TradingWaves | Elliot Waves Analysis

Mon 04-02-2019

Hi everyone, hope you all started well the week.

USDJPY

USDJPY: Wave i crossed through the first Resistance levels strongly and now Wave ii started, which should aim at the first or second levels of Support, which are %38 and %62 Fib levels respectively.

Wave (iii) will be confirmed once it passes the highest of Wave (i) @109.88, offering a low-risk entry point.

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USDCAD

USDCAD again almost touched the lower trend line and made a slightly impulsive move up but it is now reveresing again suggesting another aim to touch the trendline before finally making the impulsive move up towards the upper trend.

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USDCHF

USDCHF is carrying out a count pattern pretty much similar to USDJPY and, since it does look more neat to what the price action is showing I have decided to update the chart accordingly.

Where Wave iii of Wave (iii) is underway towards the upper trend, as its target to bounce lower for corrective Wave iv.

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EURUSD

EURUSD has not shown a lot of action today but it is still suggesting Wave iii going towards 1.1360 area, although Wave ii is still possible to get extended and try the Resistance levels again.

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EURCHF

EURCHF has not shown much price action today;

The hourly count seems very similar to EURUSD at the moment where the current count stands as Wave ii and should be making its way into Wave iii soon.

There is, however, the possibility of an extended Wave [d] which could aim at higher Resistance levels; further impulses down can cancel this possibility.

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EURGBP

EURGBP has not shown much price action today either:

It has a very bearish look on the long term, although on the short term still seem to have some time to raise while completing the current Wave (ii) correction towards the %50 or %62 Fib Retracement levels..

Once Wave (ii) is completed, Wave (iii) should start the impulsive moves to the downside again.

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GBPUSD

GBPUSD, similarly to EURUSD, is showing a slow move to the downside into what is meant to be a Wave iii.

The lack of impulse in the move calls for caution for a possible raise for an extended Wave ii but further moves down or start in impulsive moves would confirm Wave iii for a target below the 1.2900 area.

60Mins