GBPUSD Weekly Elliot Wave analysis

GBPUSD is currently in a wave 3 or wave 5 of a long-term corrective wave C. We probably are at the begining of a wave 5 of that C corrective wave. So, for next week, I am projecting a bullish run up to 1.68 (161.8 fib extension of the last correction) and then the continuation of the big bearish trend, that will eventually take us below 1.35. If we’re in a wave 3 of C (though not likely), we may get a bigger bullish rally before we go down again (maybe up to 1.7320).

Taking into account that EURUSD has a strong correlation with both GBPUSD and EURJPY, we should expect the same iminent bearish continuation for both. But, as I said, next week we will probably witness a final bull rally, so I’m bullish on these pairs next week. If this is the case, then EURUSD may have a top near 1.4719 high of December 18th, 2008. So I expect a break of 1.4330 to the upside on the EURO and a break of 1.666 on the GBP. A possible top on EURJPY would most probably be 145.46 and I’d expect a break of the 139.21 high.

These highs could be taken out tuesday or wednesday, as we have a lot of important news coming out. So watch out for this and good luck!

Take a look at this chart. If Elliot Wave is an applicable theory, then we might see a big bullish corrective this week on EURUSD, possibly retesting the 1.3825 50% monthly fib level.

Elliot Wave on EURUSD

Hey guys,

Just noticed a nive Elliot Wave on the H1 chart of EURUSD on this Friday.

EURUSD H1 Elliot Wave

From the H4 chart, it looks like we should have a small continuation of the bearish move next week and then a nice corrective sequence (A – B – C):

EURUSD Elliot Wave on the H4

The Daily chart is possibly signaling a pending bullish impulsive wave 3. The 1.4719 high point is critical and a bullish breach of that swing high would possibly validate this Elliot Wave view:

EURUSD Elliot Wave on the Daily chart

The weekly chart is showing a bearish Elliot Wave signal:

Elliot Wave on a Weekly chart of EURUSD

I’m not sure about these, as I have very basic knowledge of Elliot Wave Theory, but I thought I’d point out what I saw today while looking at the charts.

Cheers!