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USDX forecasting the decline after Flat

Hello fellow traders. In this technical blog we’re going to take a quick look at the past Elliott Wave charts of Dollar Index published in members area of www.elliottwave-forecast.com. We’re going to take a look at the price structures of USDX , count the swings and explain the forecast.
USDX 4 hour update 05.09.2017
As our members know, we were pointing out that USDX is having incomplete bearish swings sequnces within the cycle from the 03/02 peak. From the chart below, we can see that USDX has a clear 5 swing from the peak, when we’re about to complete 6th swing as Irregular Flat. Consequently, we’re calling further weakness once proposed Flat is complete. Dollar index is targeting 97.92-96.91 area ideally.


Now let’s take a look at the short term structures…
USDX 1 Hour Asia Chart 05.11.2017
Dollar Index is about to complete wave ((x)) recovery as expanded flat structure. We got clear 5 waves from the lows that is part of wave (c) of flat. Although, the extreme area is reached at 99.64 -99.92, and we have minimum requirements for correction to complete soon, we see possibility of marginal extension higher within the blue box still.



USDX 1 Hour NY Midday Chart 05.11.2017
We got expected marginal extension and reaction from the blue box. Now we’re calling wave ((x)) recovery completed at 99.88 peak as expanded flat. While the price stays below 99.88 peak further weakness should ideally follow.

USDX 1 Hour London Chart 05.16.2017
99.88 peak held nicely and USDX is now breaking lower, suggesting more downside in 7th swing towards proposed 97.92-96.91 area.

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FTSE rallied after completing Elliott wave FLAT

In this technical blog, we are going to take a look at the performance of past Elliott wave FTSE charts from April 2017, which we presented to the clients at elliottwave-forecast.com. Now lets take a look at the 4 hr chart from April 20,2017, which is showing the intermediate cycle in wave (A) in blue unfolded on March 17,2017 peak 7448, below from there intermediate pullback in wave (B) in blue was proposed be in progress as Elliott wave Flat structure. Where Minor wave A in red unfolded in 3 swings (labelled as W,X,Y structure) at 7251 and wave B in red also unfolded in 3 swings (labelled as W,X,Y structure) at 7404 peak. Below from there Minor wave C in red of a flat remained in progress and already showing the enough number of swings within the buying area from the peak. However another marginal push lower was expected within the blue box area (7100-7027) area to complete there as 5 waves structure.
FTSE 4 hour chart

Then we got the nice reaction higher from the mentioned blue box area as expected thus suggesting the intermediate cycle in wave (X) pullback should be completed as Flat structure at 7098 low and allowing our members at elliottwave-forecast,com to create a risk free position in the trade. Also the bounce from 7098 low looks to be unfolding as continuation pattern i.e. Elliott wave Zigzag pattern, where index was expected to trade higher towards 7403-7452 equal legs area of ((a))-((b)) next as far as pivot from 7098 low remains intact.
1 Hour FTSE Elliott Wave Chart

Since then index rallied as expected & has broken above the March 17,2017 peak 7448 already thus suggesting the next leg higher has already started. Index then did a full retest of 1.618% extension area of ((a))-((b)) 7530 before ending the cycle from 7098 low in Minor wave 1 and started the pullback in Minor wave 2 that should expected to find buyer’s against 7098 low in sequence of 3, 7 or 11 swings for further upside.
1 Hour FTSE Elliott Wave Chart

The index already did a 3 swings pullback in Minor wave 2, so the correction of cycle from 7098 low could be done in the index at yesterday’s low 7389, while above there and more importantly as far as pivot from 7098 low remains intact index has scope to resume the rally again.
FTSE Latest 1 Hour Chart

Keep in mind that the market is dynamic and the view could change in the mean time. Success in trading requires adequate risk and money management, as is the understanding of Elliott Wave theory, cycle analysis and correlation. We have developed a very sensitive trading strategy that defines entry, stop loss and take profit levels with high accuracy and allows you to take risk free position shortly after taking it by protecting your wallet. If you want to learn all about it and become a professional trader, register now and get Free 14 day trial.
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ES_F Index Elliott Wave: Resume Higher


