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LockBefore:
AUDJPY is forming a contracting triangle of corrective wave E.
Wave D was near to accomplish, and the price had bearish sentiments, where it was a beginning phase of wave E.
I had written in clear words, “Wave (E) can complete between 0.618 to .786 Fibonacci levels. That’s why a trader can expect the following targets for wave (E) 83.44-82.50-81.03 as targets of wave E. If you want to trade wave (E), then you should have a trailing stop due to the high volatility of wave (E)”.
Click here to read previous research report.
After:
Price has made a high at 84.302.
5 January 2022, the price made reached the first target of 83.44
10 January 2022, the price reached the second target of 82.50. Price had made a recent low of 82.32.
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Silver(XAGUSD) has formed a downtrend channel for more than 48 weeks. Price has made a high of 30.03, and sellers entered the market.
Price Action Perspective:
Price has made a series of Lower Highs and Lower Lows, and the control line gives nine touches.
According to Dow theory, if the price breaks the previous LL, it will make a new LL. The upper band & lower band has provided strong reversals to the price.
After breaking the LL, if the price gives a breakout of the downtrend channel, it indicates the worst fundamentals. And if the price gets reversed to create the lower band of the downtrend channel, the price will march to the upper band touch.
Elliott Perspective:
Price has constituted a corrective structure, where price has completed double zigzag(w-x-y).
It will create the last leg wave Z in order to complete the Triple correction. After making the last leg Z, silver will start a five-wave impulsive wave.
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XAUUSD is forming a triangle on the wave ((4)).
This correction has taken more than 17 months, but the triangle is not over yet. Price has completed wave D of the 4th wave triangle, and wave E of wave A is in progress.
After completing the wave sub-wave A, the price will start wave B & then wave C.
The ending point of wave E is the starting point of the impulsive cycle.
Calculation of wave E:
Wave E can end 100% of wave sub-wave A at 1726.
Wave E can end near previous sub-wave B at 1719
Wave E can end at 100% of wave D at 1704.
Traders can wait for the breakout of the B-D trend line. Note that if the price doesn’t break the B-D channel, sideways will be continued.
LockBefore:
CADJPY was forming a last impulsive wave 5 of primary degree.
It had completed the corrective structure, running flat.
After accomplishing the C leg, the price surged from 87.48 to 90.
Price was above 50-MA, which was the indication of a strong trend. It was a beginning of a new impulsive move. I found that the price can make a big move up to 93.84.
As I mentioned in my previous article, “We can expect the following targets 91.46-92.29-93.849“.
Click Here to read the previous research report.
After:
Price broke the 50-MA & minor resistance of 90.382.
Yesterday, CADJPY reached the first target of 91.46 and made a new high of 91.667.
Although the price is gaining momentum, it never moves in a straight line.
It will create a series of highs and lows to create an uptrend.
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EURCAD has completed corrective wave 4, and if the price breaks the parallel channel C, it may make a new low, which should be impulsive sub-wave 5 of wave (5).
If price breaks down channel C, the following targets for Wave 5 will be 1.4313 – 1.42520 – 1.41652- 1.41156.
After making wave (5), if the price breaks the B channel, it can go for 1.4645 and start a new 5-wave impulse structure.
Please note that the Breakout of wave (4) indicates a strong bull trend.
If the price breaks the channel without a downward, it indicates truncated 5th.
I will upload an intraday chart for further information soon.
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