EURGBP should tumble, but not yet…

EURGBP daily chart

As they say, a picture is worth a thousand words. Perhaps a picture is worth thousands of dollars too, if you know what I mean. Although there are several ways you can label this EURGBP weekly chart, the most viable (I presume) interpretation is given in the above image. I have to say, this is … Read more

GBPUSD H1 correction to complete before the collapse

C wave impulse is due and should break above the upper boundary. The major bearish trend continuation is expected to commence with the C wave completion. However, there is also the possibility for the correction to continue longer, even after the completion of the ABC structure. But the important takeaway from this Elliott wave count is that any long trades should have very small targets and the bearish side is not yet ready for short trades.

GBPUSD at a crucial point

3 or C

Election or not the sharp drop of Thursday was doomed to happen. Because there had been a 5 wave impulse after the triangle, completing the overall ABC. The completed ABC structure comprises of the A wave as a leading diagonal and the 5th of the C as an ending diagonal.

Now the question is that if the overall higher degree correction complete, or there is more to come? Clearly there are countable 3 waves in the lower degree marked in blue. Obviously this constitutes for both ABC or up to 123 of an impulse. Which is it going to be? Only the price action next week could tell if the cable has turned bearish for the higher-degree 5th wave or not.

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.

AUDUSD is in the C wave of ABC weekly correction

AUDUSD Weekly analysis AUDUSD has ccompleted a very pretty A and a B wave, and the C wave is currently in progress. What’s more interesting is that all this is happening in the weekly chart. Which means we will be in the bull market for the foreseeable future. Having said that, this is actually the … Read more

A play in the GBPUSD with TradePips custom indicator

GBPUSD with a different vantage point Reading a chart is not so easy. And even so difficult when higher timeframes show a completely different story.  That is why top-down analysis has considerable preference among traders. Monthly view with the TradePips custom indi It is obvious that the trend has been (and still is) bearish for few years … Read more

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 … Read more

Post election volatility and upcoming low liquidity – a deadly combination…

It has been a while since my last update on this blog. Due to obvious reasons, I have been quietly watching the markets from the sidelines. A month after trump trumped the whole world with a surprise, forex markets have not yet fully absorbed or adopted to new conditions of the global currency. Post election volatility This chart is pretty much … Read more

Update on Major forex pairs, where are the markets heading?

All major forex pairs are quite naturally influenced by the US dollar. The problem with the current market conditions is that the US dollar is in a ‘long term’ corrective structure. An important characteristic of  ‘long term’ structures is that more often than not, it embeds impulsive-looking waves to both sides on shorter timeframes. Hence, failure … Read more