All posts by Grega Horvat

USDCHF Trading In A Temporary Correction; More Upside Is Expected

Gregor Horvat

On the Daily chart of USDCHF we are looking at a higher degree complex correction, a three wave A-B-C rise of wave IV, that seems to be in action since end of December of 2014. That said as we can see, pair completed a triangle correction in the connecting wave B and made a sharp reversal higher, above the sub-wave D swing. As such we now believe price may unfold a five-wave movement within the final wave C, before making a higher degree impulsive drop towards new lows. Ideally price will make a run towards the 1.0700/1.0750. more…

Elliott Wave Analysis: USD Index, EURUSD And USDJPY

Gregor Horvat

USD remains on a bearish foot for now, with USD Index still searching for end of a corrective set-back in wave 4) which may happen near 100.60 level this week. At the same time, EURUSD is pointing higher, up to 1.0730 based on our latest wave count which shows an ending diagonal in wave V of 4). If we are correct, then bulls should not exceed 1.0800! So as long that price is not breached we will look for evidences of a strong bearish turn. more…

Big Sideways Correction On EURUSD Completed; More Weakness Is Here

Gregor Horvat

EURUSD is turning sharply lower from the 1.1300 level where pair have finally accomplished a big and very long sideways pattern that was located in wave IV. It was a triangle which is now completed because of a decisive break beneath the blue wave D swing at 1.0847 level three weeks ago. As such we are now even more confident that bears may gain more momentum and at the start of a new week, make a decisive breach below blue wave B. more…

Elliott Wave Analysis: USDJPY

Gregor Horvat

On the 4h chart of USDJPY we are observing a nice sharp impulsive development taking place, with price now ideally trading in an unfolding wave 4. We think that correction in wave 4 may be underway, because of the previous minor five wave development that had unfolded in black wave 3. As we know after every five waves, a three wave contra trend follows so in our case, this contra trend could be wave 4, with a possible support seen around the 110.75 level. more…