{lang: 'en-US'} April 2016 ~ ElliottFxTrader Blog

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Thursday, 28 April 2016

GBP/USD H4 Analysis









General overview for 28/04/2016:

The corrective cycle in wave 4 is about to be completed, but only if this cycle is a form of (a)(b)(c) Irregular Flat correction. If the corrective cycle will get more complex and time consuming, then it is very possible it will evolve into Triangle pattern.  Nevertheless, for now there is one more wave to the upside missing, wave (v), and the projected minimal target level for this wave is marked as the orange rectangle between the levels of 1.4680 - 1.4717. Please notice, if the level of 1.4357 is violated, then the green impulsive cycle in wave (c) will be invalidated.

Support/Resistance:

1.4717 - WR1
1.4680 - 1.4717 - Target Level For Wave (v)
1.4380 - Weekly Pivot
1.4345 - Green Impulsive Count Invalidation Level
1.4288 - WS1
1.4045 - WS2

Trading recommendations:

Swingtraders should consider to open sell orders from the orange rectangle area with tight SL and open TP for now.



Monday, 11 April 2016

USD/JPY Daily and H4 analysis









General overview for 11/04/2016:

The current corrective cycle labeled as ABC is about to complete and the new, impulsive structure to the upside should develop soon. As per daily time frame technical picture, the current progression to the downside is about to complete and as soon as the wave 4 is done, the market should reverse lower. The invalidation line is at the level of 110.64 ( wave 1 and wave 4 overplapse) so please keep an eye on that level.

Support/Resistance:
106.01 - WS1
108.94 - Weekly Pivot
110.25 - WR1
110.64 - Invalidation Level
113.02 - WR2
115.29 - WR3

Trading recommendations:
As long as the level of 110.64 is not clearly violated the bears are in control over this market and lower prices are anticipated in the short-term.
On the bigger time frames however, there is a possible corrective cycle termination and impulsive price reversal to come in the long-term.





 
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