Forex Majors | Elliott Wave Patterns | November 2019

Forex Majors | Elliott Wave Patterns | November 2019
Market: Forex Majors

• Dollar Index (DXY)
  
• EUR/USD
• GBP/USD
• USD/JPY
• USD/CHF
• AUD/USD
• NZD/USD

Forex Majors have been unfolding within the larger degree sequence explained with the “Forex Trading | Elliott Wave Structures | Q2 2019” article.
However, these patterns have been delayed due to complex structures, resulting in them starting the expected swings in October, 2019.

The Dollar Index (DXY) indeed formed the Ending Diagonal and then breached through, leading towards an official entry into bearish territory.

This gave all other major currencies the opportunity to counter the dollar’s weakness, thus recovering an important part of their previous losses.

October has been mostly bearish for the USD, with a bearish sequence continuing throughout the month.

Along with the start of November, came the USD’s corrective sequence, which is still developing, but about to complete.

I’ve been able to constantly track the overall structures within the “Wave Counts & Updates” section.

In simple terms, the Forex Majors have reacted against the USD, and now, after unfolding the corrective patterns, seem to be getting ready to continue.

Video analysis coming soon in the YouTube Playlist.

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Forex Majors | Elliott Wave Patterns

DXY – 2H Chart (picture)

DXY – Elliott Wave Technical Analysis
Structure & Degree: Intermediate Degree (A)(B)(C) (red) sequence
– Intermediate (A) (red): 3-swings sequence in Minors ABC (blue)
– Intermediate (B) (red): Complex Double Three in Minors WXY (purple)
Double Three Structure:
– Simple Flat in Minor W (purple)
– Complex Flat in Minor X (purple)
– Zig-Zag in Minor Y (purple)
Current Position & Pattern:
– Ending Diagonal in Minute C (blue), final wave of Minor Y (purple)
Expected Swing:
– Intermediate (C) (red), Bearish Impulse
Technicals & Confirmations:
– 61.8 or 78.6% Fibonacci Retracements of Intermediate (A) (red)
– 200% or 261.8% Fibonacci Extensions of Minors W & X (purple)
– Bearish Divergence at Resistance
– Bearish Harmonic Structure

DXY – 2H Interactive Chart
(click to open)

EUR/USD – 2H Chart (picture)

EUR/USD – Elliott Wave Technical Analysis
Structure & Degree: Minor ABC (blue) sequence, inside an Intermediate Degree (Y) (purple) wave
– Minor A (purple): Leading Diagonal within a 5-swings sequence
– Minor B (purple): Complex Double Three in Minutes wxy (purple)
Double Three Structure:
– Simple Flat in Minute w (purple)
– 3-swings Sequence Minute x (purple)
– Extended 3-wave swing in Minute y (purple)
Current Position & Pattern:
– Ending Diagonal in Minuette (c) (orange), final wave of Minute y (purple)
Expected Swing:
– Minor C (blue), Bullish Impulse
Technicals & Confirmations:
– 61.8 or 78.6% Fibonacci Retracements of Minor A (blue)
– 161.8% or 200% Fibonacci Extensions of Minutes w & x (purple)
– Bullish Divergence at Support
– Bullish Harmonic Structure

EUR/USD – 2H Interactive Chart
(click to open)

GBP/USD – 2H Chart (picture)

GBP/USD – Elliott Wave Technical Analysis
Structure & Degree: Complex Double Three in Intermediate Degrees (W)(X)(Y) (pink)
– Intermediate (W) (pink): Zig-Zag with Leading & Ending Diagonal
– Intermediate (X) (pink) : Complex Double Three in Minors WXY (turquoise)
– Intermediate (Y) (pink) – Simple Flat formation, with a Leading Diagonal in Minor A (blue) & a Complex Triple Three in Minor B (blue)
Minor B (blue) incomplete, Minor C (blue) pending support
Triple Three Structure:
– Simple Flat in Minute w (purple)- 3-swings Sequence Minute x (purple)
– Zig-Zag in Minute y (purple)- 3-swings Sequence Minute x (purple), interruption/bridge
Current Position & Pattern:
– Minute z (purple), bearish 3-swings or 5-swings sequence
Expected Swing:
– Intermediate (Y) (pink) continuation: Minor C (blue), Bullish 5-wave Impulse
Technicals & Confirmations:
– 50% or 61.8 Fibonacci Retracements of Minor A (blue)
– 161.8% or 200% Fibonacci Extensions of Minutes w & x (purple)
– Bullish Divergence at Support
– Bullish Harmonic Structure

GBP/USD – 2H Interactive Chart
(click to open)

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USD/JPY – 4H Chart (picture)

USD/JPY – Elliott Wave Technical Analysis
Structure & Degree: Intermediate Degree (A)(B)(C) (red) sequence
– Intermediate (A) (red): 5-swings sequence in a Leading Diagonal, Minors 12345 (red)
– Intermediate (B) (red) – Semi-Complex ABC Sequence:
Impulsive Minor A (blue)
False break-out in Minor B (blue)
Extended Ending Diagonal in Minor C (blue)
Current Position & Pattern:
– Ending Diagonal in Minute V (green), final wave of Minor C (blue)
Expected Swing:
– Intermediate (C) (red), Bearish Impulse
Technicals & Confirmations:
– Double Top Divergence on Intermediate (A) (red) starting point
– 261.8% or 300% Fibonacci Extensions of Minors A & B (blue)
– 100% Fibonacci Extensions of Minutes i & ii (green)
– 61.8% Fibonacci Extensions of Minutes iii & iv (green)
– Bearish Divergence at Resistance
– Bearish Harmonic Structure

