"All human activities have three distinctive features: pattern, time and ratio - all of which observe the Fibonacci Summation Series" (R.N. Elliott - "Nature's Law - the Secret of the Universe" - 1946)

Saturday, April 13, 2013

Elliott Wave Analysis for major Currency pairs: EUR/USD, EUR/GBP, EUR/JPY, AUD/USD, GBP/USD , USD/JPY - Update

In the FOREX page you could see the long-term scenario on weekly charts
and the previous short-term outlook on daily charts and on 4 hours charts.

It's remains the Currency pair with the scenario most confused among those considered.
My preferred count is a correction phase like b/x wave of minor degree;
a first down move as wave w of minuette degree seems to be ended, so a bounce in wave x is in progress (now we could be in wave [a]/[w] ) .


I have changed my preferred scenario because there was a retracement below 85;
the new main count is always bullish (wave 5 minor of wave (1) of intermediate degree), but pay attention: the bounce doesn't appear as an impulse pattern...
The first alternate scenario is bearish: the uptrend (Alt: (x) ) is over; now we are in Alt:b/x of Alt: (z)

My Preferred bullish scenario has been confirmed but the upward move was so fast that the target (a Fibonacci price cluster) is already achieved so I think that wave 5 and wave (1) could already be finished; if so, a pullback in wave (2) is in progress.
Alternate scenario; we are in the wave Alt:3 of wave 5 , so the uptrend continues.


My preferred scenario (very bullish) is confirmed: we are in wave [ii] of 3 of 1 of (1)
Alternate scenario; the intermediate triangle pattern is still underway.



January 2, 2013 has completed the multi-year triangle wave [B] and started the downward wave [C] of primary degree; the wave 1 of (1) is finished, now we are in the wave 2 minor .
New preferred scenario; wave [y] of wave y of minute degree is ending and after the completion, the downward move continues.



My bullish scenario was correct, but now  the intermediate wave (3) could be ended, so a retracement in wave (4) is starting.
First alternate scenario; we are in wave Alt:1 of  5 , so wave (1) is not ended.


Have a great weekend ;-)

1 comment:

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