TradingWaves | Elliot Waves Analysis | Price

Chart Analysis

Fri 24-12-2021




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) 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 Wave (3) underway, with its internal Wave (i) likely completed... and Wave (ii) underway...





4Hour Chart is showing the latest 5 impulsive waves up, which I marked as Waves i, ii, iii, iv & v 
completed Wave (i) at the top Trendline of the newly-formed Range...

That hints Wave (ii) underway for corrective moves down...
so, under the current count, we should expect a Breakout of the current Range to the Downside to complete Wave (ii)...




60Min Chart shows a completed Wave v (of Wave (i))...

Then the price moved correctively, completing Wave a and b of Wave (ii)...

So, if this count continues to be correct, watch out for further corrective moves to the downside... to continue the current correction with Wave c and complete Wave (ii)...







EURUSD



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

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

Notice how the price has confirmed Wave [iii] as it has crossed the lowest of Wave [i] and reached its 161.8 extension...
(current reaction to the long-term Trendline(blue) should be something interesting to watch for...)




Daily Chart; Since Wave C(red) was completed, 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 [iii] seems to have made strong impulsive moves... and has been confirmed as the price remains below the lowest point of Wave [i] @1.17071...

What it has not been confirmed yet, though could be completed, is the end of Wave [iii]...

Although, for this count to remain correct we should still expect further downside moves after corrective Wave [iv] is completed...




4Hour Chart is showing Wave (v) most likelly completed, which should have completed Wave [iii]... (though not confirmed yet)

So watch out for the potential Wave [iv] to bring the price up in a corrective fashion...




60Min Chart is showing the potential completion of Wave [iii] with its internal wave count...







GBPUSD


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

Although the price has started coming down lower to follow Wave (5), as per current count...

Regardless of the direction, the moves still look weak and corrective... and for Wave (5) I would expect rather more impulsive moves to the downside...

(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 (best seen on the Weekly Chart at this point).

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

so for the current count to work the price still needs to complete the breakout of the now descending Range formation (yellow) to the downside... 




4Hour Chart shows the price finally crossed the lowest point of Wave 1(blue), so Wave 3(blue) is now confirmed under the current count, with the Chart showing its internal Waves (i), (ii) likely completed and (iii) possibly completed on the current Range's lower Trendline...




60Min Chart is showing the price moving lower around the current Trendline, following the development of Wave (iii) (grey) within a Descending Range.. 

So, expect a Raise to the upper Trendline to move on into corrective Wave (iv)... and then another drop in price to continue with Wave (v)...






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.