All posts by Daud Bhatti

DXY Elliott Wave View: Resuming Downside

Daud Bhatti

Revised short term DXY (USD Index) Elliott Wave view suggests the decline from 6/20 peak (97.87) is unfolding as a double three Elliott wave structure. Down from 97.87 high, decline to 95.47 ended Minor wave W, and bounce to 96.51 high ended Minor wave X. Wave Y is unfolding as another double three Elliott wave structure of a smaller degree where Minute wave ((w)) ended at 94.47 and Minute wave ((x)) ended at 95.17. The Index has broken below 94.47 suggesting Minute wave ((y)) lower has started. Down from 94.47, Minutte wave (w) ended at 94.09, and Minutte wave (x) is in progress to correct cycle from 7/20 peak before Index resumes lower. We don’t like buying the proposed bounce and expect sellers to appear after Minutte wave (x) bounce is complete in 3, 7, or 11 swing as far as pivot at 95.17 stays intact. more…

India’s NIFTY Elliott Wave View

Daud Bhatti

Short term NIFTY Elliott Wave view suggests the rally to 9709.3 ended Intermediate wave (1), and the pullback to 9449.06 low ended Intermediate wave (2). Rally from there could be unfolding as an Elliott wave Zigzag structure where Minor wave A is in progress as a Leading diagonal structure. Minute wave ((i)) ended as a double three Elliottwave structure at 9649.80 and Minute wave ((ii)) ended at 9596.30. Up from there Minute wave ((iii)) is unfolding as Elliott wave Triple three structure where Minutte wave (w) ended at 9700.7, Minutte wave (x) ended at 9642.65, Minutte wave (y) ended at 9830.05, second Minutte wave (x) ended at 9778.85 low, and Minutte (z) of ((iii)) is proposed complete at 9892.6. more…

USDCAD Forecast And BOC Meeting Next Week

Daud Bhatti

Bank of Canada will have a meeting on July 12 to decide the interest rate. USDCAD has declined due to recent comments made by top Bank of Canada officials which seem to suggest that interest rates could be raised soon. The market in fact is pricing in an 82 percent chance of a rate hike next week. In a CNBC interview last week, Bank of Canada Governor Stephen Poloz said that the two interest rate cuts by Bank of Canada in 2015 have done their jobs in shielding Canadian economy from the steep fall in the price of oil. He also added that the central bank needs to consider its options as excess capacity in the economy is used up. more…

CHF JPY Bullish Elliott Wave Sequence

Daud Bhatti

In this article we will take a look at Elliott Wave structure of CHF JPY pair since the low at 4.16.2017. Move up from 4.16.2017 (107.67) to 5.25.2017 (115.16) was in 7 swings and completed wave (W). Then we saw the pair pull back from the highs. Below is the 480 minute chart presented to clients on 11th June 2017 where we were looking for pair to end the correction in 112.87 – 111.52 area and resume the rally for new highs. more…

DJI Futures: Pull Back In Progress

Daud Bhatti

Short term YM (DJI Futures) Elliott Wave view suggests the rally from 4/19 low is unfolding as a diagonal Elliott Wave structure where Minor wave 1 ended at 21010 (4/26), Minor wave 2 ended at 20474 (5/18), Minor wave 3 ended at 21494 (6/19). Minor wave 4 is in progress and subdivided into a double three Elliott Wave structure. Down from 6/19 peak, Minor wave 4 is expected to do 7 swings and reach 21257 – 21221 area. Index should then resume the rally looking for new highs or bounce in 3 waves at least. We don’t like selling the proposed pullback and expect buyers to keep appearing at extremes in the sequence of 7 or 11 swings as far as pivot at 5/18 (20474) low remains intact in the first degree and 4/19 (20311) low remains intact in the second degree. more…

Dow Futures Elliott Wave Analysis

Daud Bhatti

Short term YM (Dow Futures) Elliott Wave view suggests the rally from 4/19 low is unfolding as a diagonal Elliott Wave structure where Minor wave 1 ended at 21010 (4/26), Minor wave 2 ended at 20474 (5/18), Minor wave 3 ended at 21270 (6/8), and Minor wave 4 ended at 21081 (6/8). Minor wave 5 is in progress and subdivided into a zigzag Elliott Wave structure. Up from 6/8 low, Minute wave ((a)) is expected to complete at 21360 – 21404. Index should then pullback in Minute wave ((b)) to correct cycle from 6/8 low before the rally resumes. We don’t like selling the proposed pullback. Buyers should appear once Minute wave ((b)) pullback is over in 3, 7, or 11 swing. more…

AUDUSD Elliott Wave Analysis

Daud Bhatti

Revised short term AUDUSD Elliott Wave view suggests the rally from 5/9 low is unfolding as a leading diagonal Elliott Wave structure. Up from 5/9 (0.7325) low, Minute wave ((i)) ended at 0.7517, Minute wave ((ii)) ended at 0.7368, and Minute wave ((iii)) ended at 0.7566. Minute wave ((iv)) pullback is currently in progress to correct cycle from 6/1 low in 3, 7, or 11 swing before pair resumes higher again. more…

ES_F E-Mini S&P500 Elliott Wave: Ending Wave (iii)

Daud Bhatti

Short Term Elliott Wave view in ES_F E-Mini S&P500 suggests the rally to 2403.75 ended Minor wave A. Minor wave B unfolded as an Expanded Flat Elliott Wave structure where Minute wave ((a)) ended at 2379, Minute wave ((b)) ended at 2404.5, and Minute wave ((c)) of B ended at 2344.5. After ending the pullback, the Index started a new leg higher and the rally from 2344.5 low looks to be unfolding as a 5 waves Elliott Wave impulse structure where Minutte wave (i) ended at 2375, Minutte wave (ii) ended at 2361, and Minutte wave (iii) remains in progress and can reach 2423.13 or 161.8% fibonacci extension of Minutte wave (i). Expect Minutte wave (iv) pullback to start once Minutte wave (iii) is over before turning higher one more leg in Minutte wave (v). This last push higher will also complete larger degree Minute wave ((i)) and as impulse, it should be accompanied with momentum divergence. more…

FTSE 100 Index Elliott Wave: Correction Ended

Daud Bhatti

Short Term Elliott Wave view in FTSE 100 Index suggests the rally from 4/20 low (7096.6) is unfolding as a zigzag Elliott Wave structure where Minute wave ((a)) ended at 7302.57 and Minute wave ((b)) ended at 7197.28. Subdivision of Minute wave ((a)) is unfolding as an impulse where Minuttte wave (i) ended at 7134.53, Minutte wave (ii) ended at 7104.22, Minutte wave (iii) ended at 7290.82, Minutte wave (iv) ended at 7262.32, and Minutte wave (v) of ((a)) ended at 7302.57. FTSE 100 has Index since broken above 7302.57 suggesting Minute wave ((c)) has started. more…