TradingWaves | Elliot Waves Analysis

Wed 20-02-2019

Hi everyone, hope you are all good.

USDJPY

USDJPY is following a small trend on the way up, however, the lack of impulsive moves inclines more towards the alternate count of a current Wave (iv) developing which should end before previous Wave (i) high at 109.86

Watch for the break out of this small trend to determine the correct count.

60Mins

4Hours

Daily

Weekly

USDCAD

USDCAD is making lower moves and it crossed the %61 Fib retracement, perhaps towards the %76.

Once Wave ii is complete, it will start the beginning of Wave 3 up (of Wave iii) towards resistance levels at around 1.3440.

60Mins

4Hours

Daily

USDCHF

USDCHF has made me realize that Wave [i] is now finished with Wave [ii] correction underway nowwith Wave a completing in 5 waves, suggesting a ZigZag correction (5,3,5) towards lower levels of support.

60Mins

4Hours

Daily

EURUSD

EURUSD is making moves up into the last Wave c of Wave ii within a trend.

Tomorrow expect prices to carry on higher towards the %50 Fib retracement before Wave ii starts the impulsive waves down.

60Mins

4Hours

Daily

EURCHF

Prices have keep falling further, piercing the trend (green) and current support area suggesting further move down towards the %50 Fib retracement.

Once Wave [ii] is complete raising impulsive waves will indicate the start of Wave (i) upwards towards resistance levels targeting at the 1.1440 area.

60Mins

4Hours

Daily

EURGBP

EURGBP is now going through Wave iv correction before the last drop lower into Wave v to complete Wave (i) of Wave [iii].

Once Wave (i) is completed, probably at the lower trend (cyan), we should expect a raise for Wave (ii) correction towards the %50 Fib retracement, although the strong bearishness that is showing this pair could see that retracement lower again.

60Mins

4Hours

Daily

Weekly

GBPUSD

GBPUSD keeps raising and showing strong bullishness which puts more weight on the alternate count for a larger Wave [ii] (best seen on the Daily and 4Hour Charts).

As per current count, if the trend changes to show impulsive waves to the downside after hitting key Fib retracements (i.e. %76) Wave (iii) would then be underway.

And, once the price continues below support levels created by previous Wave (i), we could confirm that Wave (iii) is underway and the next levels of support would be at 1.2665

Even lower, the next support formed by the previous Wave [i] would be 1.2475, which, once crossed, would confirm Wave [iii] underway. (best pictured in the 4Hour Chart).

60Mins