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USDJPY: Bullish TriangleUsually this wave structure forms in an impulsive sequence as wave 4 . It consists of 5 sub waves as wave-a , wave-b , wave-c, wave-d and a final setback wave-e . Each of these waves consists of three wave internal structure. Each of the waves should not break their extreme points. The final confirmation to enter the position comes when the price gets close above the level of wave-d. The minimum target of the pattern is just a poke above the level of wave-b and just above the level of wave-3 of the impulsive count. There is also a guideline to predict the target of this pattern which is known as triangular thrust. The triangular thrust is the measurement of the distance from the level of wave-a to the level of wave-b . This measured length should be kept at the point of completion of wave-e (conservative approach) or to the breakout level of wave-d to get the target of this pattern (aggressive approach)
Long
by TradingSutra
7
AUDUSD: Inverse H&S with Leading diagonal with Third waveAfter falling near the level of 0.74800 AUDUSD has found its bottom near the level of 0.717000. If we observe carefully we can see an inverse Head & Shoulder pattern whose neckline has been broken decisively in today's session. From the perspective of Elliottwave analysis , we can see a Leading Diagonal & a three wave correction followed by a rally above the neckline. It clearly suggest that AUDUSD is rising in its third wave of an impulse 12345. The measured target of the Inverse H&S is coming about to be near the zone of 0.74200-0.74400 which can also be treated as a target for wave 3 . Trading strategy: As long as AUDUSD is maintaining above the level of 0.72270 , one should look for buying opportunity on any minor dip or on cmp for the target zone of 0.74100-0.74400.
Long
by TradingSutra
2
EURUSD: CASE OF ENDING DIAGONALENDING DIAGONAL : This is the most common diagonal that can be found out at the ending of a main trend or main correction. It consists of all the waves 1-2-3-4-5 in a single or multiple zigzags. They can be found placed at 5th wave of an impulse wave or can been seen as a wave ‘C’ of a corrective waves zigzags or flat. After the termination of the ending diagonal , a swift & a sharp reversal takes place which bring the prices back to the level from where the diagonal began. TRADING STRATEGY: One should go long on the current levels or any dip , keeping a stop loss of 1.15360 look for the target of 1.16400 & above.
Long
by TradingSutra