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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.

More

16 - 20
January
weekly
forecast

Gold weekly Review Wave Analysis: As anticipated, following the bullish inside bar witnessed on Jan 6th 2017, the impulsive wave (5) traded relentlessly long but is yet to reach our target take profit at 1214. During this intraday, we still expect further bullish acceleration towards this ta

2017 EURUSD GBPUSD USDJPY
20
January

Wave Analysis: Despite the bearish engulfing candle witnessed yesterday at 12:00, Euro could not close below the short term support level 1.0612, instead, the pair rebounded perfectly from this level and ended up forming an opposite pin bar to push the price to the upper side. As long as the pair r

Wave Analysis: Euro continues to retrace to the upper side but not with the same momentum with which it fell on Jan 8th 2016. We expect the upward rally witnessed yesterday to be an onset of a bullish correction and should not go beyond the pivot level 1.2413; where we'll be looking for a low risk

Wave Analysis: Earlier today, the US Dollar rebounded perfectly from the resistance level 115.38, headed short and is currently below 114.80. This level acted as a key supply level on Jan 13th 2017 and will likely act as a key supply level as long as the pair remains below it. Thus, during this t

19
January
18
January
17
January
16
January

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