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Friday, 22 May 2015

GBP/USD H1









General overview for 22/05/2015:
The impulsive wave progression to the downside labeled as wave 1 pink had been completed and the irregular corrective cycle since then has almost hit 50%Fibo at the level of 1..5877 in three wave advance. This corrective wave has been labeled as wave 2 or a purple, because there is still a possibility that corrective cycle is not completed. On lower time frames however, we can see that the first wave to the downside after the local swing high at the level of 1.5817 might be labeled as impulsive wave, followed by three wave corrective cycle (labeled as abc green). But the current wave progression does not look too much impulsive so far and the alternate count is suggesting the more complex wave (ii) green correction IF the level of 1.5566 in NOT violated.

Support/Resistance:
1.5817 - Swing High
1.5664 - Weekly Pivot
1.5566 - 1.5587 - Key Zone
1.5518 - WS1

Trading recommendations
As long as the market trades above the the level of 1.5566 the downside move is not confirmed and buy orders should be opened. Please notice that the break out below wave (i) green low at the level of 1.5450  confirms the top is in place and creates a sell swing trade opportunity to trade wave (iii) to the downside


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Monday, 18 May 2015

EUR/USD H1,H4,Daily, Weekly & Monthly









General overview for 18/05/2015 09:15 CET

On lager time frames there are two possible wave scenarios that might be happening soon and both are based on wave 4 pink corrective structure. Based on Elliott wave principles, there is one more wave to the downside missing, wave 5 pink, and it will develop only when corrective wave 4 pink is completed. As per WEEKLY chart, there are two scenarios for wave 4 pink pattern to unfold:
- scenario 1 - ABC Irregular Correction - is about to be completed on the lower time frames now and soon the market should decline towards the level of 1.1053. Breakout below is bearish.
- scenario 2 - ABCDE Triangle - is more complex and time consuming corrective pattern and would fit the alternation rule perfectly as the wave 2 pink was a simple corrective structure.

Please notice that on the MONTHLY chart the market is a rather close to the both parity level and 78% Fibo of the overall retracement of the previous swing high. The key level is at the level of 0.9900.

Support/Resistance:
1.1466 - Swing High
1.1375 - Weekly Pivot
1.1278 - WS1
1.1053 - Key Support
1.1036 - WS2

Trading recommendations:
EURUSD: Sell
Strategy name: Sigma_Wave
Trading style: Technical
Suitability: Good for full-time and part-time traders
Order type: Market order
Stop loss: 100 pips
Take profit: 200 pips
Position sizing: 0.01 lots per $2,000 of account balance
Risk per trade: 0.5%
Risk to reward ratio: 1:2
Exit: At the end of the signal period (refer to message subject)
Breakeven: Move your stop to breakeven after reaching a gain of 70 pips
Trailing stop: Maintain a 100 pip trailing stop after reaching a gain of 170 pips

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Thursday, 30 April 2015

USD/PLN Daily & Weekly









General overview for 30/04/2015 

The breakout from the weekly Expanding Triangle pattern might be completed, but the traders need to wait for a long-term top confirmation  as the big wave B purple hasn't really met any target projections. Break out below the key support zone between the levels of 3.5423 - 3.600 is needed as a first clue the top is in the place. Otherwise the move upward might continue soon, because the price just retraced 38% of the latest move upward.

Support/Resistance:
3.9671 - Swing High
3.5923 - 38%Fibo
3.5423 - 3.6000 - Weekly Demand Zone |Key Level|
3.4767 - 50%Fibo

Trading recommendations:
Swingtraders should consider to open buy orders from the current price level, with SL below the level of 3.5400 and TP open for now (might be even a new high in longer term perspective).

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Wednesday, 22 April 2015

Dax Daily










General overview for 22/04/2015:

The corrective cycle in wave 4 purple has not been completed yet as there is one small sub-wave to the downside needed to finish the cycle. The first projected target level is at the level of 11500 with a possible minor decline into the level of 11401. The bounce/reversal  is expected from this zone anyway. Please notice that any violation of the level 12214 will invalidate the impulsive wave (c) blue scenario and might be first sign of either bullish break out or triangle formation in wave 4 purple.

