• 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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    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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