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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 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.

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.

More

20 - 24
May
weekly
forecast
20 - 24
May

 Microsoft Weekly Review Wave Analysis During the previous week, nothing much happened on the shares of this company. We expected a possible momentum to the upperside, as it looks, we're likely to see a consolidation during this week, before we see a spike even higher.  As it is on t

2019 EURUSD GBPUSD USDJPY
20
May

Wave Analysis Euro is currently trading within a tight range, not going above the upper trendline or below the lower trendline. Since the overall trend on this pair is downwards, we're anticipating a possible break below the supportive trendline to pick a long term sell order. The anticipated bear

Wave Analysis The cable is currently trading below a key monthly support 1.42355. As long as the price remains below this level, we're sellers. The idea is not to sell at the moment, rather, wait for pullbacks towards 1.28841 to pick low risk sell orders towards 1.18910, a close above this level b

Wave Analysis The US Dollar is currently trading within a tight range to going above the upper trendline or below the lower supportive trendline, according to the monthly chart above, we're waiting for a clear breakout above the lower trendline to confirm that we're upwards with an ultimate target

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