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Elliott waves analysis

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.

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Elliott waves analysis

16 - 20 October	weekly forecast 16 - 20 October Weekly Review Gold Weekly Review XAUUSD is currently very bullish. This pair is in a corrective phase with the ABC corrective pattern. It has moved very impulsively to the upside for the better part of last week. Currently, the price is at a minor wave 'a' at 1923.46. We anticipate the price to form the minor More
2023	EURUSD	GBPUSD	USDJPY
20 October	We're buyers for now EURUSD is currently in a bullish corrective phase, with the market following the ABC corrective pattern. Although the price has formed a minor rising wedge, we expect it to drop, reaching at least 1.0506 before reversing to the upside impulsively. Our target lies at the resistance zone of 1.0742. I More	We're sellers for now GBPUSD is still in a bearish trend. This pair is currently in an impulsive phase. The market remains within a bearish flag pattern, indicating the potential for further downward movement, possibly down to the support zone at 1.2071. The price is following a bearish impulsive phase referred to as t More	We're buyers for now USDJPY is currently in a very bullish trend, and the price is following an impulsive phase known as the V-wave pattern. The price is steadily rising and approaching our target for the outer major impulsive wave 'V,' with the target set at the resistance zone of 151.89. You can consider entering a l More
19 October	We're long for now	We're sellers for now	We're buyers for now
18 October	We're watching for a bullish rally.	We're short for now	We're watching for a pullback to pick a low risk buy position.
17 October	We're short for now	We're waiting for buy positions for now	We're short for now
16 October	We're buyers for now	We're short for now	We're waiting for a pullback towards 147.83 towards 151.10

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Elliott waves analysis

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