Elliott Wave Analysis On EURUSD And AUDUSD

By: Gregor Horvat | Thu, Oct 13, 2016
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EURUSD

EURUSD found some support earlier at 1.0985 where pair might have accomplished a five wave decline of a lesser degree, so looks like that new corrective bounce can be now in play. We will be tracking an A-B-C bounce back to 1.1060-1.1098 area from where downtrend could resume after wave 4) for a new fall down into wave 5).

EURUSD, 1H

EUR/USD 1-Hour Chart


AUDUSD

AUDUSD hit new lows at the start of the European session but bounced quickly with nearly 60 points, which makes us think that corrective wave 2) is still coming. An updated count shows a leading diagonal after which we need three legs up back to 0.7600 area before we may expect a new impulsive leg down.

AUDUSD, 1H

AUD/USD 1-Hour Chart

When diagonal triangles occur in the fifth or C wave position, they take the 3-3-3-3-3 shape that Elliott described. However, it has recently come to light that a variation on this pattern occasionally appears in the first wave position of impulses and in the A wave position of zigzags. The characteristic overlapping of waves one and four and the convergence of boundary lines into a wedge shape remain as in the ending diagonal triangle. However, the subdivisions are different, tracing out a 5-3-5-3-5 pattern.

Basic Leading Diagonal Pattern:

Basic Idealized Leading Diagonal Pattern

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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