Short Term Elliott Wave view in ES_F Index suggests the rally to 2403.75 ended Minor wave A. Minor wave B unfolded as an Expanded Flat Elliott Wave structure where Minute wave ((a)) ended at 2379, Minute wave ((b)) ended at 2404.5, and Minute wave ((c)) of B ended at 2344.5. After ending the pullback, the Index started a new leg higher and the rally from 2344.5 low looks to be unfolding as a 5 waves Elliott Wave impulse structure where Minutte wave (i) ended at 2375, Minutte wave (ii) ended at 2361, and Minutte wave (iii) is proposed complete at 2411.25. Expect Minutte wave (iv) pullback to commence soon to correct cycle from 5/19 low before turning higher one more time to end Minutte wave (v). This last push higher will also complete larger degree Minute wave ((i)).

Once Minute wave ((i)) is complete, the Index should pullback within Minute wave ((ii)) in 3, 7, or 11 swing to correct cycle from 5/18 low (2344.7) before the rally resumes again. As the Index has broken above the previous peak at 2404.5, this gives more added conviction that the it has started the next leg higher and thus pullback can likely hold above 2344.7 for more upside. We don’t like selling the proposed pullback and expect buyers to appear again once Minute wave ((ii)) pullback is complete at later stage, provided that pivot at 2344.7 low remains intact.

ES_F Index 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Attached Image (click to enlarge)

Randgold Resources Short Term Bullish Sequence

Randgold Resources (NASDAQ: GOLD) was founded 22 years ago in 1995, it’s a gold mining business operating in Africa mainly in Mali. The price of Gold & Silver dropped significantly early this month, which put a lot of pressure on mining stocks, but Randgold was one of the strongest and managed to rally %14 to make new 2017 high. Let’s take a look at the technical chart to show the potential path.

Since the September 2015 low, GOLD rallied in 5 waves diagonal structure, then topped in July 2016 like the precious metals. The stock corrected that rally in a double three structure which reached the equal leg area $72.51 – $64.62 and ended the 7th swing lower. So it held above 2015 low ($54) and bounced from the inflection area to create a higher low sequence supporting the idea of GOLD resuming the rally to the upside.
The Elliott Wave structure can be labeled in different ways depending on how the move will develop and the current most aggressive view would be another 5 waves from December 2016 low with the first wave already in place. Consequently, as the stock already made a new high last week then it’s now showing an incomplete bullish sequence from the lows that would at least take the stock higher toward equal leg area $110.75 – $117.28. So currently the pullback that should happen from the $98.16-$95.37 area, needs to hold on March low and buyers need to step up for the rally to resume higher. The alternative view if the pivot at March low breaks then GOLD would be doing a flat structure from February peak and still in wave (2) which should ideally hold above $67.54 low to support the bullish view.
The short term path can be adjusted according to new price action but while pivot at December 2016 low is intact then the stock should extend higher to reach the equal leg area around $140 from 2015 low. That move can be counted as a simple Zigzag structure and take some time before it happens but it can also be a part of a new impulse sequence and accelerate to the upside.
Randgold Recap
The overall picture for the Randgold is suggesting more gains be seen in the future that could take the mining stock toward $110 as a first step before breaking to new all-time highs targeting $140. The move will be supported by a recovery in the precious metals and using Gold to Silver Ratio could be a good proxy to identify the right timing to start the next leg higher.

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I'm glad your are highlighting this particular aspects of Elliot waves. I learnt this trading strategy from FreshForex website. From your analysis, you're equally good. Thanks for the good work!

