It that time again, weekend and it the great time to look at the week we just had and also try and forecast the future of the market. remember no one can actually predict what the market will do we all can try and speculate what we think is right and with the right mentality, we succeed more often than not. That all we need combining with good money management our accounts portfolio are increasing day by day. Let look at these pairs below for next week.
Looking at this pair we are still looking in the bullish direction from last week and this week. this past week we had the completion of the (y) leg of the (X) leg in the longer run. so now we believe that wave (Y) on longer time frame has begun and should continue all the way till at least above the end of (W) leg. remember WXY is a 3,3,3 corrective structure. I’m sure a lot of you are realizing how complicated correction waves. they are a reason why some Elliot wave traders don’t trade them.
This is a mirror of EUR/USD most of the time, so we were not surprised why it show bearish direction. As you can see in the chart we are bearish with a lot of power. we believe we are in wave (Y) now which would see us go at least below the end of wave (W). We expect the (Y) leg to be 3 waves down as you know the WXY pattern.
Looking at the chart above we see that the USD/CAD is bearish with at least 3 waves down as we expected. we are on the wave (Y) now. Which is expected to be 3 waves down as well. we are still holding our trades that we sold the USD/CAD at the start of wave (W).
This has been one of the most profitable pairs for me because I caught it early in wave 1 and rode it all the way till where it is now. we are in wave 4 now I expect it to continue with wave 5 next week. The important thing is that it still bullish, that pull back it did this past week was just correction for wave 5.
AUD/CHF is in wave 3 and looking at it we might be having an extended wave 3. but on the shorter time frame we are on wave 3. we expect the wave 3 aka the money wave to go very fast as it always has a lot of power. Next week just look for bullish direction if you missed the pair when we posted it on this website.
This pair has been very stubborn for real it keeps on going up, going against our forecast. but it has gone too far now we are almost the big point of the wave (X) and looking at the support and resistance in the past we are confident that it will start being bearish soon. One thing I like about this pair is that it very volatile, one it starts moving it can move very fast so don’t miss that move once it starts dropping.
This pair moves opposite to the EUR/GBP for most of the time. Please note that market correlation is not a rule but just traders observation on how the market moves. you cant trade using only them, they are good to confirm your already powerful strategy. looking at the GBP/USD we believe that we could be starting a new trend now which is bullish for the pair, and the good thing about seeing trend changes early is the rewards, if it goes your way you make a lot of pips while everyone is still looking at the wrong direction.
in NZD/USD we could be at the start of wave 3 already or at least wave C. we also believe that the trend has changed on this pair, we should be looking at the bullish direction next week.
GOOD LUCK WITH THE COMING WEEK GUYS, LET PRACTICE GOOD MONEY MANAGEMENT AND TRY TO CONTROL OUR EMOTION. IF YOU HAVE A PAIR YOU WANT ME TO CHECK YOUR COUNTING JUST POST IT IN THE FORUM SECTION AND ILL BE HAPPY TO DO IT AND REMEMBER THE MORE YOU PRACTISE THE MORE YOU WILL BE GOOD IN ELLIOT WAVE.