Elliott Wave Market Overview: EUR, GBP, WTI, DAX
Elliott Wave Market Overview:
USD is still consolidation on several major pairs, but sooner or later larger trends should resume. EURUSD and GBPUSD can still be trapped in fourth waves from where we will be looking for a break to new lows this week, while stocks are expected to continue higher. Metals are also up, while WTI oil keeps trading lower.
On EURUSD we are tracking a corrective price action within ongoing weakness. The only question is when this weakness will resume. Well, we hope that after another leg up to 1.1900-1.2000 area that would be wave C in 4. However there is also possibility that wave 4 is already done, or maybe that it will be a triangle. But in either case we want to wait on more price data before I can consider any shorts.
EURUSD 1h Elliott Wave Analysis
Same thing on GBPUSD; we see an expanding diagonal in wave A so current weakness can be wave B which means that support can be seen in the next couple of hours. Ideally wave C rally will follow towards 1.5270-1.5320 resistance area where we will look for end of a corrective bounce.
GBPUSD 1h Elliott Wave Analysis
Crude Oil is at the lows making a five wave down within wave five from 49.60. At the moment we do not see five waves yet, therefore be aware of more weakness, possibly to $43 area in this week.
WTI OIL (Feb 2015) 1h Elliott Wave Analysis
DAX is higher today, now trying to break above the trend line resistance and wave B swing high, that will suggest a completed triangle pattern. However, we need to see a daily close above 9900 to confirm a finished wave B) at 9621 more gains for the rest of the week.
DAX (Mar 2015) 1h Elliott Wave Analysis
Find more: Contributing Authors
Actually no matter if someone doesn’t know then its up to other people that they will help, so here
it occurs.