ES_F E-Mini S&P500 Elliott Wave: Pullback Near

Short Term Elliott Wave view in ES_F E-Mini S&P500 suggests the rally to 2403.75 ended Minor wave A. Minor wave B unfolded as an Expanded Flat Elliott Wave structure where Minute wave ((a)) ended at 2379, Minute wave ((b)) ended at 2404.5, and Minute wave ((c)) of B ended at 2344.5. After ending the pullback, the Index started a new leg higher and the rally from 2344.5 low looks to be unfolding as a 5 waves Elliott Wave impulse structure where Minutte wave (i) ended at 2375, Minutte wave (ii) ended at 2361, and Minutte wave (iii) remains in progress and can reach 2423.13 or 161.8% fibonacci extension of Minutte wave (i). Expect Minutte wave (iv) pullback to start once Minutte wave (iii) is over before turning higher one more leg in Minutte wave (v). This last push higher will also complete larger degree Minute wave ((i)) and as impulse, it should be accompanied with momentum divergence.

Once Minute wave ((i)) is complete, the Index should pullback within Minute wave ((ii)) in 3, 7, or 11 swing to correct cycle from 5/18 low (2344.7) before the rally resumes again. As ES_F E-Mini S&P500 has broken above the previous peak at 2404.5, it gives more conviction that the Index has started the next leg higher and thus pullback can likely hold above 2344.7 for more upside. We don’t like selling the proposed pullback and expect buyers to appear again once Minute wave ((ii)) pullback is complete at later stage, provided that pivot at 2344.7 low remains intact.

ES_F E-Mini S&P500 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

ES_F (S&P 500) made new all time high after Flat correction
May 26, 2017 By EWF Vlada
In this technical blog we’re going to take a look at the past Elliott Wave charts of $ES_F (S&P 500) published in members area of www.elliottwave-forecast.com and explain Elliott Wave Flat structure. As our members know, we were pointing out that $ES_F (S&P 500) is within bullish trend. Price structure has been calling for more strength once B red pull back completes as Expanded flat at 2360-2338 area. Consequently, we recommended our members to avoid selling it and keep going with the trend-buying the dips. The chart below is $ES_F (S&P 500) 4 hour chart from 05.17.2017.
$ES_F (S&P 500) Elliott Wave Expanded Flat

Before we take a look at the short term structure, let’s explain expanded flat in a few words.
Expanded Flat is a 3 wave corrective pattern which could often be seen in the market nowadays. Inner subdivision is labeled as A,B,C , with inner 3,3,5 structure. Waves A and B have forms of corrective structures like zigzag, flat, double three or triple three. Third wave C is always 5 waves structure, either motive impulse or ending diagonal pattern. It’s important to notice that in Expanded Flat Pattern wave B completes below/above the start point of wave A , and wave C ends above/below the ending point of wave A which makes it Expanded. Wave C of expanded completes usually close to 1.236 Fibonacci extension of A related to B, but sometimes it could go up to 1.618 fibs ext
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Now let’s see what this pattern looks like in real market example.
$ES_F (S&P 500) 1 Hour chart: 5/18/2017
We can see that wave B has unfolded as Expanded Flat, when waves ((a)) and ((b)) are 3 waves structures, while wave ((c)) is 5 waves. Wave ((b)) has broken above starting point of Flat and wave ((c)) got extended to the downside making this correction Expanded Flat. Although ((c)) got extended, B red pull back ended right at proposed area 2360-2338 ( referring to 4 hour chart above).
As far as the price stays above 2344.37 low, we’re calling wave B red pull back completed there


Update charts and of $ES_F (S&P 500) can be found in the membership area of EWF. ( If not a member yet just sign up for 14 days Free Trial)
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$ES_F Elliott Wave View: 2431- 2451 in focus
May 27, 2017 By Hassan Sheikh
Short Term Elliott Wave view in $ES_F E-Mini S&P suggests that the rally from 5.18.2017 (2344.5) low is unfolding as a 5 waves Elliott Wave impulse structure where Minutte wave (i) ended at 2375, Minutte wave (ii) ended at 2361, and Minutte wave (iii) remains in progress and can reach 2423.13 or 161.8% fibonacci extension of Minutte wave (i). Expect Minutte wave (iv) pullback to start once Minutte wave (iii) is over before turning higher one more leg in Minutte wave (v) towards blue box area at 2431-2451.
$ES_F 4 Hour chart looking for 2431 – 2451 area

