EURUSD : Elliott wave Analysis and Forecast for 15.01.24–19.01.24

Main scenario: consider short positions from corrections below the level of 1.1018 with a target of 1.0794 - 1.0710.

As an alternative, the pair might rise to levels between 1.1141 and 1.2784 if it breaks out and consolidates above 1.1018.

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 the components of a bullish wave B that began to develop. Wave I of wave 3 of (A) 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 time frame, a local corrective wave ii of 3 is still developing, with wave (b) of ii probably completed as its component. Wave (c) of ii looks to have started developing. The EURUSD pair will continue to decline to the levels of 1.0794 – 1.0710 if the assumption is accurate. In this case, the level of 1.1018 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 15.01.24–19.01.24

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 and wave (iii) of v unfolding as its components. 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 15.01.24–19.01.24

The main scenario is to take long positions with targets of 0.8784 to 0.8890 based on corrections over the level of 0.8332. 

Alternative scenario: breakout and consolidation below the level of 0.8332 will allow the pair to continue sliding to the levels of 0.8200 – 0.8050.

Analysis: the negative fifth wave of larger degree (5) is apparently unfolding on the daily time frame, with wave 1 of (5) produced as its part. 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). On the H1 chart, it appears that a local correction is forming as wave ii of 3, with wave (c) of ii possibly developing inside. 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 0.8332 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 15.01.24–19.01.24

Primary scenario: Take into account short positions below 147.70, with a goal of 136.50 to 127.32 when a correction is finished. 

Option 2: The pair can continue climbing to the levels of 149.19–151.77 if there is a breakout and consolidation above the level of 147.70. 

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 chart, wave an of wave 2 appears to have formed, wave b of wave 2 is nearing the end, and wave (c) of wave b is almost complete. If this prediction comes true, the USDJPY pair will keep falling until it reaches 136.50–127.32. In this case, a breakout over the crucial level of 147.70 will allow the pair to move higher, reaching levels of 149.19 and 151.77.





USDCAD : Elliott wave Analysis and Forecast for 15.01.24–19.01.24

Primary scenario: Take into account short positions below 1.3622, with a target of 1.2977–1.2753 when a correction is finished. 

Alternative scenario: breakout and stabilisation above the level of 1.3622 will allow the pair to continue advancing to the levels of 1.3853 – 1.4000.

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, a local corrective wave B of (2) appears to be developing, with wave an of B forming inside. After adjustment B of (2) is finished, the USDCAD pair will continue to decline to 1.2977–1.2753, if this assumption is accurate. In this case, the level of 1.3622 is crucial since a breakthrough will allow the pair to move higher and reach levels of 1.3853 and 1.4000.





WTIUSD : Elliott wave Analysis and Forecast for 15.01.24–19.01.24

Main scenario: consider long positions from corrections above the level of 69.93 with a target of 81.80 – 85.15.

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 69.93.

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.  A local correction appears to be unfolding as second wave ii of C on the H1 time frame, with waves (a) of ii and (b) of ii formed and wave (c) of ii developing as its parts. If the presumption is correct, WTI will continue to rise to the levels of 81.80 – 85.15. The level of 69.93 is critical in this scenario as a breakout will enable the price to continue falling to the levels of 55.00 – 45.00.





XAUUSD : Elliott wave Analysis and Forecast for 15.01.24–19.01.24

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

Alternative scenario: breakout and consolidation below the level of 1971.59 will allow the pair to continue sliding to the levels of 1912.52 – 1809.00.

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. On the H1 chart, wave ii of (iii) represents the nearing completion of a local correction. If this presumption is accurate, the XAUUSD pair will continue to climb to the levels of 2220.00 – 2300.00 after the correction’s finished. 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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