Thread: Rao Journal: Elliot Wave Analysis

EurUsd continues its slow movement to the disadvantage, but this movement is not fired upthe volatility is low, even comparing with different pairs.
The very first trading day of the week hadn't cleared the pattern on EU, so I'm still out of it.

The pattern which I drew at the week-end is real. Bearish move is forming a 3-wave formation. I am waiting for the finishing of the last portion of wave 3 and then will try to put a long position with SL under 1.627

EurJpy is in correction mode by now. If I'm correct the price will show us another min before it's going resume bullish move.

The correction appears to have been completed the day before.
According to my wave count, the 1st bullish wave of the subsequent urge, and correction to it, has been already formed.
At this time I think wave (3) of 3 is beginning. The time can prove me wrong, but I expect it won't.

Following a substantial break, I found enough motivation to keep my journal.

EURJPY has maybe completed it#8217;another bullish impulse, that's described at 30min chart as wave 3. On the 15 min chart a detailed view of the urge is given. I will #8217;t decide for sure if the last part of the urge has finished. As my experience shows, the price at EJ will make another peak during the Asian session.

The short-term perspective of this pair isn't too apparent. We8217;ll obviously see a downtrend move soon, that will be at least a correction to wave 3. However, the question is open, if EJ is prepared for much more bearish gains. The change of this bias to the downside will probably be more obvious only after split through 122.2 degree, which is 200 pips.

To my mind, the upside move at EURJPY will probably be resumed after retracement, I#8217;ll place an order once the correction would come to a conclusion. Possibly, the following bullish goal for EJ would be 126-127 degree.

Following the day of trading in a tight range, cable eventually broke through the levels, which I described in the previous entry (I mean yesterday's post at forexelliottanalysis.com ). Now GU has a good view for a bullish movement, as it#8217;s forming right now only the 3rd part of tide 3 at 5-wave formation. That implies, the price will likely make more bullish gains during a couple following days.

The chart tells me that at the moment we're coming to the end of a great bullish wave lasting from the 1st decade of July.
I can't say now if it's finished or not. Wave count on the 1H chart appears to have been finished, but we ought to be ready for another bullish movement towards preceding maximum (5. Jun, 139.24). I think this movement can be a part of an expanded 5th wave (on 1h chart).

I am glad you did rekindle the thread! Love to learn new things, you appear to be killing EU GU and EJ