• 394 days Could Crypto Overtake Traditional Investment?
  • 399 days Americans Still Quitting Jobs At Record Pace
  • 401 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 404 days Is The Dollar Too Strong?
  • 404 days Big Tech Disappoints Investors on Earnings Calls
  • 405 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 407 days China Is Quietly Trying To Distance Itself From Russia
  • 407 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 411 days Crypto Investors Won Big In 2021
  • 411 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 412 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 414 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 415 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 418 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 419 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 419 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 421 days Are NFTs About To Take Over Gaming?
  • 422 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 425 days What’s Causing Inflation In The United States?
  • 426 days Intel Joins Russian Exodus as Chip Shortage Digs In
Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis On EURUSD And AUDUSD

EURUSD

EURUSD found some support earlier at 1.0985 where pair might have accomplished a five wave decline of a lesser degree, so looks like that new corrective bounce can be now in play. We will be tracking an A-B-C bounce back to 1.1060-1.1098 area from where downtrend could resume after wave 4) for a new fall down into wave 5).

EURUSD, 1H

EUR/USD 1-Hour Chart


AUDUSD

AUDUSD hit new lows at the start of the European session but bounced quickly with nearly 60 points, which makes us think that corrective wave 2) is still coming. An updated count shows a leading diagonal after which we need three legs up back to 0.7600 area before we may expect a new impulsive leg down.

AUDUSD, 1H

AUD/USD 1-Hour Chart

When diagonal triangles occur in the fifth or C wave position, they take the 3-3-3-3-3 shape that Elliott described. However, it has recently come to light that a variation on this pattern occasionally appears in the first wave position of impulses and in the A wave position of zigzags. The characteristic overlapping of waves one and four and the convergence of boundary lines into a wedge shape remain as in the ending diagonal triangle. However, the subdivisions are different, tracing out a 5-3-5-3-5 pattern.

Basic Leading Diagonal Pattern:

Basic Idealized Leading Diagonal Pattern

 


Interested in our services? We have a Special Offer: Get 14 Days Access For 1€!! Grab the opportunity now at www.ew-forecast.com You can even subscribe to our Twitter account -> @ewforecast

 

Back to homepage

Leave a comment

Leave a comment