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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.

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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

17 - 21
December
weekly
forecast

Gold weekly Review Wave Analysis During the past trading week, gold bounced off from the upper trendline and is still pretty much below it. As we mentioned in our previous forecasts, as long as the price remains below this trendline, we expect the bounce from this trendline to have marked an end

2018 EURUSD GBPUSD USDJPY
17
December

Wave Analysis: Perfectly as we forecasted during the previous week, Euro traded intensely to the lowerside and is still pretty much bearish both on the daily and the weekly charts. As long as the price remains below 1.15398 and also within the falling wedge formation we expect nothing but a possibl

Wave Analysis: Following the bearish pin bar seen last month, The cable headed straight to the lowerside and is still pretty much bearish both on the daily and weekly charts. As long as the price remains below the opening of last months candle, we expect a possible rally further to the lowerside wit

Wave Analysis: After bouncing perfectly from the supportive trendline, the US Dollar rallied to the upperside and is still pretty much above this level, as long as the price is contained above this level, we expect nothing but a possible momentum to the upperside with the next ideal target being 114

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