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

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Friday, 28 November 2014

Crude Oil Futures Weekly
















General overview for 28/11/2014

The impulsive wave progression to the downside triggered by the lack of a decision on OPEC meeting is still in progress as the wave 3 is getting extended to the downside. Please notice that from a bigger point of view on this Weekly chart, there is missing wave 5 to the downside to complete the Irregular Flat corrective cycle in big wave X. The One-to-One market geometry, marked in red rectangle on chart, and the demand zone between levels of 67.06 - 69.32 are working as a line of last resort for bulls. The extension levels for wave 3 might bring some support as well but if the level of 60.44 is broken, the chances for market to test the last long term swing bottom at the level of 33.23 will dramatically INCREASE!.

Support/Resistance:
33.23 - Long Term Swing Low
60.44-62.25 - 223%Extension
64.66 - 66.06 - 200%Extension
67.06 - 69.32 - 161%Extension

Trading recommendations:
No real need to buy the crude oil right now for a longer time frame than daily. Bias is still bearish as there are incomplete waves to the downside.

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Wednesday, 26 November 2014

DAX30 H4









General overview for 26/11/2014 12:50 CET

On lower time frames traders can see, that the impulsive wave progression is unfolding to the upside and first targets has been projected at the levels of 10023 and 10175.

Support/Resistance
10175- Wave v Target Level
10084 - WR2
10023 - Wave iii Target Level
10014 - WR1
9567 - Weekly Pivot

Trading recommendations:
The bias is bullish until the minimum target is hit.
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Monday, 24 November 2014

Nikkei 225 Futures H4









General overview for 24/11/2014 18:00 CET

The Weekly chart of the Elliott Wave development indicates unfinished impulsive wave progression to the upside inside of wave (C) black.
Internal sub-divisions of wave 3 green has been posted on H4 time frame chart, where traders can see two possible counts: main and alternate one. The main count indicates more upside wave progression that will be quite bullish and extended but first the corrective cycle in wave (iv) green must be completed. Alternate count indicates a Leading Diagonal wave 1 blue, and then wave 2 and 3 blue with currently  anticipated corrective internal cycle in the shape of a triangle. For both of this count the key level is the triangle support at the level of 16678.

Support/Resistance:
17978 - WR2
17747 - WR1
17307 - Weekly Pivot
17076 - WS1
16678 - Key Level
16637 - WS2

Trading recommendations:
One more wave to the downside is expected to complete the corrective cycle in wave (iv) green so short orders should be in play, however please notice that it is still possible that the corrective cycle has been completed already and now the index is developing another upward leg. ANY IMPULSIVE WAVE ON LOWER TIME FRAMES INVALIDATES THIS COUNT!
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Thursday, 20 November 2014

EUR/USD H1



General Overview for 20/11/2014: 11:30 CET

The wave development is still in a corrective cycle and there is really no need to trade this pair right now as the cycle appears to be rather complex and time consuming cycle. The suggested wave progression inside of the blue channel is clearly corrective and the golden trending is still providing a resistance. The question remaining whether the gap zone will be filled or not in the near future but the wave count clearly indicates the possibility of a farther upward wave progression up to the 1.2834 - 12936 zone. The current bias is:
SHORT-TERM   Neutral to Slightly Bullish (corrective)
MID-TERM        Neutral to Slightly Bullish (To complete the corrective cycle)
LONG-TERM     Bearish (new lows)

Support/Resistance:
1.2652 - 1.2692 - GAP ZONE
1.2645 - WR2
1.2600 - Local Swing High
1.2594 - WR1
1.2548 - Intraday Resistance
1.2489 - Weekly Pivot
1.2443 - WS1
1.2358 - Local Swing Low

Trading Recommendations:
Stay away until corrective cycle i completed, confirmed and downtrend resume,


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