"No warning can save people determined to grow suddently rich" - Lord Overstone

  • 15 hours Why The Next Oil Boom Will Be Fueled By Blockchain
  • 18 hours 5 Things Investors Should Know About China this New Year
  • 20 hours Is The South Korean Crypto-Drama Finally Over?
  • 21 hours Miners’ Rally? What Rally? Watch Out for More Fake Moves!
  • 22 hours Four Percent 10-year Note Yield Will Be a Floor Not a Ceiling
  • 23 hours The End Is Near
  • 2 days 5 Record Breaking Gemstones Even Billionaires Can’t Buy
  • 2 days Irredeemable Currency De-tooths Savers
  • 2 days CFTC Offers Bounty For Crypto Pump And Dump Whistleblowers
  • 2 days Have You Been Getting Run Over By This Stock Market Action?
  • 2 days Decision Time
  • 2 days 1 Week Later, Risk Remains ‘On’ as 2 of 3 Amigos Ride On
  • 3 days The Most Polarized Commodity Ever
  • 3 days Commodity Coins and Us: What To Expect From The "Tokenization of Everything"
  • 3 days U.S. Dollar Bull and Bear Markets
  • 3 days GLD May Not Yet Be Ready To Break Out
  • 5 days Permanent Market Support Operations
  • 6 days Bitcoin Was Only The Beginning…
  • 7 days Signs of the Times
  • 7 days Oversold XLE into Seasonal Low
Why The Next Oil Boom Will Be Fueled By Blockchain

Why The Next Oil Boom Will Be Fueled By Blockchain

As blockchain tech works its…

Decision Time

Decision Time

Last week, I mentioned that…

Gregor Horvat

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for…

More Info

Elliott Wave Analysis On USDJPY And USDCAD

USDJPY

USDJPY is trading quite nicely, now in a probable corrective blue wave iv as part of a higher degree impulse. If that is correct, then we can say that red wave a) and b) are already over and an ideal drop may be in the cards for the final sub-wave c). The support for this whole corrective structure may be seen around the former wave iv) at the 107.76 level, from where bears may slow down and bulls can take over.

USDJPY, 1H

USDS/JPY 1-Hour Chart


USDCAD

USDCAD keeps trading lower, ideally within a higher degree wave 1 with almost all five needed sub-waves visible. As we can see on the chart, we are tracking a possible leading diagonal in the first wave 1, a reversal pattern that can after its completion push price higher within the upcoming wave 2 correction. At the moment we still need one more push to the downside, before this three wave consolidation may follow.

USDCAD, 1H

USD/CAD 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:

Idealized Elliott Wave 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




Don't Miss A Single Story