the December meeting however have seen oil, commodities, and indices selling off sharply, giving pressure to the headline inflation rate.

Central banks around the world have responded by loosening their monetary policy further. Last week ECB expanded the asset purchase to €80 billion / month and cut the deposit rate further to -0.4%. Earlier in the year, BOJ has also stunned the market by cutting the deposit rate to – 0.1%. During this normalization period, the Fed is likely to stay put today. According to CME interest rate futures market, the probability of a rate hike in today’s FOMC meeting is less than 5%, suggesting that investors expect the Fed to keep the same rate.

A more interesting thing to look at today’s meeting is the Fed’s forward guidance and also the new dot plot. There’s a possibility that the Fed may tone down their hawkish outlook to calm down market participants and lower the forecast for the median federal funds rate. If this happens, it may trigger U.S. Dollar selloff as market is pricing a more gradual rate hike. The Fed likely would defer the interest rate hike to June or later in the year, and may opt to hike at a slower rate. The interest rate futures market as of March 16 is pricing in an 82% probability of at least one rate hike in 2016.



Technically, USD Index is trading in the bearish channel from last December. The Index is retesting the top of the channel on March 10 and got a strong rejection lower, which may reflect downside pressure.

For further information on how to find inflection areas to trade $EURUSD, USD Index, Indices and other USD pairs using Elliottwave and our unique trading method of 3-7-11, sign in today for the limited time only FREE 14 Day Trial to see our Hourly, 4 Hour, Daily and Weekly Technical Analysis.

ASX All Ordinary Short-term Elliott Wave Analysis 3.18.2016

Short term Elliottwave structure suggests wave C rally from 2/10 low is unfolding as 5 waves where wave ((i)) ended at 5047.1, wave ((ii)) ended at 4905.5, wave ((iii)) ended at 5245, and wave ((iv)) ended at 5147.4. While Index stays above 5147.4, and more importantly as far as wave ((ii)) low at 4905.4 stays intact, Index is expected to extend higher in wave ((v)) towards 5370 area to finish wave (X) and end the cycle from 2/10 low. Once wave ((v)) is complete, Index should at least pullback in 3 waves to correct the rally from 2/10 low. We don’t like buying the proposed bounce and expect wave ((v)) rally to fail below 10/26 peak at 5423.3 for at least 3 waves pullback.



At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer

Oil $CL_F Short-term Elliott Wave Analysis 3.22.2016

Short term Elliottwave structure suggests dips to 35.98 on March 15 ended second wave ((X)). Rally from there is unfolding in a zigzag structure where wave (A) ended at 41.2, wave (B) ended at 38.62, and wave (C) is in progress higher as 5 waves. While pullbacks stay above 38.62, Oil is expected to continue higher in wave (C) towards 43.46 – 45.24 area before a 3 waves pullback to at least correct the rally from March 15 low.

Attached Image (click to enlarge)

At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer

$CADJPY Short-term Elliott Wave Analysis 3.23.2016

Short term Elliottwave structure suggests dips to 84.15 ended wave ((x)). Rally from there is unfolding in a double correction where wave (w) ended at 86.22, and wave (x) ended at 84.78. Near term, wave x pullback is in progress with an ideal target of 85.3 – 85.5 (50 – 61.8 back of the rally from 84.78), then as far as wave (x) pivot at 84.78 stays intact, pair still has scope to resume higher again towards 86.9 – 87.55 area to end at least the cycle from 3/15 low and quite possibly also end the cycle from 2/11 low. A minimum of 3 waves pullback is expected once the bounce is complete in 86.9 – 87.55 area to correct the rally from 3/15 low and 2/11 low.



At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our to sample everything EWF has to offer

$CADJPY Short-term Elliott Wave Analysis 3.24.2016

Revised short term Elliottwave structure suggests dips to 84.15 ended wave ((w)). Wave ((x)) bounce from there is unfolding as a triangle where wave ((a)) ended at 86.29, wave ((b)) ended at 84.92, and wave ((c)) is currently in progress. Pair is expected to do sideways movement and consolidate in the triangle while wave ((a)) at 86.294 needs to stay intact for the triangle idea to remain valid. We don’t like buying the proposed bounce and expect the pair to resume lower once the triangle consolidation is over.

