Elliott Trader | Currency Trading

This currency pair is now developing potencial wave C of the intermediate downtrend. The price targets below the current level are Fibonacci retracement points of 133.01-135.23 and expansion points off 136.00-133.01-135.23.

Price targets below the current level:

- 133.53 = .764 retracement, reached already
- 133.38 = contracted objective point (COP)
- 132.24 = objective point (OP)

Wave C is confirmed in case 133.01 is broken, the impulse is cancelled if 135.23 is broken since this level is the base of wave C.

GBP/JPY is now standing in the potential wave C of the intermediate uptrend (colored magenta on the chart). The price targets above the current level are Fibonacci retracement points of 136.00-133.01 and expansion points off waves 133.01-134.95-133.05, 133.05-134.59-134.17.

Nearest price targets above the current level:

- 134.86 = .618 retracement
- 134.99 = objective point (OP)
- 135.12 = contracted objective point (COP)
- 135.71 = OP
- 136.19 = expanded objective point (XOP)

In case the price declines the supports will be Fibonacci retracement points of the wave 133.05-134.70:

- 134.07 = .382 retracement
- 133.88 = .50 retracement
- 133.68 = .618 retracement

EUR/USD is now developing a corrective wave to the intermediate uptrend. According to wave count, this is wave B, however in case 1.2044 is broken (as this is the base of the preceding wave), this one becomes wave A in the intermediate downtrend. The supports for the time being are Fibonacci retracement points from 1.2162-1.2296, 1.2044-1.2296.

Price targets below the current level:

- 1.2194 = 76.4%
- 1.2170 = 50%
- 1.2140 = 61.8%
- 1.2103 = 76.4%

In case the price trends higher the targets are the old Fibonacci expansion points:

- 1.2321-24 = confluence area of OP's
- 1.2418-24 = confluence area of XOP's


This currency pair is now standing in correction to the intermediate uptrend. Wave 4 is developing, however this one can become wave A in case 50% of wave 3 is broken. So far the supports are Fibonacci retracement points from waves 1.4640-1.4810 and 1.4502-1.4810.

Price targets below the current level:

- 1.4725 = 50%
- 1.4705 = 61.8%
- 1.4692 = 38.2%
- 1.4680 = 76.4%
- 1.4656 = 50%
- 1.4620 = 61.8%

In case the price trends higher the targets are the old Fibonacci expansion points:

- 1.4890 = OP
- 1.4914 = OP


EUR/USD is still developing intermediate uptrend. According to wave count we have wave 5 (colored red), and within it there is subwave C (colored yellow). Wave 1.2044-1.2256 ends when 1.2162 is broken by the price, since this level is the base of wave C. Then the supports will be retracement points to wave 1.2044-1.2256.

In case the price continues to move upwards, the targets above the current level remain the same, plus additional expansion points from 1.2044-1.2206-1.2162.

Targets above the current level:

- 1.2262-75 = confluence area of COP, SXOP, OP
- 1.2321-24 = confluence area of OP's

In case the price goes down, the supports will be:

- 1.2175 = 38.2%
- 1.2150 = 50%
- 1.2125 = 61.8%