$ES_F 1 Hour Elliott Wave Analysis 5.26.2017

Highlighted area between 2431 – 2451 should complete an Elliott wave Zigzag structure from 3.27.2017 (2318.05) low or it could complete Minute wave ((iii)) of a incomplete diagonal pattern. In either case, from the blue box area, $ES_F would either correct the cycle from 3.27.2017 flow or just correct the cycle from 5.18.2017 2344.5 low in a wave ((iv)) and extend higher in wave ((v)) to complete a diagonal structure higher from 3.27.2017 low. Either way, we don’t like selling the Index in proposed pullbacks and expect buyers to appear again once $ES_F ends the current cycle between 2431 – 2451 area and then pull back in 3, 7 or 11 swings provided that the pivot at 2344.7 low remains intact in first degree and 2318 low in the second degree.
Keep in mind that the market is dynamic and the view could change in the mean time. Success in trading requires adequate risk and money management, as is the understanding of Elliott Wave theory, cycle analysis and correlation. We have developed a very sensitive trading strategy that defines entry, stop loss and take profit levels with high accuracy and allows you to take risk free position shortly after taking it by protecting your wallet. If you want to learn all about it and become a professional trader, register now and get Free 14 day trial.

GBPJPY Elliott Wave: More Downside Expected

Short Term Elliott Wave view in GBPJPY suggests the decline from 5/10 peak is unfolding as a double three Elliott Wave structure where Minor wave W ended at 143.33 and Minor wave X ended at 145.45. The subdivision of Minor wave W unfolded as a zigzag Elliott Wave structure where Minute wave ((a)) ended at 145.61 and Minute wave ((b)) ended at 147.12. After ending Minor wave X at 145.45, pair has since resumed lower and broken below 143.33. This creates a bearish 5 swing incomplete sequence from 5/10 peak and favors more downside in the near term.

The decline from 145.45 looks to be unfolding as a zigzag Elliott Wave structure where Minute wave ((a)) ended at 142.11 and Minute wave ((b)) ended at 143.08. Pair has also broken below 142.11 which suggests that Minute wave ((c)) lower has already started. Near term, while bounces stay below 143.08 in the first degree, but more importantly below 5/25 high (145.45), expect pair to continue lower towards 139.51 - 140.65 area before cycle from 5/10 peak ends. Buyers should then appear from the aforementioned area for at least a 3 waves bounce at later stage. In case pair breaks above 143.08 now, then the move from 5/26 low can be labelled as a Flat and pair should extend higher to correct cycle down from 5/25 high (145.45) but it still expected to turn lower again afterwards provided that pivot at 145.45 high stays intact.

GBPJPY 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Attached Image (click to enlarge)

Short Term GBPJPY Elliott Wave view suggests the decline from 5/10 peak is unfolding as a double three Elliott Wave structure where Minor wave W ended at 143.33 and Minor wave X ended at 145.45. The subdivision of Minor wave W unfolded as a zigzag Elliott Wave structure where Minute wave ((a)) ended at 145.61, Minute wave ((b)) ended at 147.12, and Minute wave ((c)) of W ended at 143.33. After ending Minor wave X at 145.45, pair has since resumed lower and broken below 143.33. This creates a bearish 5 swing incomplete sequence from 5/10 peak and favors more downside in the near term.

GBPJPY Elliott Wave structure of the decline from 145.45 looks to be in a zigzag where Minute wave ((a)) ended at 142.11 and Minute wave ((b)) is proposed complete at 143.09 as a Flat Elliott Wave structure. Pair has broken below 141.81 irregular Minutte wave (b) which suggests that Minute wave ((c)) lower has already started. Near term, while bounces stay below 143.09 in the first degree, but more importantly below 5/25 high (145.45), expect pair to continue lower towards 139.51 – 140.65 area before cycle from 5/10 peak ends. Buyers should then appear from the aforementioned area for an extension higher or at least a 3 waves bounce. We do not like selling the proposed move to the downside.

GBPJPY Elliott Wave 1 Hour Chart

Attached Image (click to enlarge)

Attached Image (click to enlarge)

Are the World Indexes close to a Huge peak?

