• Forex daily elliott wave analysis


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    The opposite technical picture is evident on the 9hr chart compared to Cable and EURUSD, as the price drifts to the downside the technicals are showing waning momentum.
    Both MACD and RSI are on the verge of crossing to the upside, in what will be the first indication that wave [iv] is completing.

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    Many traders who try to use Elliott Wave in their trading focus on finding the one best wave count and base their trades upon this supposedly only correct analysis. In reality there is almost always more than just one valid wave count. Instead of obsessing about which of these is the best or 'right' one, ELWAVE ® keeps track of all valid wave counts for you and gives you clear signals based on their degree of consensus. This is the best way to find good trading opportunities using Elliott Wave Theory and ELWAVE ® is the only software that can do this.

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    USDJPY continued its downward bias today,
    I am still looking for a five wave structure to the downside to complete wave ‘v’ brown.
    The larger wave count demands a completed form, so todays minimal action must be the beginning of wave 8 red.
    Another 755 points or so will complete that larger  Elliott wave  structure and wave 8 red should bring us most of the way there.

    In early April, all fundamental signs pointed DOWN for the euro/yen currency exchange rate. But instead of falling, the euro went against the bearish current and soared against the Japanese yen. It&rsquo s time you knew the reason why.

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    To recap, the main hourly count expects Cable to unfold downwards while the alternate hourly count expects upwards movement to complete a C wave.

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    Today`s main hourly count expects Cable to unfold in an impulsive manner while the alternate hourly count expects Cable to complete a fifth wave ending diagonal.

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