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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

17 - 21 October	weekly forecast 17 - 21 October Expect a possible bearish momentum in Gold Gold weekly Review Wave Analysis: As previously forecasted, Gold markets entered into consolidation upon hitting the support level $1244. Unless there is a clear breakout below this level, $1244, we expect a possible rebound from this support level to go long with an ideal target at $ More
2016	EURUSD	GBPUSD	USDJPY
21 October	Bearish engulfing candle Wave Analysis Yesterday, the pair traded massively short and even engulfed the previous trading day's candle(19th Oct 2016). Following the engulfing candle witnessed yesterday, we expect further bearish wave count towards $1.0822 or even lower. The anticipated downward rally is the continuation of More	Flat Wave Analysis The cable continues to retrace to the lower side but should not go beyond the immediate trend line. So far, the pair is below $1.2246 and may head further to the lower side as long as it remain below this level. However, in case of any developments above $1.2270, we expect a possible More	Bullish bias Wave Analysis As previously anticipated, the pair retraced to the upper side and even tested the resistance level $104.01 but is currently trading below it. The current chart set up and structure is pretty much bullish and chances of moving to the upper side is very high, however, as long as the le More
20 October	Remain short	Expect a possible bullish price rally	Sell from 104.01
19 October	Bearish momentum developing	Bearish Retracement	Bearish Engulfing
18 October	Remain Flat	We're short	Flat
17 October	We're short	Reman flat	Expect a possible bullish price movement.

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Elliott waves analysis

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