Are the World Indexes close to a huge peak?
Since the correction between the year 2000 and 2009, many traders around the world have developed an idea of bearish World Indexes with more downside to come. With Fed driving Market, everyone is under the idea that Global Indexes are inflated and will crash again resulting in another decline like the one seen in 2008. Traders, first of all, need to understand that the Market does not move in a straight line, it has never moved in a straight line and never will, consequently correction in different degrees always will take place. It is understandable that the biggest correction we have seen so far was the one that happened between 2000-2009 and someday a correction even bigger that that will happen. It is important to understand that corrections are needed, otherwise there would be no losers and no profit takers. We at Elliottwave–Forecast.com believe that the Indexes trend will always be Bullish in the Century and Yearly time frames and will do corrections in weekly, monthly and even yearly degree at one stage. We follow all Indexes around the World and apply a system in which we ride the trend is over and market said correction has started and then, we locate the degree and we adjust the counts according to the degrees. We use Elliott wave Theory to count the waves and gather directions, also to explain our ideas to members and followers, but we use several other tools like correlations, sequences, cycles, time and distribution to increase accuracy of our forecasts.
In 2015, we knew it was time for a correction in Daily Time frame and we warned members and followers about it. Read this blog $NIFTY reaching a Warning area for Indexes Bulls and see how the $NIFTY from India was the one that called the extreme in time and price and we knew that was the time for the World Indexes to make a daily correction and pull back in 3 swings at least or extend into 7 or 11 swings. However, at that moment, we also knew that the dip was another chance to buy into the all-time 100% in most World Indexes. Now the World Indexes are not yet at risk of another major peak and any dips should still be considered another chance to buy in 3, 7 or 11 swings.
FTSE Swing sequence from the All Time Low


Since the all-time low and following the sequences in 3 different degrees Black/ BLUE /RED, it is clear that Price has not yet reached the 100% Fibonacci extension area between 9109-10000 area and neither time has matched the 1=3 in RED degree, nor 1 Blue = 3 Blue within RED 3. the idea is that soon, market will pull back in 2 BLACK within 3 Blue but still both price and time are calling for stronger Indexes into the years 2022-25 and that’s when there would be a chance of a nice correction either to correct the cycle from 2009 low i.e. 3 RED or the whole cycle since 0 RED. By then, we will get a perfect hit of 3-3-3 and the Index should be ready for at least a Weekly correction. As we mentioned earlier, a big Illusion has been created that a huge Crash needs to happen in the World Indexes but the Reality is that someday a big correction will happen, but picking tops against a clear Bullish trend it is not the right trade. In 2022 the time will be equal from 2009-2015 and 2016 to 2022 which will be equal cycles of 6 years and also if price has reached the 1=3 RED and then 1=3 in BLUE, there will be chance of weekly correction to take place in the World Indexes, until then our strategy remains to buy the dips in 3, 7 or 11 swings and not pick the tops.

AUDNZD Possible Bounce Higher?

AUDNZD since March 13/2017 has been moving lower. There are possible bullish patterns that can push the pair higher but traders need to see AUDNZD price action slow down and show possible signs that it wants to reverse and bounce higher.
AUDNZD 4 hour Elliott Wave Analysis May 29/2017 : The pair can find support at the inflection zone (Blue box) where wave ((X)) can terminate and possibly bounce higher.

AUDNZD Daily Bullish Pattern #1 : Bullish pattern triggers BUYS at the XA 0.886% Fib. level coinciding with the above inflection zone (blue box). Only a break below point X of the blue pattern will invalidate the bullish pattern.

AUDNZD Daily Bullish Pattern #2 : There is also a possibility of AUDNZD not pushing lower and reversing higher from current levels. A bullish AB=CD pattern has already been triggered at the 1.0% Fib. extension level. As long as price stays above 1.0323 AUDNZD can bounce higher.

