Elliott wave Analysis: EURUSD and BTCUSD Update

Intermediate

EURUSD looks as it has ended its complex decline, down from September highs as we see all three waves W,X,Y unfolded. Also price made a recovery at the 1.122 level, indicating that wave Y found a low, and that a minimum three-wave reversal to the upside is now in play. In such case, we would expect to see price reach 1.15 level in upcoming sessions, from where a new, temporary pullback may follow. This pullback can be wave 2, which can later look for support and a bounce near the 1.1333 area.

EURUSD, 4h

4h eurusd nov 19 2018

As expected, Bitcoin finally broke out of a triangle in very impulsive fashion, which is actually completely normal in these markets. So, BTC is now approaching our projected target for wave v/5 between 5k-4k region, which should be completed with five sub-waves. As a first triangle measurement target, we see a nice psychological level of 5000, but keep in mind that it may go even lower. However, for now we remain bearish, but any sharp and impulsive bounce back above 6550 would indicate a bullish reversal!

BTCUSD, 4h

4h btcusd nov 19 2018

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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