Market Shift – Reversal Patterns Pointing Towards Big Swings

Reversal Patterns pointing towards Big Swings

According to the current Cycle and Elliott Wave Counts, the Market could be positioned for a shift with reversal patterns pointing towards big swings.

Technically, this would translate into dominant trends possibly finalizing the current corrections and continuing towards the completion of their cycles, but after that, probably reversing, with new cycles beginning.

Possible scenarios:

  • Dollar Index (DXY) – Bearish
  • EURUSD – Bullish
  • GBPUSD – Bullish
  • USDJPY – Bearish
  • GOLD (XAUUSD) – Bullish
  • Crude OIL (WTI) – Bearish

In the rows below, you may find a few views and the technical analysis behind them.

Dollar Index (DXY) – Daily Chart

(Click on image to enlarge)

Market Shift – Reversal Patterns pointing towards Big Swings DXY

 

  • Complex WXY (pink) correction in Minor 4 (red) could be completing at or around the 91.40 mark, leaving room for Bearish Minor 5 (red) to possibly start unfolding towards 87.30 levels.
  • Bearish trend could complete, and a new Bullish Cycle could commence at or around the 87.30 levels, and if an extension would take place, the next focus would be 85.00 levels.

 

EURUSD – Daily Chart

(Click on image to enlarge)

Market Shift – Reversal Patterns pointing towards Big Swings EURUSD

 

  • Complex WXY (red) Corrective Structure could be coming to an end soon and a Bullish Rally could occur in Minor 5 (purple), which could target 1.2800 if 1.2100 would hold as a support.
  • If the Bullish leg would take place, according to the current wave count, it could be treated as the last swing needed for Cycle Wave B (black) to complete, then possibly paving the way for Cycle Wave C (black).

GBPUSD – Daily Chart

(Click on image to enlarge)

Market Shift – Reversal Patterns pointing towards Big Swings GBPUSD

 

  • Current up-trend has been labeled as a Complex Corrective Structure in Cycle Wave B (black), which is unfolding its swings within a rising Channel.
  • Corrective pattern has two scenarios, either as a running Flat or an Expanded Flat, however, according to the current wave count, a Bullish rally could be right around the corner, which could lead this pair towards 1.4750 from 1.3800 levels.
1 2
View single page >> |

Disclaimer: Orbex LIMITED is a fully licensed and Regulated Cyprus Investment Firm (CIF) governed and supervised by the Cyprus Securities and Exchange Commission (CySEC) (License Number 124/10). ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.