Support/Resistance:
12143 - Swing High
12214 - Invalidation Level
12097 - WR1
11880 - Weekly Pivot
11500 - 11401 - Projected Target Zone
11343 - WS1

Trading recommendations:
Sell orders should be in play from the latest swing high but this move down might be terminated anytime now, so caution is advised. Please notice the overall corrective structure might evolve into more complex and time consuming triangle formation as well.
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Thursday, 26 March 2015

AUD/NZD Weekly









General overview for 26/03/2015:
The impulsive wave progression to the downside is about to be completed as there is one more wave missing to finish five wave decline as per weekly chart. The first projected level is a typical target level at 1.0000 and unless the wave 5 is extended one it is quite possible that the corrective cycle is coming soon. Please notice that the bullish divergence is supporting the view.

Support/Resistance:
1.0000 - Target LEvel for wave 5.
1.0428 - Technical Resistance
1.1310 - Key Long Term Resistance Level

Trading recommendations:
About 70% of traders is long with the average long price at the level of 1.0685 which is a rather good contrarian sell signal for now.
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Thursday, 19 March 2015

EURUSD Daily









General overview for 19/03/2015 12:10 CET
The anticipated wave 3 to the bottom looks completed and after a FED news release market bounced strongly to the upside.  There are two possible wave progressions currently and the difference is in the degree cycle labeling: the first one is green cycle labeling (main count) and the other is pink cycle labeling ( alternative). Please notice the targets on the weekly chart are around parity but it will be determined in greater detail when the wave 4 (regardless of degree) is completed.

Support/Resistance:
1.04611 - Swing Low
1.0593 - Weekly Pivot
1.0627 - Intraday Support
1.0718 - WR1
1.0932 - 50%Fibo
1.1029 - WR2
1.1033 - 61%Fibo

Trading recommendations:
The sell orders advised from last year summer should all be closed in profit now. Congrats for those who trade it!
For today it will be quite relevant for daytraders to keep an eye on the level of 1.0627 for any possible breakout to the downside or bounce.  Please notice that the "easy money" on this pair has been made already and now the trading conditions might get choppy and full of whipsaws as wave 4 green develops.
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Wednesday, 18 February 2015

USDCHF Daily









General overview for 18/02/2015

This is first attempt to count the Elliott wave progression after SNP peg removal.

The larger time frame cycles suggest more decline towards the all time low at the level of 0.7072 and below, due to unfinished impulsive wave progression to the downside. The overall count is missing wave 5.

The lower time frames suggest a little more of the upside rally into the target zone of 0.9520 - 0.9613 and a possible reversal from there. Please notice the alternate count suggest more complex and time consuming corrective wave inside of the wave 2 black.

Support/Resistance:
0.9613 - 0.9520 - Projected Target Zone for Wave 2
0.9526 - WR3
0.9431 - WR2
0.9382 - WR1
0.9288 - Weekly Pivot

Trading recommendations:
Sell orders should be open only if price will hit the projected target area with very limited SL.

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Thursday, 8 January 2015

Gold XAUUSD H4









General overview for 08/01/2015:

The current wave progression might develop in two possible ways:
 - the first scenario indicates a possible impulsive wave progression to the upside, where wave i-ii had been made already and now wave -i- is done as well, so the corrective structure (a)(b)(c) must be completed now to continue with the upward progression. The level of 1141.14 CAN NOT be violated!
- the second scenario indicates a possible continuation of the downside move in order to complete wave 5 black. In that case the level of 1255.34 CAN NOT be violated!

Support/Resistance:
1130 - Swing Low
1141 - Invalidation Line
1145.35 - WS2
1166.13 - WS1
1188.02 - Weekly Pivot
1209.02 - WR1
1231.13 - WR2
1252.13 - WR3
1255.34 - Invalidation Line

Trading recommendations:
Please refrain from trading and wait for the important level to be broken.


