TradingWaves | Elliot Waves Analysis | Price

Chart Analysis

Fri 05-11-2021




Hi everyone, hope you are all great.

So... Let's get into it...


USDJPY


Weekly Chart is showing Wave (1) could be completed now that the price has crossed the upper long-term trendline...

A rise from the lower trend line, after the this long-term correction, under the current count,
suggests the beginning of the start of Wave (1) of a long-term raise.

(Price re-entering the long-term Range and subsequent drop across the %50 retracement would favor Alternate #1 count for an extended Wave (C) of Wave [B] correction towards the %62)





Daily Chart is showing Wave (1) should be completed as the price has crossed Wave(1) highest point... (and the EMAs impulsively after nearly a year)...

At first glance Wave (2) has already hit the %38 retracement of Wave (1)...

and then the price raised above the highest point of Wave (1), suggesting the start of Wave (3)





4Hour Chart is showing the latest impulsive waves up, which I marked as initial Waves i & ii completed...
Wave iii looks also completed...
And the price looks now to be completing Wave iv as it comes back to the 200EMA...




60Min Chart shows the price going sideways as develops corrective Wave iv...







EURUSD



Weekly Chart is showing an extended Wave C(red) of Wave (C) of Wave [B] now most likely completed...

And showing signs of the price reverting into a down Trend as it headed down impulsively across the EMAs,
after a sharp corrective Wave [ii], as the current count suggests...

Notice how the price has confirmed Wave [iii] as it has crossed the lowest of Wave [i]...





Daily Chart is showing Wave C(red) most likely completed at the top trendline of the Trend Channel(yellow).

Since then the price has temporally crossed the 200EMA and lower Trendline for the potential of a new long-term Trend to the downside...
as Wave [i] and Wave [ii] are looking completed...
(Wave [ii] at the %85 retracement of Wave [i] though...)

Wave [iii] seems to have made a strong initial impulsive move... and has been confirmed as the price remains below the lowest point of Wave [i] @1.17071...




4Hour Chart is showing the internal waves of Wave(iii) of Wave [iii] completed...

(as Wave (iii) of Wave [iii] already broke below the lowest of Wave [i] @ 1.17071)...

Wave (iv) also seems to be completed, as the price went back into the Range after a False-Breakout...

So Wave (v) brought the price towards the lower Trendline, but the price still within a descending Range...




60Min Chart is showing how Wave (v) brought the price back to the Range's lower Trendline...

And currently still within this Range (best seen in the 4hour Chart)...







GBPUSD


Weekly chart shows an extended Wave (4) correction crossing the EMAs in a rather struggling way...

At the current resistance points the price could start coming down lower to start Wave (5), as per current count
or continue higher as Alternate #1 suggests...

Regardless of the direction, the moves still look weak and corrective...

(Note Alternate #1 for a possible larger Wave (4) developing...).





Daily Chart is showing the Wave C(red) completing Wave (4) in what should then be a false breakout 
of this long term triangle formation (blue long-term trendline... best seen in the Weekly Chart...).

If this is a false breakout the moves could start bringing the price down impulsively and re-entering the blue long-term trendline.

Next, if this count is correct, we should expect the price to continue the moves down impulsively for Wave (5)...

but, the price got as close as it gets to the 0 retracement and any further than the 0 would have invalidated the current count...

so for the current count to work the price still needs to complete the breakout of the Ascending Range formation (yellow) and cross the EMAs  to the downside... 




4Hour Chart shows the price fall below the EMAs for the potential start of Wave iii to the downside...
... that, so far, seem to have completed Waves 1 & 2(blue) of Wave iii... 

And the price finally crossed the lowest point of Wave 1(blue), so Wave 3(blue) is now confirmed under the current count...




60Min Chart is showing the price moving lower following the internal waves of Wave (iii) (grey) within a Descending Range.. 

which, under the current count, could have completed its internal corrective Wave ii (of Wave (ii) of Wave 3(blue))...

So, for this count to remain correct, expect further downside moves... 






All the best for everyone and please do not hesitate to contact me if you have any questions or comments.

Andres

info@tradingwaves.org



Please be aware: that these Analysis are own opinions, not Trading advice; Trading carries a high level of risk, and may not be suitable for all investors. Before deciding to trade you should carefully consider your investment objectives, level of experience, and risk appetite.