Attached Image (click to enlarge)

At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trialto sample everything EWF has to offer

How Sustainable is USD Weakness post FOMC

In our past article “US Dollar Outlook into FOMC Meeting on March 16“, we argue that the Fed is likely going to stay put and temper the rate hike expectation and this action should cause U.S. Dollar weakness.
It happened as expected with the Fed last Wednesday lowers the median 2016 dot to two hikes from four hikes. The Fed cited international risk and global financial condition posing downside risk. Below is the new dot plot for 2016 and beyond.



The dovish view by the Fed resulted in broad U.S. Dollar weakness. Below is the 4 hour Elliottwave chart before the FOMC Meeting on March 16 and based on the sequence, we were also looking for more downside.

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After FOMC meeting, we’ve seen a broad based U.S. Dollar weakness resulting in stronger Yen and stronger Euro. In Japan and Euro-area, headline inflation rate is very low and thus strong appreciation in their currencies is not welcomed. Similarly, Australia and New Zealand are also fighting low inflation, and both central banks have indicated they are open to ease further if necessary. Thus, the question is whether this decline in USD is a temporary move or whether this is the start of something bigger and longer lasting.

It seems that there’s a limit to this U.S dollar weakness because either 1) Other central banks likely respond by easing further or 2) weaker U.S. Dollar helps the U.S to close the output gap, and strong U.S. data will require the Fed to tighten the policy and thus reverse the U.S. dollar selloff. All this suggest that U.S. Dollar can resume the rally again once the post FOMC move runs out of course.

However, not all central banks equally have the tools to defend against their currency appreciation. Suppose U.S. Dollar selloff is temporary, we think Australia Dollar and New Zealand Dollar may have a better chance because their positioning is quite stretched with $AUD/USD having risen 11.7% since Jan 15, and $NZD/USD having risen 8.4% since Jan 20. Furthermore, the RBA and RBNZ still have plenty of traditional tools left with the interest rate still at 2% and 2.25% respectively.


$AUD/USD weekly chart above breaks and close below 2001 trend line support. Pair is currently retesting this line.

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Unlike $AUD/USD which has broken and closed below the 2001 trend line, $NZD/USD weekly chart above has not retested the trend line from 2001. Pair can look to test it within 1 year.

Knowing the right direction however is not enough in trading. More important is the correct trading execution, that is trading in the right inflection areas with a logical entry and defensive plan. EWF is proud to offer members not only professional-grade Elliottwave forecasting service, but also 24 hour chat room support moderated by our technical analysts and two live sessions everyday to let members get the most updated market cycle.

For further information on how to find inflection areas to trade $AUD/USD, $NZD/USD, $EUR/USD and other USD pairs using Elliottwave and our unique trading method of 3-7-11, sign in today for the limited time only FREE 14 Day Trial to see our Hourly, 4 Hour, Daily and Weekly Technical Analysis.

$CADJPY Short-term Elliott Wave Analysis 3.25.2016

Short term Elliottwave structure suggests dips to 84.15 ended wave ((w)) and wave ((x)) bounce is proposed complete at 86.3 as a double correction. From 86.3 wave ((x)) high, pair has resumed lower with wave (w) ended at 84.54 and wave (x) bounce is currently in progress towards 85.82 – 86 area before the decline resumes again. We don’t like buying the proposed bounce and as far as wave (x) bounce stays below 86.3, pair is expected to resume the decline lower again in wave W towards 83.57 – 84.09.

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At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trialto sample everything EWF has to offer

Short term Elliottwave structure suggests rally to 9218.68 ended wave ((4)) and the Index has resumed lower. Wave W decline from 9218.68 is unfolding as a double correction where wave ((w)) ended at 8783.4, wave ((x)) ended at 9138.8, and wave ((y)) of W is in progress towards 8676.12 – 8746.74 area. Once wave W is complete, Index should bounce in wave X before turning lower again. We don’t like buying the proposed bounce and expect the Index to resume lower once wave X bounce is complete in 3, 7, or 11 swing as far as 9218.68 pivot stays intact.

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