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EUR/USD Bearish Trend Ready to Start

Daytrader21 Posted 27 Jan. as Analysis on EUR/USD, Target: 1.3270, Date: 3rd of March, 12:00 GMT  in #Technical analysis #Bearish #EUR/USD #Trend Line #Triangle Pattern
In the last few months EUR/USD has been trading within a triangle pattern which are corrective patterns that occur either in the 4th wave or B wave according to Elliott Wave theory and which are characterized by a five wave sequence. Now the the wave cycle has been completed we should expect the market start trading downwards. In Figure 1 it can been seen that wave E has completed this five wave cycle and from now the momentum should start shifting to the downside.
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Daytrader21 15 Feb.

Update1: Recent development has deviate from my forecast, however I can still see the downside as long as 1.3900 last swing high stay intact. In order to see some acceleration to the downside we should take out the 1.3500 big round number.

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AUD/NZD Downtrend In The Final Stage

Daytrader21 Posted 14 Nov. as Analysis on AUD/NZD, Target: 1.1340, Date: 2nd of January, 12:00 GMT  in #Technical analysis #AUD/NZD #Bearish #Consolidation #Elliot Wave #Range #Triangle Pattern
In the last few years AUD/NZD has been trading in a aggressive downtrend that took shape of an 5 wave trade sequence all the way down until the 1.1190 low which was the lowest point this year(see figure 1). Wave 2 of this downtrend has been trading within a triangle pattern which are corrective patterns according to Elliott Wave theory and which are caractherized by a five wave sequence(ABCDE sequence).
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Daytrader21 22 Nov.

Update 1: It seems wave 1 is contracting and the market has made a false breakout of the 1.1200 support level. The fact that we couldn't close below that level on a daily basis suggest the market may retrace back up or at least stay in this congestion zone for a longer period of time

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Daytrader21 29 Nov.

Update 2: It seems that the current down swing wave that started from 1.1570 is developing a five wave sequence currently we have just finished wave 5 of wave III and are developing the wave IV. Based on Elliot wave this should develop an ABC correction. So we still need a final spike down to complete the five wave sequence, before to begin retrace the entire wave.

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Daytrader21 9 Dec.

Update 3: It seems that my time horizon was wrong as we broke to the downside sooner than expected and this has booster the downside momentum

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USD/JPY Bucking a Trend

Daytrader21 Posted 14 Nov. as Analysis on USD/JPY, Target: 101.9000, Date: 2nd of January, 12:00 GMT  in #Technical analysis #USD/JPY #Bullish #Consolidation #Elliot Wave #Triangle Pattern
The recent bullish trend that started at the end of the last year in USD/JPY is not over yet, I'm expecting more legs to the upside. In the last few months USD/JPY has been trading within a triangle pattern which are corrective patterns that occur either in the 4th wave or B wave according to Elliott Wave theory and which are caractherized by a five wave sequence. From the 103.75 high, that happened almost 6 months ago, we saw an aggressive 5 wave trade sequence all the way down until the 93.80 …
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Daytrader21 22 Nov.

Update 1: Our analysis was spot on as the market picked up momentum as soon as we broke out the triangle. However we are only half way through as the current up leg is taking shape of an 5 wave sequence . Currently the market is developing the 3 wave of lesser degree of wave 3 of bigger degree. the 100.60 level should act now as support

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Daytrader21 29 Nov.

Update 2: The upside momentum was quite strong in the last week and we already hit our 101.90 target still there is hope as the wave 4 should consolidate around current level and establish an market range I think we still have to retest the 100.80 level which is the breakout candle of last strong resistance area, I will expect now that to turn into support.

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Daytrader21 9 Dec.

Update 3: If we manage to break above previous swing high at 103.75 and close above it than my forecast is wrong. We already hit our target but it seems the market is developing another upside leg which should be formed by a five wave sequence. The only change we have is the market to stay in a range between 101.50-103.75

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Daytrader21 14 Dec.

Update 4: Although we made a new multi year high it failed to close above 103.75 previous high which suggest that we may see a pull back before to resume the bullish trend. The next big support is around the 101.25 level, from where we should see the market pick up momentum again

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EUR/USD-Confluence is Key to Momentum

Daytrader21 Posted 14 Nov. as Analysis on EUR/USD, Target: 1.3340, Date: 2nd of January, 12:00 GMT  in #Technical analysis #Consolidation #EUR/USD #Elliott Wave #Range #Waves #Momentum #Triangle Pattern
In the last few months EUR/USD has been trading within a triangle pattern which are corrective patterns that occur either in the 4th wave or B wave according to Elliott Wave theory and which are caractherized by a five wave sequence. From the 1.3710 pick, that happened last year, we saw an aggressive five wave trade sequence all the way down until the 1.2740 low which was the lowest point this year and from where we formed an extended triangle pattern(see figure 1).
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Daytrader21 17 Nov.

@stane2405 In the large picture that down swing wave is a B wave of higher degree where that A wave is the move from 1.2035-1.3710 and this whole structure is just an ABC correction which form wave 2 of higher degree where wave 1 is the down leg from 1.4950(2011.05.01)-1.2035. I hope you get the picture, use the weekly chart

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Daytrader21 22 Nov.

Update 1: The market is expected to stay in this consolidation for some time now. The wave B can develop a 3 wave correction type and we could end up with a double zig-zag pattern. Also recently I discovered that the decline from 1.4930(2011.05.05) is a fractal for today's price action. If we apply that model for the next 3 months we should expect a wide consolidation zone.

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Daytrader21 29 Nov.

Update 2: Wave B is in the final stage and it took form of an abc correction, wave a from 1.3290-1.3577, wave b 1.3577-1.3400, and with wave c from 1.3400 and I'm expecting the price to top at 1.3680 from where the market should start correcting.

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Daytrader21 9 Dec.

Update 3: Wave B is already completed and as expected it seems the 1.3700 is capping the upside movement. From here on we should see a 5 wave downside movement with the first major support level laying around 1.3600 if we manage to break and close below it we're going straight down to our target

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Daytrader21 14 Dec.

Update 4. It seems the market is overextend at current market levels and it seems 1.38 has capped the upside movement. From here on we should see the market resume downwards, next big support area that we should pay attention is 1.3500 big round number

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