{lang: 'en-US'} August 2014 ~ ElliottFxTrader Blog

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Wednesday, 20 August 2014

EUR/USD H1

General overview for 18/08/2014:
The lack of the impulsive wave progression to the upside is the first clue, that the downside wave development might not be finished yet, otherwise the market would trade on much higher levels than it is now.
The main count on H1 time frame looks like a classic complex corrective structure pattern with the last cycle in wave Y brown completing right now ( or already done). This is VERY BEARISH count that indicated the top for wave 2  of 3  is completed and the market should move sharply lower soon.

It is rather hard to say what level invalidates the counts but any breakout higher above the level of 1.3432 is bullish.


Support/Resistance:
1.3294 - Technical Support
1.3308 - WS2
1.3332 - 1.3340 - DEMAND ZONE
1.3352 - WS1
1.3383 - Weekly Pivot
1.3431 - WR1
1.3462 - WR2

Trading recommendations:
Beware of a short squeeze as a start of a corrective bounce! 

Before and After charts that were posted for subscribers of VIP SERVICE:



Wednesday, 6 August 2014

GBP/JPY H4


General overview for 06/08/2014:

A slight adjustment in corrective wave labeling has been added to the chart but the general mid-term outlooks stays the same: bias is BEARISH and breakout and daily close below the level of 172.22 reinforces the view.

Support/Resistance:
171.10 - WS2
171.62 - WS1
172.22 - 172.46 - Supply Breakthrough Zone
172.92 - Weekly Pivot

Trading Recommendations:
Sell the rallys.


 
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