EURUSD has topped for now

Blue or green? Only time will tell

It is apparent that the wave 4 correction is still incomplete. If it is the blue “Flat” correction in play, then the forthcoming few weeks will most probably go into a sideways correction. On the other hand if this whole pattern is a part of the monstrous green triangle structure, we will see a very deep pull back to the downside.

Either way, EURUSD has topped and looking bearish for now.

Where is EURUSD heading?

After a while It’s been a while since my last post. It’s because I have been quietly developing a custom indicator to spot directional bias as well as subtle changes in momentum for both directions. Let me just say, the results are amazing in testing and you can have a peak at it in this …

EURUSD Weekly outlook and wave analysis 03rd – 07th October 2016

Last week was a great example of why sometimes it’s great idea to stay out of the markets. I was more than happy to watch it from a distance. Simply because I anticipated this dreaded sideways price action to continue. I don’t really know for how long, but watch the market carefully until crucial evidence is there to support …

EURUSD Weekly outlook and wave analysis 26th – 30th September 2016

EURUSD – sideways continues Yes, you guessed it right. EURUSD has gone to extreme sideways-conditions, to an extent that its highly unlikely to return to normal conditions anytime soon. Overall Daily corrective structure is still in a balance between a triangle and a zigzag. Most of all the price has been stalling back and forth in a tight range …

EURUSD Elliott wave analysis and weekly outlook – 12th – 16th September 2016

Undecisive wave structure Yes, I had to eat the humble pie on EURUSD last week. Fortunately, there was no set up to go short as the hourly structure was never violated to the downside. On the other hand, even if it did, the entry would have been conservative given the possibility of the overall ABC …

EURUSD Elliott wave analysis and weekly outlook – 5th – 9th September 2016

A volatile week for EUR/USD EUR/USD managed to produce a measly net move of 24 pips for the whole of last week. Clearly the market failed to show a directional bias. But the volatility was off the hooks, mostly towards the end of the week. So there were sharp intraday movements to both sides. With NFP on Friday, we saw …

EURUSD Elliott wave analysis and weekly outlook – 29th August – 2nd September 2016

Bears are awake EURUSD started to decline quite sharply, as expected in last weeks analysis – EURUSD weekly outlook – 22nd – 26th August 2016. However it is too early to conclude that price will reach the bottom structure levels with a single impulsive wave. At best the wave will be less choppy without anymore deeper corrections. But before all …

EURUSD Elliott wave analysis and weekly outlook – 22nd – 26th August 2016

Elliott wave analysis of the weekly correction Contrary to previous weeks forecasts, Euro-dollar price has closed well above the bearish channel.  Now, this weekly close warrants a re-evaluation of the long term forecast. However, a single candle close (regardless of the timeframe) does not pose a significant impact in terms of the overall direction of the market. But …