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This forecast is based on the Elliott Wave Principle which states that investor psychology is the motor behind the stock markets. In this analysis however, the analyst not only observes the previous price patterns, but also takes into account the correlation between different pairs before releasing forecasts.

Elliott waves for Forex correlation analysis

Support and resistance system should only be used in a higher timeframe chart, like one hour and above. This is necessary because at such a higher time frame, brokers cannot manipulate the price to my disadvantage. Also, it gives me a humble time to sit down and analyze the market without stress and worry of time.

How I draw strong support and Resistance

Before I call a level strong, the same level must met the following conditions.

  1. Must have been used as a support before.
  2. Must have been used as a resistance before.
  3. There must be a big candle that broke through it at one point in the past!

Again, when drawing my support and resistance levels, I use a range, not a single line, this is because price tends to test particular level before retrieving, range caters for these levels.

Note: Also, if the levels I draw conform to my Fibonacci levels, it is highly likely that those levels are strong and could be of interest in the future.


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Gold weekly review: Weekly Review:   During the previous trading week ending 21st Oct 2016, gold markets retraced to the upper side but is currently declining in an upward momentum. We expect the level $1268.91 to have marked the end of the corrective wave (b) and that the current downw


Wave Analysis: As anticipated, Euro fell drastically and is still developing a momentum to the lower side. We expect to continue short for the better parts of today and even a possible breakout below 1.0822. A key daily resistance zone can be seen around 1.1036-1.1049, while a key daily support

Wave Analysis: As anticipated, the cable traded short and even tested the lower trend line forming bottom of the wedge. As long as this trend line protects the lower side, we expect a possible bullish wave count towards the upper trend line or even higher. The anticipated upward rally is the c

Wave Analysis: The US Dollar continues to stall around the resistance level $104.06. Unless there is a clear breakout above this level, we choose to stand aside and only buy above 104.61 or go short upon a clear rebound from $104.06. If the latter is the case, then we expect to continue short w

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