EURUSD : Elliott wave analysis and forecast for 29.01.24–02.02.24

Default setting: Take into account short positions from corrections below 1.1024, with a correction's end goal of 1.0710–1.0615.

As an alternative, the pair might rise to levels between 1.1141 and 1.2774 if it breaks out and consolidates above 1.1024.

Analysis: On the daily chart, a bearish wave of greater degree A is most likely finished. The initial counter-trend wave 1 of (A) of B and the corrective second wave 2 of (A) of B formed as part of the bullish wave B that began to develop. Wave I of wave 3 of (Α) produced and a local corrective wave ii of 3 emerging appear to be the components of the third wave 3 of (A) of B that is apparently forming on the H4 time frame. On the H1 chart, wave (a) of ii has developed, and wave (b) of ii has begun to unfurl. After wave two of three is finished, if the assumption is right, the EURUSD pair will continue to decline to the levels of 1.0710 - 1.0615. In this case, the 1.1024 level is crucial. Following its breakout, the pair will be able to move higher, reaching levels between 1.1141 and 1.1274.





GBPUSD : Elliott wave analysis and forecast for 29.01.24–02.02.24

The primary course of action is to take long positions from corrections over 1.2591, with a target range of 1.3000 to 1.3147.

Option 2: The pair can continue falling to the levels of 1.2490–1.2300 if there is a breakout and consolidation below the 1.2591 mark.

Analysis: On the daily chart, the first wave of bigger degree (1) is most likely created, and the second wave (2) is the development of a corrective. The H4 chart shows the formation of an ascending third wave (3), of which the first wave of smaller degree 1 of (3) is a component. It appears that a local correction was completed on the H1 time frame at the same time as the fifth wave (v of 1) began to form and the fourth wave (iv of 1). The GBPUSD pair will continue to increase to values between 1.3000 and 1.3147 if the assumption is accurate. In this case, the level of 1.2591 is crucial because a breakout there will allow the pair to continue falling, reaching levels between 1.2490 and 1.2300.





USDCHF : Elliott wave analysis and forecast for 29.01.24–02.02.24

The main scenario is to take long positions with targets of 0.8784 to 0.8890 based on corrections above the level of 0.8605. 

Option 2: The pair can continue falling to the levels of 0.8200–0.805 if there is a breakout and consolidation below the level of 0.8605.

Analysis: wave 1 of bigger degree (5) occurred as part of the downside fifth wave, which is likely developing on the daily time frame. Second wave 2 of (5) completes a bullish correction. On the H4 chart, the third wave (3) of (5) has begun to form, with the lesser degree I of the first wave having formed and the second wave (ii) of the wave developing inside as a local corrective. Wave v of wave (c) is forming as part of wave (c) of ii, which appears to be continuing to develop on the H1 time frame. The USDCHF pair will continue to advance to the levels of 0.8784 – 0.8890 if the assumption is right. In this case, the level of 0.8605 is crucial. The pair will be able to continue dropping to the levels of 0.8200–0.8850 after it breaks out.





USDJPY : Elliott wave analysis and forecast for 29.01.24–02.02.24

The primary course of action is to take long positions from corrections above 146.62, with a target range of 151.77 to 155.00. 

Alternatively, the pair could continue to drop to the levels of 143.30 to 140.12 if there is a breakthrough and consolidation below the level of 146.62. 

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) developed, a downside correction completed as wave 2 of (5), and wave 3 of (5) forming are all visible on the H4 chart. On the H1 chart, the first wave of the smaller degree I of 3 is developing. It is composed of three parts: wave (iii) of i forms, wave (v) of i has begun to grow, and a local correction is finished as wave (iv) of i. The USDJPY pair will continue to advance to the levels of 151.77 - 155.00 if the assumption is right. In this case, a breakout over 146.62 will allow the pair to continue dropping, potentially reaching levels between 143.30 and 140.12.





USDCAD : Elliott wave analysis and forecast for 29.01.24–02.02.24

The main course of action is to take short positions below 1.3725, with a target of 1.2977–1.2753 when a correction is over. 

As an alternative, the pair might continue to rise to levels between 1.4000 and 1.4200 if it breaks out and consolidates above 1.3725.

Analysis: It is likely that the bullish first wave of larger degree (1) forms on a daily time frame, with wave 5 of (1) completed as part of it. The H4 chart illustrates the descending correction that is forming as wave (2). Wave A of wave (2) has developed, and its parts, a local corrective wave B of wave (2), are unfolding. Wave b of B is apparently developing, while wave an of B is established on the H1 time frame. If this assumption is accurate, once wave B of (2) is over, the USDCAD pair will continue to decline, reaching 1.2977–1.2753. In this case, the level of 1.3725 is crucial since a breakthrough will allow the pair to move higher and reach levels of 1.4000 and 1.4200.





WTI Crude Oil : Elliott wave analysis and forecast for 29.01.24–02.02.24

Primary scenario: Take into account long positions from corrections over 73.33, with an aim of 81.80 to 85.13.

As an alternative, the asset may continue to decline to levels between 55.00 and 45.00 if there is a breakout and consolidation below the level of 73.33.

Analysis: wave A of wave (2) and wave B of wave (2) completed as its sections, a downside correction is likely to continue growing as the second wave of bigger degree (2) on the daily time frame. Wave C of equation (2) is forming on the H4 time frame, and its component is the first wave of lesser degree i of Ρ. Waves (a) and (b) of ii formed, and wave (c) of ii is still forming, suggesting that a local correction is taking place as second wave ii of C on the H1 time frame. Should the assumption prove accurate, the WTI will keep rising, reaching values between 81.80 and 85.13. In this case, a breakout above 73.33 is crucial since it will allow the price to continue dropping towards the levels of 55.00 and 45.00.





XAUUSD : Elliott wave analysis and forecast for 29.01.24–02.02.24

The primary scenario involves examining long positions resulting from corrections above the 1971.59 level, with an objective of 2220.00 – 2300.00.

Option 2: The pair can continue to decline to the levels of 1912.52 to 1809.00 if there is a breakout and consolidation below the level of 1971.59.

Analysis: On the daily chart, a downward corrective seems to have formed as the fourth wave (4) of larger degree. As the first wave (3) of wave (5) forms, the fifth wave (5) is starting to take shape. Wave (iii) of iii appears to be emerging inside the third wave of smaller degree iii of 3, which is building on the H4 time frame. Wave ii of (iii) and wave iii of (iii) on the H1 chart indicate the completion of a local correction. The XAUUSD pair will continue to increase to the levels of 2220.00 – 2300.00 if the assumption is right. In this case, a breakout over 1971.59 will allow the pair to continue down, reaching levels between 1912.52 and 1809.00.








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