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EURUSD & Ethereum Carve Bullish Elliott Wave Patterns

EURUSD & Ethereum Carve Bullish Elliott Wave Patterns

2019-10-14 18:07:00
Jeremy Wagner, CEWA-M, Head of Education
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EURUSD broke above a resistance trend line. Ether is challenging its resistance trend line though the longer term outlook is for a large rally. S&P500 is stuck in the middle.

The video above is a recording of a US Opening Bell webinar from October 14, 2019. We focused on the Elliott wave patterns for key markets such as US Dollar Index, EURUSD, USDJPY, AUDUSD, GBPUSD, silver, gold, crude oil, SP 500 and Ethereum.

EURUSD Broke the Trendline, Evidence Builds a Meaningful Low is in Place

EUR/USD has finally rallied above the (2)-(4) trend line. This is an important first step to building a larger base as it indicates the mood of the market is changing since June.

If you recall, on October 1 we forecasted a large rally for EUR/USD. Several levels were cited that if broken signal further evidence of a high probability rally. So far, two of those levels have been broken with the most important level being 1.1115. If 1.1115 breaks, then the next levels to watch out for include 1.15, 1.18, and possibly 1.25.

The behavior and structure of the patterns should a rally develop to 1.18 will provide us with clues on the longer-term pattern.

elliott wave forecast for eur/usd is bullish.

Ethereum price forecast is for higher levels

Off the low in December 2018 to the next low in September 2019, this pattern is an Elliott wave 5-3 structure. If my assessment of this pattern is correct, then the ETH/USD price outlook is bullish for the cryptocurrency and a large rally may be under foot to above $364 and higher levels.

Watch the green resistance channel line for additional confirmation of the rally. A break above the green trend line suggests the downtrend wave from June 2019 is over and opens the door to the ‘X’ wave high near 250. A similar pattern is found in Bitcoin, though not as clear as Ether at the moment.

ethereum price forecast is for a large rally using elliott wave theory eth-usd.

S&P500 Pattern unchanged from last week

SP500 is stuck in the middle of a range and hasn’t moved much from our analysis of last week. The triangle shaped price action from May 1, 2019 is troublesome for this market. The location and size of that triangle hints towards an eventual retest of the December 2018 lows even if a pop to new highs is seen. Therefore, rallies are viewed as temporary and a break of the support trend line would become more significant. A lower low below 2777 shifts the bias to focus on the December 2018 retest of the low.

Read more…

How to trade S&P 500

sp500 forecast using elliott wave labeling.

Learn more on Elliott wave including the rules and guidelines by grabbing these beginners and advanced Elliott Wave trading guides.

After reviewing the guides above, be sure to follow future Elliott Wave articles to see Elliott Wave Theory in action.

---Written by Jeremy Wagner, CEWA-M

Jeremy Wagner is a Certified Elliott Wave Analyst with a Master’s designation. Jeremy provides Elliott Wave analysis on key markets as well as Elliott Wave educational resources. Read more of Jeremy’s Elliott Wave reports via his bio page.

Join Jeremy in his live US Opening Bell webinar where these markets and more are discussed through Elliott wave theory.

Follow Jeremy on Twitter at @JWagnerFXTrader .

Recent Elliott Wave analysis you might be interested in…

EURUSD Elliott Wave forecast – enough evidence points to a large rally

ETH/USD price outlook is bullish

8 scenarios after an Elliott wave impulse pattern completes

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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