If looking to buy AUDNZD we prefer the blue bullish pattern #1 setup. Stops should be placed at 1.0323 (point blue X low) and should be bought at the XA 0.886% Fib. level (1.0402) minimum for a better risk/reward trade with targets above the point A high of the blue pattern #1.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
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EURJPY Elliott Wave: Bullish against May 30th low

Short Term EURJPY Elliott Wave view suggests the rally from 4/16 low is unfolding as a double three Elliott Wave structure. Up from 4/16 (114.8) low, Intermediate wave (W) ended at 125.81 and Intermediate wave (X) ended at 122.53. A break above 125.81 however is still needed to add conviction that the next leg higher has started.

From 122.53 low, the rally is also unfolding as a double three Elliott Wave structure. Minute wave ((w)) ended at 125.8 and Minute wave ((x)) ended at 123.11. Near term, while pullbacks stay above 123.11, expect pair to extend higher. If pair breaks below 123.11, then pair is likely doing a double correction from 5/16 peak. This suggests pair can open extension lower to 121.6 - 122.25 area in case of a double correction. From this area, buyers should appear again for an extension higher or at least a 3 waves bounce. We do not like selling the proposed move to the downside and expect dips to find buyers in 3, 7, or 11 swing.

EURJPY 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Attached Image (click to enlarge)

OPEC Meeting and Impact on Crude Oil

OPEC ended its highly anticipated meeting on Vienna last Thursday to discuss about extending the production cut in Crude Oil. They have decided to extend the current agreement to cut production output by 1.8 million barrels per day by 9 more months to stabilize oil price. Oil prices plunged by more than 5 percent after the decision.

Source: CNBC
Prior to the meeting, almost all of the oil ministers from OPEC and Non OPEC participants have suggested a 9-month production cut extension. This means that the production cut will run until March 2018. Saudi Arabia and Russia have both verbally consented to the extension even before the meeting began. Since they represent the biggest OPEC and Non-OPEC member, this outcome has largely been priced in by the market.
However, market was anticipating further surprise from the meeting such as a deeper and more aggressive production cut. Investors had hoped for further output cut to drain the global glut which depressed oil’s price for almost three years. As the decision outcome only meets the market expectation, disappointed investors ran for an exit following the meeting.
Despite the short term knee-jerk reaction, typical of “buy rumors, sell the facts”, the outlook on Oil prices remain constructive in longer term. The production cuts should help accelerate inventories draw down for the remainder of the year and could set a new floor for Crude Oil price. OPEC also discussed extending the production cuts through June 2018 if the price of Oil keeps falling. Their decision will be reviewed near the end of the nine-month extension.
The Joint Ministerial Monitoring Committee (JMMC) which was established last December to watch the compliance of the production cut, said that OPEC and NOPEC compliance exceeded expectation at 102%. Saudi Arabia has cut production by 553,000 barrels per day, which is 14% higher than their commitment. Due to the budget deficit, Saudi Arabia as the largest member appears committed to stabilizing Oil price. This is contrary to their previous strategy of flooding the market with Oil to drive out U.S. shale companies. With OPEC members determined to support Oil’s price, a higher price floor above Feb 2016 low ($26.05) has likely been established. There are two possible buying areas for Crude Oil’s dip buyers.
Crude Oil Bullish Scenario #1

In the first scenario above, Crude Oil is doing a symmetrical triangle consolidation since June 2016. It is bullish against 5.5.2017 low ($43.76) in the first degree. If pivot at $43.76 holds, then buyers may appear after 3 swing pullback at 45.56 – 46.46 area for an extension higher or a 3 waves bounce.
Crude Oil Bullish Scenario #2

In the second scenario above, Crude Oil is correcting the entire cycle from 2.1.2016. This correction should unfold in 7 swing and become the next option if pivot at 5.5.2017 low ($43.76) fails. The next buying area in the 7th swing extreme area is at 38.02 – 40.71. Buyers should appear in this area for either a new high or at least a 3 waves bounce.
As the market is dynamic, traders need to keep up with the most up-to-date analysis of their favorite instrument. Successful traders need to have a good trading system and also strict risk management with rules that define entry, stop loss, and take profit levels with high accuracy to allow traders to get into a risk free position in your trade as quickly as possible. To learn more about our services, register and try EWF 14 days FREE