USD/JPY – 4H Interactive Chart
(click to open)

USD/CHF – 2H Chart (picture)

USD/CHF – Elliott Wave Technical Analysis
Structure & Degree: Primary Degree Y (pink) Complex Structure, Double Three
– Intermediate (W) (turquoise): Zig-Zag within Minors ABC (blue)
– Intermediate (X) (turquoise): Simple Flat within Minors ABC (blue)
Semi-Impulsive Minor A (blue)
Sharp Correction in Minor B (blue)
Ending Diagonal in Minor C (blue)
Current Position & Pattern:
– Ending Diagonal in Minute V (green), final wave of Minor C (blue)
Expected Swing:
– Intermediate (Y) (turquoise), Bearish Structure
Technicals & Confirmations:
– Double Top on Intermediate (W) (turquoise) starting points
– 78.6% or 88.6% Fibonacci Retracements of Intermediate (W) (turquoise)
– 100% or 127.20% Fibonacci Extensions of Minors A & B (blue)
– 61.8% or 100% Fibonacci Extensions of Minutes i & ii (green)
– Bearish Divergence at Resistance
– Bearish Harmonic Structure

USD/CHF – 2H Interactive Chart
(click to open)

USD/CAD – 2H Chart (picture)

USD/CAD – Elliott Wave Technical Analysis
Structure & Degree: Primary Degree B (red) Complex Structure, Double Three
– Intermediate (W) (purple): Semi Complex Flat within Minors ABC (blue)
– Intermediate (X) (purple): Complex Flat within Minors WXY (pink):
Semi-Impulsive Minor A (blue)
Bull-Flag (Double Three) Correction in Minor B (blue)
Bullish Impulse in Minor C (blue)
Current Position & Pattern:
– 3 of 3’s within Minor C (blue)
Expected Swing:
– Bullish Impulse in Minute iii (green)
Technicals & Confirmations:
– Double Top on Intermediate (W) (turquoise) starting points
– 50% or 61.8% Fibonacci Retracements of Minuettes (i) & (ii) (black)
– 61.8% Fibonacci Extensions of Minors A & B (blue)
– Reversed Bullish Divergence on the Ascending Channel
– Bullish Harmonic Structure

USD/CAD – 2H Interactive Chart
(click to open)

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AUD/USD – 2H Chart (picture)

AUD/USD – Elliott Wave Technical Analysis
Structure & Degree: 3-swings Sequence in a Primary Degree Y (pink)
– Intermediate (A) (blue) – Sharp Zig-Zag
– Intermediate (B) (blue)  – Complex Running Flat in Minors WXY (pink)
– Intermediate (C) (blue) – Ending Diagonal
Minor 1 (green): Zig-Zag decomposed as a 5-3-5 in Minutes abc (blue)
Minor 2 (green): Complex Triple Three in Minutes wxyxz (purple)
Current Position & Pattern:
– Minute z (purple), bearish 3-swings or 5-swings sequence
Expected Swing:
– Minor 3 (green) continuation: Sharp 3-wave, Bullish Sequence
Technicals & Confirmations:
– 50% or 61.8 Fibonacci Retracements of Minor 1 (green)
– 161.8% or 200% Fibonacci Extensions of Minutes w & x (purple)
– 161.8% Fibonacci Extensions of Minutes y & x (purple)
– Bullish Divergence at the Fibs
– Ascending Channel, lower trend-line support
– Bullish Harmonic Structure

AUD/USD – 2H Interactive Chart
(click to open)

NZD/USD – 2H Chart (picture)

NZD/USD – Elliott Wave Technical Analysis
Structure & Degree: 3-swings Sequence in a Primary Degree Y (pink)
– Intermediate (A) (blue) – Sharp Zig-Zag
– Intermediate (B) (blue)  – Complex Expanding Flat in Minors WXY (turquoise)
– Intermediate (C) (blue) – Bullish Impulse
Minor 1 (green): 5-swing sequence, decomposed as a 5-3-5-3-5 in Minutes i ii iii iv v (green)
Minor 2 (green): Complex Double Three in Minutes wxy (purple)
Current Position & Pattern:
– Minute y (purple), bearish 3-swings or 5-swings sequence
Expected Swing:
– Minor 3 (green) accumulation cylinder: 3 of 3’s Impulse, Bullish Sequence
Technicals & Confirmations:
– 61.8 or 71.6% Fibonacci Retracements of Minor 1 (green)
– 161.8% or 200% Fibonacci Extensions of Minutes w & x (purple)
– Bullish Divergence at the Fibs
– Ascending Channel, lower trend-line support
– Bullish Harmonic Structure

NZD/USD – 2H Interactive Chart
(click to open)

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Ahoy my fellow trader,
Thank you for your interest in this article and the overall information I am proving.
Should you need any support or have any questions in regards to the presented Wave Counts, please let me know.
I am most active and available via Telegram and Skype, feel free to shoot me a message.

As always,

Many pips ahead!

Richard

Fair warning and risk notice:
Trading CFDs or Foreign Exchange is risky and you should only invest what you can afford to lose, in a calculated manner.
All material presented by LEWA is not to be treated as investment advice and the analysis represents general market research.
Before you decide to take action, please be aware of the risks involved.
Trading is not for everyone and it should be treated with responsibility.
Besides a good strategy for a decent win over loss ratio, risk management is another key factor. 

Many pips ahead!