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DAILY ELLIOTT WAVE ANALYSIS 10-19-16 – USDJPY Trade in the money, wave three down possibly underway.
EURUSD broke support today, the previous low gave way in a drop which should complete wave 'X' green. The larger wave count has not changed, the next leg up must begin soon above the 1.911 low at wave (D) red. I have moved the neckline down to the 1.1027 level, this in now the first hurdle that the price must cross in order to turn bullish again.
DAILY ELLIOTT WAVE ANALYSIS 10-17-16 – Evidence mounts, price range tightens, pressure release coming.
The markets seem unsure of what they are supposed to do! Prices are trapped between competing forces right now, this stall will give way soon enough, as sure as night follows day. EURUSD made some positive moves today, there are no signs yet that the momentum to the upside has taken hold. But the technical setup seems solid. The RSI broke the centre line to the upside today, this does indicate the possibility that the the price has bottomed.
Hi all. Welcome to another trading week, and a new improved layout for our daily analysis. We are close to a turning point in these three markets, both the wave counts and the technical picture in each of the markets point to an overbought Dollar. The market demands a correction of these extremes, and the technical indicators are already showing signs of diverging momentum.
Another interesting one today we got some positive action in terms of the operating wave counts. Today might have been that pivotal day I was looking for. EURUSD turned in a positive day. I had mentioned that lower trend line as an initial resistance level. The price rose up through that line in a solid break.
This week is turning out to be a good one for the dollar! In the medium to long term I think we are going to get a period of extended dollar strength. But the three price patterns I am following here, are all calling for the same thing. That is: one last decline to complete a larger structure.
Today was an interesting day, the market has thrown us a curve ball in terms of EURUSD, but for the rest we are on track for the a turn. EURUSD took another dive today a which has really pushed the boundaries of the operating wave count. As the days go on, and the sideways corrective nature of the action continues, I am pushed more and more towards the alternate wave count.
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