EURJPY Elliott Wave: Short term Pullback

Short Term EURJPY Elliott Wave view suggests the rally from 4/16 low is unfolding as a double three Elliott Wave structure. Up from 4/16 (114.8) low, Intermediate wave (W) ended at 125.81 and Intermediate wave (X) ended at 122.53. A break above 125.81 however is still needed to add conviction that the next leg higher has started. From 122.53 low, the rally is also unfolding as a double three Elliott Wave structure. Minute wave ((w)) ended at 125.8 and Minute wave ((x)) ended at 123.11. Near term, cycle from 5/30 low (123.11) is mature and expected to end soon. This cycle from 5/30 low is unfolding as a Flat Elliott Wave structure and expected to end with Minutte wave (w) at 125.5 – 125.7 area. Once Minutte wave (w) is over, expect pair to pullback in Minutte wave (x). The pullback should unfold in 3, 7, or 11 swing and while the pullback stays above 123.11, pair should extend higher. If pair breaks below 123.11, then pair is likely doing a double correction from 5/16 peak. This suggests pair can open extension lower to 121.6 – 122.25 area in case of a double correction. From this area, buyers should appear again for an extension higher or at least a 3 waves bounce. We do not like selling the proposed move to the downside and expect dips to find buyers in 3, 7, or 11 swing.

EURJPY Elliott Wave 1 Hour Chart

Attached Image (click to enlarge)

Attached Image (click to enlarge)

EURJPY Elliott Wave: Bounce Expected

Short Term EURJPY Elliott Wave view suggests the rally from 4/16 low is unfolding as a double three Elliott Wave structure. Up from 4/16 (114.8) low, Intermediate wave (W) ended at 125.81 and Intermediate wave (X) is proposed complete at 122.53. A break above 125.81 however is still needed to add conviction that the next leg higher has started.

From 122.53 low, the rally is also unfolding as a double three Elliott Wave structure. Minute wave ((w)) ended at 125.8 and Minute wave ((x)) ended is proposed complete at 123.11. Rally from there is unfolding as a double three where Minutte wave (w) ended at 125.31 and Minutte wave (x) pullback has reached 100% in 3 swing from 6/2 high. Thus while pair stays above 123.11, and more importantly above 122.53, expect pair to extend higher or at least bounce in 3 waves. If pair breaks below 123.11, then pair is likely doing a double correction from 5/16 peak. This suggests pair can open extension lower to 121.6 – 122.25 area in case of a double correction. From this area, buyers should appear again for an extension higher or at least a 3 waves bounce.

EURJPY 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Attached Image (click to enlarge)

AUDUSD Elliott Wave View: More Upside

Short Term Elliott Wave view in AUDUSD suggests the rally from 5/9 low is unfolding as a double three Elliott Wave structure. Up from 5/9 (0.7325) low, Minute wave ((w)) ended at 0.7517 and Minute wave ((x)) ended at 0.7368. Pair has since broken above 0.7517, adding validity that the next leg higher has started.
From 0.7368 low, the rally is also unfolding as a double three Elliott Wave structure. Minutte wave (w) ended at 0.7498 and Minutte wave (x) ended at 0.7453. Near term, while pullbacks stay above 0.7452, but more importantly as far as pivot at 0.7368 stays intact, expect pair to extend higher towards 0.756 – 0.7607 area to end cycle from 5/9 low. We don’t like selling the pair and expect buyers to appear in any dips in 3, 7, or 11 swing provided that pivot at 0.7368 remains intact.

