EURUSD: Elliott wave analysis and forecast for 16.12.22 – 23.12.22
The main scenario is to think about taking long positions from corrections over 1.0361 with a goal of 1.1020 to 1.1300.
An alternative scenario is that the pair will continue to decline to levels between 1.0121 and 0.9916 with a breakout and consolidation below the level of 1.0361.
Analysis: On the daily chart, a bearish wave of greater degree A is likely complete, with the fifth wave (5) of A forming as a part of it. On the H4 chart, it appears that an ascending wave B began to form, with the first counter-trend wave of lesser degree 1 of (A) of B forming as a part of it. H1 chart: Wave iii of 1 is apparently complete, and wave (iv) of 1 is beginning to form as a local corrective. If the assumption is accurate, the pair will continue to increase after the correction to levels between 1.1020 and 1.1300. In this case, it's crucial to maintain the level at 1.0361. If it breaks out, the pair will be free to keep sliding until it reaches levels between 1.0121 and 0.9916.
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| XAUUSD: Elliott wave analysis and forecast for 16.12.22 – 23.12.22 |
GBPUSD: Elliott wave analysis and forecast for 16.12.22 – 23.12.22
the 1.2674–1.2963 range as a goal for long positions from corrections above the level of 1.1804.
An alternative possibility is that the pair will continue to fall to levels between 1.1325 and 1.0922 after breaking through and consolidating below the level of 1.1804.
Analysis: Wave 5 of V was generated as the fifth wave of bigger degree V, which is thought to have completed developing on the daily chart. On the H4 chart, the third wave of the lesser degree 3 of the first ascending wave (1) began to take shape. On the H1 chart, it appears that wave (iii) of wave (iii of 3) has formed, and wave (iv) of wave (iii of 3) is forming locally. If the assumption is accurate, the pair will increase further after the correction, reaching values between 1.2674 and 1.2963. In this case, the level of 1.1804 is crucial because a break of it would allow the pair to continue falling to levels between 1.1325 and 1.0922.
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| GBPUSD: Elliott wave analysis and forecast for 16.12.22 – 23.12.22 |
USDCHF: Elliott wave analysis and forecast for 16.12.22 – 23.12.22
The primary scenario is to take into account long positions from corrections above the level of 0.9086 with a target range of 0.9614 to 0.9820.
An alternative possibility is that the pair will continue to fall to levels between 0.8755 and 0.8925 after breaking through and consolidating below the level of 0.9086.
Analysis: On the daily chart, a bullish third wave of greater degree (3) is forming, with wave 1 of (3) forming inside. On the H4 chart, a downward correction appears to have ended as wave 2 of (3), with wave c of 2 forming as a part of it. On the H1 chart, it appears that wave (3)'s third wave (3) is starting to form. If the assumption is accurate, it is possible that the pair will increase to between 0.9614 and 0.9820. In this case, the value of 0.9086 is crucial. If it breaks out, the pair will be able to keep sliding to levels between 0.8755 and 0.8925.
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| USDCHF: Elliott wave analysis and forecast for 16.12.22 – 23.12.22 |
USDJPY: Elliott wave analysis and forecast for 16.12.22 – 23.12.22
Main scenario: From corrections above the level of 134.36, take into account long positions with a target of 142.78 to 144.98.
An alternative scenario is that the pair will continue to fall to levels between 127.32 and 121.39 if it breaks through and consolidates below the level of 134.36.
Analysis: On the daily chart, a bullish third wave of greater degree (3) is likely to have finished growing, with wave 5 of (3) forming inside. The fourth wave (4) on the H4 chart, with wave of (4) developed within, began to form as a negative corrective. On the H1 chart, wave B of (4) appears to be forming as a local corrective, with wave с of B forming inside. According to this supposition, the pair will increase to a range of 142.78 and 144.98. In this scenario, the level of 134.36 is crucial since a breakout there would allow the pair to continue falling to levels between 127.32 and 121.39.
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| USDJPY: Elliott wave analysis and forecast for 16.12.22 – 23.12.22 |
USDCAD: Elliott wave analysis and forecast for 16.12.22 – 23.12.22
the 1.3824–1.3975 range as a target for long positions from corrections above the level of 1.3515.
An alternative scenario is that the pair will continue to decline to levels between 1.3384 and 1.3220 with a breakout and consolidation below the level of 1.3515.
Analysis: Wave (3) of 5 is forming as the fifth wave of bigger degree 5 that is apparently developing on the daily chart. On the H4 chart, the third wave 3 of (3) is still developing. Its components are wave iii of 3 and wave-shaped correction iv of 3. The third wave's fifth v wave is currently forming. On the H1 chart, wave (iii) of v has apparently begun to form, along with wave I of v and a local correction (ii) of v. If the assumption is accurate, the pair will increase to values between 1.3824 and 1.3975. In this situation, the level of 1.3515 is crucial since a breach of this level would allow the pair to continue falling to the levels of 1.3384 and 1.3220.
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| USDCAD: Elliott wave analysis and forecast for 16.12.22 – 23.12.22 |
WTI Crude Oil: Elliott wave analysis and forecast for 16.12.22 – 23.12.22
The main scenario is to think about taking short positions after corrections below the level of 93.85, with a target range of 63.00 to 54.50.
An alternative scenario is that the asset will continue to rise to levels between 104.00 and 124.09 with a breakout and consolidation above the level of 93.85.
Analysis: On the daily chart, the first wave of greater magnitude (1) is likely to have developed, and a negative corrective is still developing as the second wave (2). On the H4 chart, wave C of (2) is probably developing, with a local corrective forming as wave iv of C inside. On the H1 chart, wave (a) of iv appears to be developing. If the assumption is accurate, when a corrective wave iv of C is finished, the asset's price will continue to decline to between 63.00 and 54.50. In this scenario, the level of 93.85 is crucial since a breakout there would allow the price to continue rising to levels between 104.00 and 124.09.
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| WTI Crude Oil: Elliott wave analysis and forecast for 16.12.22 – 23.12.22 |
XAUUSD: Elliott wave analysis and forecast for 16.12.22 – 23.12.22
The primary scenario is to think about taking short positions from corrections below the level of 1824.57 with a target range of 1721.07 to 1696.78.
Alternative scenario: The pair will continue to rise to the levels of 1851.11 - 1920.84 with a breakout and consolidation above the level of 1824.57.
Analysis: On the daily chart, wave (4) of the larger fourth wave (4) appears to have completed inside of a falling corrective. On the H4 chart, the fifth wave (5), which includes the first counter-trend wave of smaller degree I of 1 of (5) completed as its component, looks to be forming. On the H1 chart, wave (a) of wave (ii) of the local correction, which is wave ii of wave (1), began to form. The pair will continue to decline to the levels of 1721.07 - 1696.78 if the assumption is accurate. In this case, the level of 1824.57 is crucial since a breach there would allow the pair to continue advancing to levels between 1851.11 and 1920.84.
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| XAUUSD: Elliott wave analysis and forecast for 16.12.22 – 23.12.22 |
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