Elliott wave Analysis and forecast for 08.01.24

EURUSD : Elliott wave Analysis and forecast for 08.01.24–12.01.24

Primary outcome: take into account short positions from corrections below 1.1138, with a target of 1.0794 – 1.0710.

As an alternative, the pair might continue rising to the levels of 1.1274–1.1350 if it breaks out and consolidates above the 1.1138 mark.

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) appears to be the component of the third wave 3 of (A) of B that is growing on the H4 time frame. On the H1 chart, wave (a) of wave ii formed the part of a local correction that is developing as wave ii of 3. Wave II (b) has begun to develop. After wave (b) of ii has finished, the EURUSD pair will continue to decline to the levels of 1.0794 – 1.0710, if the assumption is right. In this case, the level of 1.1138 is crucial. The pair will be able to move higher to the levels of 1.1274 and 1.1350 following its breakout.

GBPUSD : Elliott wave Analysis and forecast for 08.01.24–12.01.24

The primary course of action is to take long positions from corrections over 1.2610, with a target range of 1.3000 to 1.3147.

As an alternative, the pair might continue to drop to the levels of 1.2490 to 1.2300 if there is a breakout and consolidation below the level of 1.2610.

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. On the H1 chart, wave v of 1 appears to be continuing to develop, with wave (ii) of v completed as its component. Presumably, wave (iii) of v began to develop. 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 1.2610 is crucial because a breakout there will allow the pair to continue down, reaching levels between 1.2490 and 1.2300.

USDCHF : Elliott wave Analysis and forecast for 08.01.24–12.01.24

Default setting: Take into account short positions from corrections below 0.8621, with a correction's end goal of 0.8200–0.8850.

As an alternative, the pair might rise to the levels of 0.8715 to 0.8805 if it breaks out and consolidates above the 0.8621 level.

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 time frame, the first wave of the smaller degree I of 3 formed inside the third wave (3) of (5). Wave (iii) of I appears to have completed developing on the H1 time frame, and wave (iv) of I is forming as a local correction. If the assumption is right, the USDCHF pair will keep sliding to 0.8200–0.8050 when it is finished. In this case, the level of 0.8621 is crucial. The pair will be able to move higher and reach the levels of 0.8715 to 0.8805 once it breaks out.

USDJPY : Elliott wave Analysis and forecast for 08.01.24–12.01.24

Default setting: Take into account short positions from corrections below 146.44, with a correction's end goal of 136.50–127.32.

As an alternative, the pair might continue climbing to the levels of 149.19–151.77 with a breakout and consolidation over 146.44.

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—is on the verge of emerging. On the H1 time frame, wave an of wave 2 appears to have formed, while wave b of wave 2 is almost finished. If the assumption is accurate, the USDJPY pair will continue to decline to 136.50 – 127.32 when it is finished. In this case, the level of 146.44 is crucial since a breakthrough will allow the pair to move higher and reach levels of 149.19 and 151.77.

USDCAD : Elliott wave Analysis and forecast for 08.01.24–12.01.24

Primary scenario: take into account short positions below 1.3510, with a goal of 1.2977 – 1.2753 when a correction is over.

As an alternative, the pair might rise to the levels of 1.3616 and 1.3773 if it breaks out and consolidates above the 1.3510 mark.

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. On the H4 time frame, a downward correction is emerging as wave (2), with wave A of (2) forming inside. On the H1 time frame, the third wave of smaller degree iii of A appears to have formed, and wave iv of A is developing as a local corrective. If this hypothesis is right, the USDCAD pair will keep dropping until it reaches 1.2753–1.2977 when the local correction ends. In this case, the level of 1.3510 is crucial since a breakthrough will allow the pair to move higher and reach the levels of 1.3616 and 1.3773.

XAUUSD : Elliott wave Analysis and forecast for 08.01.24–12.01.24

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. Wave 1 of wave 5 has created and is part of the unfolding of wave 5. On the H4 chart, wave 2 of wave (5) likely represented the end of a bearish correction, and wave 3 of wave (5) is currently taking shape, with wave iii of 3 developing as its component. As the second wave of smaller degree (ii) of iii and wave (iii) of iii continue to grow, a local correction forms on the H1 time frame. 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.