EURUSD : Elliott wave Analysis and Forecast for 22.01.24–26.01.24

Principal scenario: Take into account short positions from corrections below 1.0990, with a target between 1.0794 and 1.0710.

An alternate scenario would see the pair continue to rise to levels between 1.1141 and 1.2724 if it breaks out and consolidates above the level of 1.0990.

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 (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 three is still developing, with wave (b) of ii completed and wave (c) of ii forming as its components. 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 1.0990 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 22.01.24–26.01.24

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. The fourth wave, iv of 1, on the H1 time frame appears to have completed the development of a local correction, and the fifth wave, v of 1, most likely began to form. 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 would enable the pair to continue falling, reaching levels between 1.2490 and 1.2300.





USDCHF : Elliott wave Analysis and Forecast for 22.01.24–26.01.24

The main course of action is to take long positions from corrections above the 0.8485 level, with a target range of 0.8784 to 0.8890. 

As an alternative, the pair might continue to drop to the levels of 0.8200 and 0.8050 if there is a breakthrough and consolidation below the level of 0.8485.

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). On the H1 chart, it appears that a local correction is forming as wave ii of 3, with wave (c) of ii continuing to build 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 0.8485 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 22.01.24–26.01.24

The primary course of action is to take long positions from corrections above 144.34, with a target range of 151.77 to 155.00. 

As an alternative, the pair could continue to drop to the levels of 136.50 to 127.32 if there is a breakthrough and consolidation below the level of 144.34. 

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. Wave (iii) of i is forming as part of the first wave of smaller degree i of 3, which appears to be emerging on the H1 time frame. 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 above 144.34 is crucial since it will permit the pair to continue dropping towards the levels of 136.50 and 127.32.





USDCAD : Elliott wave Analysis and Forecast for 22.01.24–26.01.24

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. 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 forming, of which wave an is a part. 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 1.3725 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 22.01.24–26.01.24

The main course of action is to take long positions from corrections above 70.35, with a target range of 78.65 to 81.80.

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 70.35.

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 78.65 and 81.80. In this case, a breakout above 70.35 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 22.01.24–26.01.24

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. 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 completion of a local correction. The XAUUSD pair will rise to the levels of 2220.00 – 2300.00 if this assumption is accurate. In this case, the level of 1971.59 is crucial because a breakout will permit the pair to continue dropping towards the levels of 1912.52 and 1809.00.









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