Elliott Wave EUR/USD

[JahDave]

I guess it wanted to make the 61.8%. It went exactly there to the pip.

There is good chance it will go to the 76.4% which will be the 84.80........

 

[JahDave]

I have a slight revision to my forecast. I thought the Euro had one more push down, but after looking at how the candles have developed last night and today, I am thinking the Euro has bottomed out and is heading back up for several days.

The Euro is kicking butt right now to the upside, by tomorrow morning we will know if this is the real deal or not.

 

[JahDave]

There is good chance it will go to the 76.4% which will be the 84.80........

There is a gravestone doji. that should bring it down from here.

 

[JahDave]

There is a gravestone doji. that should bring it down from here.

Here is candlesticks 101. There is a gravestone doji that I mentioned earlier followed by a shooting star and that still did not do the trick. That is why I love Elliott Wave and Fibonacci in addition to candlesticks. Because I know that the next level for a probable short term reversal is .8480.

 

[JahDave]

Two more doji's and it is still determined to hit that 76.4% level. Anyway it should start heading down now to the .8430 level.

 

[JahDave]

There is much confusion in this market at the moment, but if you learn Elliott Wave Theory well then you can predict the future. This wave up in the JPY is corrective and not impulsive. There is a lot of impulsive energy built up in this pair, but it has another wave down before that unleashes.

 

[JahDave]

Now the JPY bounced up to close the gap and it should keep going down from here

 

[JahDave]

Now the JPY bounced up to close the gap and it should keep going down from here

Two more doji's on the five minute chart. This pair is really confused, but it should keep going down for now.

 

[JahDave]

Two more doji's on the five minute chart. This pair is really confused, but it should keep going down for now.

There's a new low and we should still see more down.

 

[JahDave]

There's a new low and we should still see more down.

look at the last 17 candles. It's just crazy al of the dojis in there.

 

[JahDave]

look at the last 17 candles. It's just crazy al of the dojis in there.

Maybe it's finally getting some traction.

 

[4xpipcounter]

Dave, I got some interesting numbers for you. My decade's R3 is 148.17. The decade's S1 is 78.02. If that gets hit, oooohweeee. Let's put it this way. I'm ready for some carry trades if that happens.

Here's where I think the JPY is. I am posting up a monthly chart so that you can see very long term. The USD must past the previous high of 1.45 area, but this will probably take at least several years. In the meantime, I have the pair finishing up an ending diagonal and if you notice it overshot and briefly broke through the bottom of the support line. One of my previous Euro posts from a month or two ago showed the exact same thing right before the Euro started it's march back up. I think there is a very good chance the USD slide against the JPY is over. If not then there will be one more small push down which should not be more than 150 or so pips down from where it is now. Of course I'm already long because I'm just a little impetuous, and I jump right in. The bottom line is this.........this downhill slide is over, or very close to over and then there is going to be a monster move back up.

 

[JahDave]

Two more doji's and it is still determined to hit that 76.4% level. Anyway it should start heading down now to the .8430 level.

It looks like the move down is over at .8437. It didn't quite make the .8430 that I was looking for but close. I did make some pips on the way down and I'm back in long for hopefully a wave 3 which means a strong move up.

 

[4xpipcounter]

Dave, just my opinion, but I think we are headed to 84.24, and then 84.15 before the day is out.

It looks like the move down is over at .8437. It didn't quite make the .8430 that I was looking for but close. I did make some pips on the way down and I'm back in long for hopefully a wave 3 which means a strong move up.

 

[JahDave]

Dave, just my opinion, but I think we are headed to 84.24, and then 84.15 before the day is out.

It certainly could do that. The key level is that .8357 low. If it goes below that then we are not in an impulse up, but are heading down one more time.

 

[4xpipcounter]

I did think it would be done before the end of the day, but that is not happening now.
BTW, if I didn't tell you the story about Tucker and the cat next door, I posted it in "Joke of the day" thread. You'll like it.

It certainly could do that. The key level is that .8357 low. If it goes below that then we are not in an impulse up, but are heading down one more time.

 

[JahDave]

It looks like the move down is over at .8437. It didn't quite make the .8430 that I was looking for but close. I did make some pips on the way down and I'm back in long for hopefully a wave 3 which means a strong move up.

Well the JPY did move back down exactly to the .8430 so we'll see if that holds. I think it probably will.

 

[JahDave]

USD_CHF update. It looks like there is a good chance for a reversal at the fibo 85.4% level which is the 1.0178.

 

[JahDave]

EUR_AUD update it looks like a possible reversal point at the 1.4370 area.

 

[JahDave]

EUR_AUD update it looks like a possible reversal point at the 1.4370 area.

I fixed my fibs and now they are showing the proper levels.