Tag Archives: Gregor Horvat

Elliott Wave Analysis On EURUSD And EURJPY

Gregor Horvat

EURUSD: Traders, we have some first signs of a continuation higher on EURUSD after price made an overlap with 1.0882 which invalidates any bearish impulse down from 1.0970 high. As such, we are even more confident that decline is corrective and ideally it was wave E, final leg within a big triangle that can send prices higher this week. Today at 16.00GMT ECB President Draghi will have speech, so if price will stay in bullish mode after that, then we may consider entries on a pullback. We will track it very closely! Any break beneath 1.0770 will invalidate our bullish bias. more…

USDCAD : Correction Within Bullish Impulse

Gregor Horvat

USDCAD turned sharply lower last week and closed at the low on Friday, which suggests that pair is already turning down into a new corrective set-back. We are tracking wave 4-circled that can retrace even back to 1.3800-1.4000 area before uptrend may resume for a final leg within a bullish cycle. For now, invalidation level remains at 1.3456; so as long it will hold trend is actually up, but we would have no problem turning immediately bearish if overlap occurs. more…

USDJPY : Correction Within Uptrend

Gregor Horvat

USDJPY has turned sharply lower in the last few weeks which now looks like a new leg within ongoing complex correction. We are tracking red wave 4) which can be a triangle or even a flat, but for now we will focus on a triangle which means that current leg down can be limited around 118.00 area. We would not be surprised by a bullish turn up into wave D later this month. more…

GBPUSD : Downtrend Continuation

Gregor Horvat

GBPUSD has turned bearish in the last two weeks after only three wave bounce from 1.4893 to 1.5240 which was a corrective move; a zigzag. As such, we are bearish on GBPUSD and will expect more weakness after any pullback. At the moment trend is still down but wave 1 appears complete so be aware of a corrective bounce up into wave 2 that can be looking for a resistance near 1.5000 next week. more…

More Weakness Ahead On AUDUSD

Gregor Horvat

AUDUSD is finally turning lower with a very aggressive and impulsive price action from 0.7384 where pair might have reached a top of wave 4) if we consider also a broken channel support line of wave C. As such, traders must be aware of even more weakness in days ahead, especially after black wave 2 pullback that can be very interesting for shorts. more…

AUDUSD : Correction Within Downtrend

Gregor Horvat

AUDUSD stays bearish as rally from 0.6900 was made in three waves, but based on latest price action we suspect that wave 4) will be much more complex than at first sight. We are looking at a triangle now that is placed within a downtrend of a blue wave (5) that will extend to around 0.6700 by the end of the year. After that we will look for a bullish reversal that could take place in 2016. more…

EUR Still Gaining Bearish Momentum Against The Dollar

Gregor Horvat

EURUSD fell sharply lower in the last few weeks with accelerating price action which confirms a continuation of a downtrend. We see huge possibility for wave (3) in progress that is part of a big five wave move within wave V that began unfolding at the end of September, away from 1.1700. Based on current very strong bearish momentum we may see extension towards 1.0400 this year, where we see Fibonacci projected levels for wave (3). As long as price trades beneath 1.1082 trend is down. more…

Broken Channel Indicates More Bearish Movement For OIL

Gregor Horvat

Crude oil made only three waves up in September that we labeled it as a zigzag in wave 4. Notice that that wave 4 moved up into the area of a former wave four near 50.80 from where price turned down very sharply, through the lower support line of a corrective channel. This breakout confirms continuation lower, so we suspect that price is headed back to the lows of 2015. We see wave 5) of (C) that can be targeting even $30 in months ahead. more…