XAGUSD - Elliott Wave Technical Analysis
Structure & Degree: Primary Degree Complex Correction (W)(X)(Y) (purple), Double Three
- Intermediate (W) (purple): Zig-Zag with a 5-3-5 sequence in its Minors ABC (red)
- Intermediate (X) (purple): Double Three Complex Structure
(conflict of trending degrees, corrective upon a correction)
Minor W (turquoise): Zig-Zag
Minor X (turquoise): Simple Flat
Minor Y (turquoise): Semi-Complex Flat
- Intermediate (Y) (purple): Simple Flat
3-3-5 Sequence
Extension in Minor C (red)
Structure could allow a support to be granted soon, and the sequence on the up-side would give more details.
If the swing on the up-side would be impulsive, then the view would remain bullish until new 2-3 months highs.
Current Position & Pattern:
- Impulsive 5-swings sequence in Minor C (red), 4th to 5th wave final stages
Expected Swing:
- Powerful Bullish Impulse, 5-3-5-3-5 sequence, shallow pull-backs, bullish territory, rally
Technicals & Confirmations:
- 61.8% Fibonacci Retracements of Primary C (green)
(May-September 2019 bullish swing)
- 100% Fibonacci Extensions of Intermediates (W) & (X) (purple)
- 261.8% Fibonacci Extensions of Minors A & B (red)
- 161.8% or 200% Fibonacci Extensions of Minutes i & ii (red)
- 61.8% Fibonacci Extensions of Minutes iii & iv (red)
- Bullish Divergence at Support
- Bullish Harmonic Structures: AB=CD & XABCD
- 16.30 - 16.00 range is a Point of Interest
Many pips ahead!
Structure & Degree: Primary Degree Complex Correction (W)(X)(Y) (purple), Double Three
- Intermediate (W) (purple): Zig-Zag with a 5-3-5 sequence in its Minors ABC (red)
- Intermediate (X) (purple): Double Three Complex Structure
(conflict of trending degrees, corrective upon a correction)
Minor W (turquoise): Zig-Zag
Minor X (turquoise): Simple Flat
Minor Y (turquoise): Semi-Complex Flat
- Intermediate (Y) (purple): Simple Flat
3-3-5 Sequence
Extension in Minor C (red)
Structure could allow a support to be granted soon, and the sequence on the up-side would give more details.
If the swing on the up-side would be impulsive, then the view would remain bullish until new 2-3 months highs.
Current Position & Pattern:
- Impulsive 5-swings sequence in Minor C (red), 4th to 5th wave final stages
Expected Swing:
- Powerful Bullish Impulse, 5-3-5-3-5 sequence, shallow pull-backs, bullish territory, rally
Technicals & Confirmations:
- 61.8% Fibonacci Retracements of Primary C (green)
(May-September 2019 bullish swing)
- 100% Fibonacci Extensions of Intermediates (W) & (X) (purple)
- 261.8% Fibonacci Extensions of Minors A & B (red)
- 161.8% or 200% Fibonacci Extensions of Minutes i & ii (red)
- 61.8% Fibonacci Extensions of Minutes iii & iv (red)
- Bullish Divergence at Support
- Bullish Harmonic Structures: AB=CD & XABCD
- 16.30 - 16.00 range is a Point of Interest
Many pips ahead!
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