EURUSD : Elliott wave analysis and forecast for 13.08.23 – 18.08.23
Main scenario: Once a corrective forms, think about taking long positions above the level of 1.0781 with a target of 1.1480–1.1700.
An alternative possibility is that the pair will continue to fall to levels between 1.0630 and 1.0497 after breaking through and consolidating below the level of 1.0781.
Analysis: On the daily chart, a larger degree A bearish wave is likely complete. The initial counter-trend wave 1 of (A) of B was established as the beginning of a bullish wave B. On the H4 chart, the second wave 2 of (A) of B looks to have formed a correction, and the third wave 3 of (A) of B is currently developing. On the H1 chart, the first wave of smaller degree i of 3 has formed. Additionally, wave (c) of wave ii, the second wave ii of wave 3, is still growing as a local correction. The pair will increase further to the levels of 1.1480 - 1.1700 after correcting, if the assumption is right. In this case, the level of 1.0781 is crucial. If it breaks out, the pair will be free to keep sliding until it reaches levels between 1.0630 and 1.0497.
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| EURUSD : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
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| EURUSD : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
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| EURUSD : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
GBPUSD : Elliott wave analysis and forecast for 13.08.23 – 18.08.23
Main scenario: If a correction forms, think about taking long positions above the level of 1.2503 with a target of 1.3300–1.3500.
An alternative possibility is that the pair will continue to decline to levels between 1.2300 and 1.2000 if it breaks out and consolidates below the level of 1.2503.
Analysis: On the daily chart, the third wave (3) is developing, the corrective wave (2) has finished growing, and the first wave of greater magnitude (1) is most likely formed. On the H4 chart, the third wave of smaller degree 3 of wave (3) has developed, and the fourth wave of wave (3) is ending a local correction. On the H1 chart, wave c of 4 appears to be coming to a conclusion, with wave (v) of wave c of 4 forming inside. If the assumption is accurate, the pair will continue to increase after the correction to levels between 1.3300 and 1.3500. In this case, the level of 1.2503 is crucial because a break of it would allow the pair to continue falling to the levels of 1.2300 and 1.2000.
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| GBPUSD : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
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| GBPUSD : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
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| GBPUSD : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
USDCHF : Elliott wave analysis and forecast for 13.08.23 – 18.08.23
The primary scenario is to think about taking short positions on corrections below the level of 0.8900 with a target range of 0.8400–0.8250.
An alternative possibility is that the pair will continue to rise to levels between 0.9145 and 0.9435 after breaking out and consolidating above the level of 0.8900.
Analysis: The fourth wave (4) on the daily chart represents an ascending corrective of greater degree. A fifth wave (5) of negative movement is developing. The wave iii of wave 3 is apparently growing inside the third wave of smaller degree 3 of (5) on the H4 time frame chart. According to the H1 chart, wave (iii) of iii has developed, a local correction has been completed as wave (iv) of iii, and wave (v) of iii is now forming. If the assumption is accurate, the pair will keep falling until it reaches values between 0.8400 and 0.8250. In this case, the value of 0.8900 is crucial. The pair will be able to continue climbing when it breaks through to levels between 0.9145 and 0.9435.
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| USDCHF : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
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| USDCHF : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
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| USDCHF : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
USDJPY : Elliott wave analysis and forecast for 13.08.23 – 18.08.23
Main scenario: After a pullback is finished, think about taking short positions below the level of 151.88 with a goal of 130.00 to 127.00.
An alternative possibility is that the pair will continue to rise to levels between 160.00 and 165.00 after breaking out and consolidating above the level of 151.88.
Analysis: On the daily chart, an ascending third wave of greater degree (3) forms, and a descending corrective keeps growing as the fourth wave (4). On the H4 chart, wave с of (4) is still developing as wave B of (4), and it is a component of wave B of (4). According to the H1 chart, the fifth wave of smaller degree (v) of c of B is almost finished, and wave v of (v) is a part of that wave that is ending. If the assumption is accurate, the pair will continue to decline to the levels of 130.00 - 127.00 when it is finished. In this case, the level of 151.88 is crucial since a breach there would allow the pair to continue climbing to levels between 160.00 and 165.00.
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| USDJPY : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
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| USDJPY : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
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| USDJPY : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
USDCAD : Elliott wave analysis and forecast for 13.08.23 – 18.08.23
The primary scenario is to think about taking short positions on corrections below the level of 1.3500 with a target range of 1.2778–1.2600.
An alternative possibility is that the pair will continue to rise to levels between 1.3665 and 1.3857 after breaking out and consolidating above the level of 1.3500.
Analysis: According to the daily chart, wave () of 4 is most likely finished. Wave (C) of 4 is developing, and wave 3 of (C) is still emerging as a component of it. On the H4 chart, the smaller degree i of wave 1 has formed, and the second wave ii of wave 1 has apparently finished developing as a local corrective. According to the H1 time frame chart, the third wave iii of 3 has begun to form. According to this supposition, the pair will keep falling to 1.2778 - 1.2600. In this scenario, the level of 1.3500 is crucial since a breakout there would allow the pair to continue advancing to levels between 1.3665 and 1.3857.
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| USDCAD : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
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| USDCAD : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
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| USDCAD : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
WTI Crude Oil : Elliott wave analysis and forecast for 13.08.23 – 18.08.23
The primary scenario is to think about taking long positions on corrections over the level of 78.55 with a target range of 88.00 to 94.70.
An alternative possibility is that the asset will continue to decline to levels between 73.57 and 66.62 if it breaks out and consolidates below the level of 78.55.
Analysis: It appears that the daily chart generated the first wave of greater magnitude (1), and the second wave (2) developed as a descending correction. On the H4 chart, wave i of wave (1) and a correction ii of wave (1) were completed, indicating the beginning of wave (3). The third wave of wave 1 of (3) has just begun. According to the H1 time frame chart, the third wave of smaller degree (iii) of iii is still forming and includes wave iv of (iii). The vth wave of (iii) is developing. If the assumption is accurate, the asset's price will keep increasing to between 88.00 and 94.70. In this scenario, the level of 78.55 is crucial since a breakout would allow the price to keep falling to the levels of 73.57 - 66.62.
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| WTI Crude Oil : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
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| WTI Crude Oil : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
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| WTI Crude Oil : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
XAUUSD : Elliott wave analysis and forecast for 13.08.23 – 18.08.23
Main scenario: Once a correction formed, take into account long positions above the level of 1891.87 with a target of 2022.28 - 2059.86.
An alternative scenario is that the pair will continue to decline to levels between 1870.00 and 1836.74 after breaking out and consolidating below the level of 1891.87.
Analysis: On the daily chart, the fourth wave of greater degree (4) of a downward correction is likely complete, and the fifth wave (5) is currently forming. On the H4 chart, it appears that the first wave 1 of (5) has developed and that the second wave 2 of (5) has finished as a bearish corrective. Probably wave three of wave five is now developing. On the H1 chart, the lesser degree i of the first counter-trend wave has developed, and the second wave ii of the counter-trend wave, which represents a local correction, is almost complete. The pair will continue to increase to the levels of 2022.28 - 2059.86 following adjustment, if the assumption is right. In this scenario, the level of 1891.87 is crucial since a breakout there would allow the pair to continue falling to levels between 1870.00 and 1836.74.
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| XAUUSD : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
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| XAUUSD : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
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| XAUUSD : Elliott wave analysis and forecast for 13.08.23 – 18.08.23 |
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