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Tuesday, 9 December 2014

$DXY US Dollar Index H4, Daily, Weekly and Monthly















General overview for 09/12/2014:

The first small grey chart is a 50 years old monthly candlestick data for US Dollar index where the wave development has been labeled. As we can see, there is unfinished multi-year cycle to the upside, labeled as wave (b) green (decade degree):




Based on that assumption, the weekly charts current labeling is following the grey chart and the first two impulsive waves has been labeled (1 and 2). Then there is wave 1 ( Leading Diagonal) and complex and time consuming wave 2. There is first indication that the wave of wave 1 has been completed and now the market should enter the corrective cycle in wave 2:


Daily chart shows five waves impulsive wave progression from the DEMAND area that might have just hit the target projection of 61%Fibo at the level of 89.30. IF it is so, then the market should enter the corrective cycle now:



On intraday time frame H4, we can see that the market is slowly coming down to test the internal golden trend line and if this line is violated, then the level of 88.19 will be tested soon. Please notice
the Ending Diagonal structure in wave 5 of wave 5 (I,II,III,IV,V) and diminishing momentum resulting in a Bearish Divergence:



Support/Resistance:
89.59 - Swing High
89.30 - 61%Fibo Target
88,74 - Golden Trend Line Support
88.19 - Bullish Zone Support
87.17 - Neutral Zone Support
86.77 - 87.17 - Supply Breakthrough Zone

Trading recommendations:
As long as the high at the level of 89.59 is not violated, the chances are high, that the market has entered/is about to enter a corrective cycle. This might result in near-to-mid term SELL trade opportunity on pairs: USD/JPY, USD/CAD, USD/CHF, USD/PLN, USD/ZAR, USD/TRY. Moreover, ther might be some forex pairs that are in good place to BUY now: EURUSD, GBPUSD, AUDUSD, NZDUSD, 

Overall good opportunity to do some near-to-mid term currency basket trading.

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Monday, 8 December 2014

EUR/USD H1 and Weekly









General overview for 08/12/2014 11:50 CET

This pair keeps making fresh lows and it is quite possible that the level of 1.2167 will be the first target for the week but the pressure to the upside is increasing. Currently it is quite hard to count on the waves as there are many labeling possible including an Ending Diagonal on higher time frames. There are three zones indicated on H1 chart and only a breakout above of any of this zones would be a game changer. Otherwise the long and mid term trends are all BEARISH ( since May 2014  anyway).

PLEASE NOTICE THAT WE ARE ABOUT TO HIT WEEKLY SUPPORT TRENDLINE!!!

Support/Resistance:
1.2167 - WS1
1.2207 - Intraday Resistance
1.2337 - Weekly Pivot
1.2300 - Neutral Zone Level
1.2404 - WR1

Trading recommendations:
As long as the first game changing resistance at the level of 1.2300 is not broken, the bias is BEARISH and SELL orders should be opened ONLY.
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Friday, 5 December 2014

SP500 H4










General overview for 05/12/2014 11:10 CET
There is still one more wave to the upside missing on the lower time frame counts (wave 5) of the overall impulsive cycle labeled as big wave 5. The market looks weak right now and the mushrooming top suggest a corrective cycle in wave 4 is about to kick in. There are two possibilities here:
- main count - wave 4 has been completed and now final stages of the wave 5 are taking place. Might be impulsive, might be Ending Diagonal, but so far LOOKS impulsive. Break below the level of 2047 invalidates the scenario.
- alternate count - wave (a) of a triangle formation wave 4 has been compelled and market is now making zig-zags (5-3-5) inside of a larger corrective structure. Triangle is the anticipated pattern.

Support/Resistance:
2080 - WR2
2075 - Local All Time High
2071 - WR1
2066 - Weekly Pivot
2061 - Wave II Support
2057 - WS1
2051 - WS2
2047 - Key Level
2043 - WS3

Trading recommendations:
It is rather difficult to trade the corrective cycle especially the triangle pattern so it would be better to stay aside. However, if You are eager to trade, it would be better to go with the long term trend and stay on the BUY side.


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