AUDUSD 1 Hour Elliott Wave View

Attached Image (click to enlarge)

Attached Image (click to enlarge)

AUDUSD Elliott Wave View: Near Pullback

Short Term AUDUSD Elliott Wave view suggests the rally from 5/9 low is unfolding as a double three Elliott Wave structure. Up from 5/9 (0.7325) low, Minute wave ((w)) ended at 0.7517 and Minute wave ((x)) ended at 0.7368. Pair has since broken above 0.7517, adding validity that the next leg higher has started. From 0.7368 low, the rally is also unfolding as a double three Elliott Wave structure. Minutte wave (w) ended at 0.7498 and Minutte wave (x) ended at 0.7453. Near term, pair has reached 100% from 5/9 low therefore cycle from 5/9 low is mature and could end any moment. However, short term extension higher to 0.76 area is still possible before pair ends cycle from 0.7368 low while pullbacks stay above 0.7452. As cycle from 5/9 low has reached the minimum target, it’s not a good idea to chase strength at this stage. We don’t like selling the pair either as higher degree trend is bullish and expect profit taking to take place soon in 3, 7, or 11 swing to correct cycle from 5/9 low.
AUDUSD Elliott Wave 1 Hour Chart

AUDUSD 1 Hour Elliott Wave View

Attached Image (click to enlarge)

Attached Image (click to enlarge)

AUDUSD Elliott Wave Analysis: Mature Cycle

Revised short term AUDUSD Elliott Wave view suggests the rally from 5/9 low is unfolding as a leading diagonal Elliott Wave structure. Up from 5/9 (0.7325) low, Minute wave ((i)) ended at 0.7517, Minute wave ((ii)) ended at 0.7368, and Minute wave ((iii)) ended at 0.7566. Minute wave ((iv)) pullback is currently in progress to correct cycle from 6/1 low in 3, 7, or 11 swing before pair resumes higher again.

Pair has currently reached 100% from 5/9 low thus cycle from 5/9 low is mature and may end soon. However, pair still has scope to extend one more leg higher in Minute wave ((v)) as far as pivot at 6/1 low (0.7368) stays intact before ending cycle from 5/9 low as a leading diagonal. As cycle from 5/9 low has reached 100%, it's not a good idea to chase strength at this stage. We don’t like selling the pair either as higher degree trend is bullish and expect pair to correct cycle from 5/9 low in 3, 7, or 11 swing after it completes one more leg higher in Minute wave ((v)).

AUDUSD 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Attached Image (click to enlarge)

GBP reaction after UK Election (GE2017)

The pound sterling was headed for the biggest drop in a year after it emerged that the ruling Conservative Party has fallen short of a general majority after UK Election (GE 2017), just 10 days before the Brexit talks are scheduled to begin. The currency collapsed in front of all its main counterparts, since the supporters of Theresa May felt to lose the objective of 326 seats necessary to form a majority government, contrary to what many probes predicted and the market expected. Pound against US dollar hits the lowest levels since April after the first exit poll on Thursday predicted the Tories winning just 314 seats.
The Pound slides more then 2 percent against US dollar after touching $ 1.2636 at the London open on Friday. Which is the lowest level since April 18, the Theresa May day called the sudden election . It dropped to 2.5 percent, set for the biggest drop since the days after the Brexit vote.
GBP tumbled due to a hung parliament after UK Election (GE 2017) ?
We don’t think so. Charts below will prove that we were already expecting weakness in GBP and market was just looking for an excuse to sell GBP against various currencies. It was because GBP was showing incomplete swings sequence against many other currencies or was in areas from where weakness in 3 waves at least was expected in GBP against other currencies. We at Elliottwave-Forecast we follow the technical factors in analysing the market. As everyone knows that Elliott wave theory is suggestive and can provide many scenarios as possible. For years, we have understood that nature and have created a distribution system and other tools to take away subjective nature of the theory and understand the nature of what we call the right side of the market. This combined with sequence of swings (3, 7 or 11 swings), market correlation, money management and picking trades with the right risk / reward, so that it would be profitable even if one person won only 4 out of 10 trades, that will provide the advantage of becoming a successful trader / investor. For us the Elliott wave Theory is only a language to communicate to members but use other tools for forecasting & creating Blue Boxes. These Boxes represents the areas where Sellers/ Buyers agree into a 3 waves move and the safer way to trade.
GBPUSD 1 Hour Elliott Wave Chart before UK Election (6.8.2017)

EURGBP 1 Hour Elliott Wave Chart before UK Election (6.8.2017)

GBPJPY 1 Hour Elliott Wave Chart

GBPAUD 1 Hour Elliott Wave Chart

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