EURUSD : Elliott wave Analysis and Forecast for 04.12.23-08.12.23
Primary outcome: take into account short positions from corrections below 1.1018, with a target of 1.0655 to 1.0515.
Option 2: The pair can continue climbing to the levels of 1.1152 – 1.1260 if there is a breakout and consolidation above 1.1018.
Analysis: On the daily chart, a bearish wave of greater degree A is most likely finished. The first counter-trend wave 1 of (A) of B formed, marking the beginning of a bullish wave B. On the H4 chart, wave 2 of (A) of B looks to be the second wave of a downside correction, with wave а of 2 of (ΐ) produced and a local correction finished as wave b of 2 inside. On the H1 time frame, it appears that a downside wave c of 2 has begun to form. The pair should fall to the levels of 1.0655 to 1.0515 if the assumption is accurate. In this case, the level of 1.1018 is crucial. The pair will be able to move higher to the levels of 1.1152 – 1.1260 when it breaks out.
GBPUSD : Elliott wave Analysis and Forecast for 04.12.23-08.12.23
The primary course of action is to take short positions from corrections below 1.2730, with a target range of 1.2300 to 1.2030.
Option 2: The pair can continue rising to the levels of 1.2876 – 1.3000 with a breakout and consolidation above 1.2730.
Analysis: A negative correction is likely to continue developing as the second wave (2), following the formation of the first wave of larger degree (1) on the daily chart. On the H4 time frame, wave ΐ of (2) forms, and wave Β of (2) is likely the completion of a bullish corrective. On the H1 time frame, a local downside wave C of (2) looks to have begun to form. The pair may be projected to decline to the levels of 1.2300 – 1.2030 if the assumption is accurate. In this case, a breach over 1.2730 will allow the pair to move higher and reach levels between 1.2876 and 1.3000.
USDJPY : Elliott wave Analysis and Forecast for 04.12.23-08.12.23
Main scenario: Take into account short positions resulting from corrections below 151.84, with a target range of 139.60 to 136.60.
As an alternative, the pair might continue climbing to the levels of 156.00–160.00 if there is a breakout and consolidation above the level of 151.84.
Analysis: On the daily chart, a larger degree C ascending wave is still forming, and the fifth wave (5) of C is now unfolding as part of it. Wave 1 of (5) has developed on the H4 chart, and wave 2 of (5), a downside correction, has begun to emerge. On the H1 chart, wave an of 2 appears to be developing, with the third wave of a smaller degree (iii) forming as its part. The pair will continue to decline to the levels of 139.60 – 136.60 if the assumption is accurate. In this case, a breakout over 151.84 is crucial since it will allow the pair to move higher and reach levels between 156.00 and 160.00.
USDCHF : Elliott wave Analysis and Forecast for 04.12.23-08.12.23
Main scenario: if a corrective forms, take long positions above the level of 0.8546 with a goal of 0.9109 – 0.9246.
A different course of events could see the pair continue to drop to the levels of 0.8392 and 0.8238 if there is a breakthrough and consolidation below the level of 0.8546.
Analysis: wave 1 of bigger degree (5) occurred as part of the downside fifth wave, which is likely developing on the daily time frame. As wave 2 of 5, a bullish corrective is presently taking place. On the H4 time frame, a wave of smaller degree, wave an of 2, forms, while wave b of 2, a descending correction, is almost complete. On the H1 time frame, wave (c) of b appears to be almost finished, with wave v of (c) virtually finished as its component. If the assumption is true, the pair should increase to levels between 0.9109 and 0.9246 when wave v of (c) is finished. In this case, the level of 0.8546 is crucial. The pair will be able to descend further to the levels of 0.8392 - 0.8238 following its breakout.
USDCAD : Elliott wave Analysis and Forecast for 04.12.23-08.12.23
The main course of action is to take long positions above 1.3400, with a target of 1.4100–1.4300 once corrections have taken place.
Option 2: The pair can continue falling to the levels of 1.3282 and 1.3092 if there is a breakout and consolidation below the level of 1.3400.
Analysis: On the daily time frame, the bullish first wave of larger degree (1) is likely developing, with the formation of its fifth wave, wave 5, as its component. H4 time frame: a local correction is forming as the second wave, ii of 5, and the first wave, of smaller degree I of 5, is generated. On the H1 time frame, wave (b) of ii appears to have completed forming, while wave (c) appears to be nearing its conclusion. If the assumption is accurate, when wave (c) of ii has finished, the pair should rise to levels between 1.4100 and 1.4300. In this case, the level of 1.3400 is crucial because a breakout there would allow the pair to continue down, reaching levels between 1.3282 and 1.3092.
WTI Crude Oil : Elliott wave Analysis and Forecast for 04.12.23-08.12.23
Main scenario: Take into account long positions from corrections above 72.35, with a target range of 95.65 to 91.05.
As an alternative, the asset may continue to decline to levels between 64.20 and 58.00 if there is a breakout and consolidation below the level of 72.35.
Analysis: On the daily chart, the first wave of larger degree (1) is likely created, the second wave (2) developed as a downward corrective, and the third wave (3) began to unfold. On the H4 chart, the first wave of smaller degree 1 of (3) is most likely developing. Wave iv of 1 completes the local correction, and wave iii of 1 forms as its portion. It appears that wave (i) of v continued to build inside while wave v of 1 began to develop on the H1 time frame. Should the assumption prove accurate, the asset's value will keep increasing, reaching values between 91.05 and 95.65. In this case, a breakout above 72.35 is crucial since it will allow the price to continue dropping towards 64.20 and 58.00.
XAUUSD : Elliott wave Analysis and Forecast for 04.12.23-08.12.23
The primary scenario involves examining long positions resulting from corrections above the 1965.08 level, with an objective of 2110.00 – 2170.00.
An alternative course of events might see the pair continue to drop to the levels of 1917.57 – 1889.05. This would require a breakthrough and consolidation below the level of 1965.08.
Analysis: On the daily chart, a downward corrective seems to have formed as the fourth wave (4) of larger degree. Wave 1 of wave 5 has created and is part of the unfolding of wave 5. On the H4 chart, it appears that a descending correction has completed its development as wave 2 of 5, and wave 3 of 5 is currently forming. On the H1 chart, wave (i) of iii is unfolding as part of the third wave, which is developing at smaller degree iii of 3. The pair will continue to increase to the levels of 2110.00 – 2170.00 if the assumption is right. In this case, a breakout over 1965.08 will allow the pair to continue dropping, reaching levels between 1917.57 and 1889.05.
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