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Elliott Wave Analysis: Crude oil searching for a support

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Apr 13 2021

Crude oil is in strong uptrend since last year, due to limited oil production because of lower demand due to global lock-downs. We see a nice and strong uptrend that has slowed down last month for a correction. Corrections are always healthy as they tend to attract new buyers after retracement.

I am looking at the price action from an Elliott wave perspective and it appears that this can be a fourth wave, likely headed even lower in the near-term as corrective a-b-c pattern appears incomplete. In ideal formations fourth wave will retrace back to 38.2% Fib level where price may stabilize,possibly in May when most of lock- downs can be removed and oil demand will then increase which could lift price.

In fact, in recent report by OPEC they noted that demand will rise by 5.95 million barrels per day (bpd) in 2021, or 6.6% which is up 70,000 bpd from last month.

They also mentioned that vaccination programmes will cause increased mobility.


CRUDE OIL


 

Surfing the Waves Apr 13 2021 -Video Update

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April 13 2021

Hey traders!

Below is new video analysis, covering EURUSD, USDCAD, CRUDE OI and nasdaq100.


ELLIOTT WAVE OPEN DOOR Event is here. See all of our charts FREE for 10 days. No obligations
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*source

 

EURUSD breaking out of a downward channel

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Apr 12 2021

EURUSD is recovering recovery very nicely after a completed five-wave structure within wave C last week when pair turned sharply out of a downward channel. We see an impulsive price action which means that pair will likely see even more gains after wave B/2 pullback this week. Of course, we should not forget on 10 year US yields which is the main driver of the markets for the last few weeks, but looks like that even here trend can be in a temporary reversal mode after recently broken trendline support.

I am keeping a close eye on this one for possible longs while market is trading above 1.1700.

Finally, another ELLIOTT WAVE OPEN DOOR Event is here. See all of our charts FREE for 10 days.

Join us at www.ew-forecast.com/register

EURUSD 4h


10 year US yields



 

Elliott Wave Analysis: EURGBP May Have Found The Support

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Apr 09 2021

Hello traders!

Today we will talk about EURGBP pair, its price action from technical point of view and wave structure from Elliott wave perspective, as we see some interesting development.

Well, since June 01 of 2020 we have been looking for weaker EURGBP when we were tracking higher degree A)-B)-C) drop. For that article CLICK HERE. Notice that pair came nicely down to projected 0.8500 area, so maybe it's time for reversals again after recent sharp and strong rebound.

The most interesting thing is that EURGBP came down out of wave B) triangle, which suggest limited downside for wave C), because triangles cannot occur in wave 2), so recent drop should be wave C). We can also clearly see a completed five-wave cycle within that wave C). That being sad, with current sharp, strong and impulsive bounce back above channel resistance line, seems like EURGBP can see a bigger recovery now at least in three waves A/1-B/2-C/3, especially if we consider bullish divergence on RSI indicator.

EURGBP, Daily


Looking at the intraday chart, we can clearly see an impulsive five-wave cycle in progress and this is ideally wave A/1. We know that after every five waves, a three-wave correction follows, so be aware of a potential pullback in wave B/2 that can occur soon, ideally once a five-wave cycle is fully completed. Later, after a corrective setback with 0.8624 followed by 0.8583 support levels for wave B/2, then we will expect a continuation higher within wave C or maybe even wave 3.

EURGBP, 30min



 

Elliott Wave Analysis: NASDAQ100 Higher After 3-3-5 Pattern

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Apr 07 2021

Hello everyone!

Today we’d like to present you the chart of the NASDAQ100 and how price unfolded based on Elliott Wave cylces.

First of all we need to take a step back from the chart and remind you that if you are trading markets then you may notice that US stocks moved nicely higher recently, after Biden unveils $2trl infrastructure plan and big corporate tax rises. Another reason for higher stocks are good US NFP report on Friday. Today, we will look how powerful Elliott Wave pattern can in some cases indicate a strong upcoming move before it actually happens. We will focus on NASDAQ100 in particular.

On March 26th we were analyzing the situation of the NASDAQ100. We noticed how a three-wave pullback started from the top on March 16th suggesting a correction was starting to unfold.

Eventually the consequential move up was yet in three waves, suggesting the correction was not finished yet. After the last leg down in 5 waves to complete a higher degree c) wave we could then assume the correction could have been completed.

NASDAQ100 March 26th chart:


We’d like to remind you that when we see a correction whose sub-waves are subdivided in 3-3-5, we as Elliott Wave Analyst like to identify it as a Flat correction.
In a flat correction the B wave is allowed to go past the starting point of the A wave(where the previous 5 is) and that would be called Irregular Flat. However this was not the case since we had a Regular Flat. Anyway we know that usually, a B wave of a flat correction will tend to have a deeper retracement than in a Zig-Zag pattern whose sub-waves are in the structure of 5-3-5.

Here’s a visual example of a Regular Flat:


With that theoretical piece of information being said, now it’s easier to understand that we took advantage of the Flat Correction to try and enter where the C wave ended which is usually around equality in length compared to wave A(as shown in the picture above).

At that point we were expecting a resumption of the overall bullish trend with a five waves up move. We also know that since we were predicting a wave 3, the move up should have been quite aggressive, as waves 3 are usually very steep as explained in the Elliott Wave Principle.
Well, as you can see, the move up was quite steep indeed.

Updated chart:


At this stage you could expect further upside to come. We believe that minuette wave iii) could come to an end soon and perhaps an entry in wave iv) could be taken into consideration if the opportunity presents itself.
We need to warn you that this move up could have not been a higher degree 123 but an ABC instead. So we may continue lower, especially if we are not able to break the old top at 13900.

 

Copper May Push Aussie Higher

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Apr 06 2021

Hello traders and investors!

Today we will talk about Aussie (AUDUSD) + Copper and their positive correlation from the Elliott Wave perspective.

As you may already know, Copper and AUDUSD are in positive correlation, not tick by tick, but most of the time they are moving together.
Well, after recent slow down on both assets, seems like it's just a corrective phase in wave four with quite nice support on Aussie. It's trying to bounce after a three-wave corrective setback, right from ideal 38,2% Fibonacci retracement, channel support line and 100-day SMA line, which can be an indication that wave 4 is completed and it can be now on the way back to highs for wave 5.



As said above, the main reason for a bullish continuation is Copper, in which we see a bullish triangle formation within wave IV. Triangle is a continuation pattern which consist of five waves A-B-C-D-E. So, once a triangle is fully finished, where wave E is still missing, we can easily expect it back to highs for the final wave V that can also push Aussie into a 5th wave.




Elliott wave analysis on DOGE: Lower the better for later gains

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April 02 2021

Hello traders,

As you know market moves in cycles and sentiment based on supply and demand . And when something is just too crowed then normally we see the opposite reaction. So I would not be surprised by more weakness on Doge as there are just a lot of market participants expecting much higher prices. It's an extreme so it's good to be aware that there can be lower pullback and maybe much better prices to be long later.




Breakout On DOGE Failed On April Fool's Day by ew-forecast on TradingView.com




 


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