Introduction on Elliott wave Analysis; and First Post!!

Good evening traders! Here is our first post of the forex world, and we at Ew-forecast.com hope all or some of our content will be useful to you.

Our team is providing educational articles and educational research on economics and global financial markets.
Our main purpose is to help new readers, who are interested in global financial markets to understand the market swings from a technical perspective. We are doing our best to explain our view and bias as simple as possible with the educational goal.

For tracking market cycles we use market approach called Elliott Wave, which we found it useful because it's based on investors psychology, or market mood if you want, and with that approach you are normally one step ahead of others. And we all know that timing is very important when it comes to trading. And what is really interesting, is that theory is working for short-term and long-term trends, so no-matter if you are an active intraday trader or long-term investor, we believe our research may help you with your market decisions.

Let's get going.

On the daily chart of EURUSD, we can see price rising for the last year or so, and this rising price action as we can see can be counted in five waves. This five wave pattern, which we labeled as wave C) is known as a motive wave, and must contain five waves. That said, once five waves within wave C) are fully visible, that's when a new top can be formed, and a bearish reversal can follow.

Getting more technical now, we see that market can be trading in the 5th and final wave of wave C), which can be approaching some interesting resistance and reversal zones. Specifically we see the middle and upper channel line, which can offer resistance around the 1.275/1.30 region, and also the Fibonacci projection zone of 200.0, measured from end of wave 3 to 4, at 1.1551 level. This Fibonacci ratio can also projection end of wave 5 of C, and consequently a bearish reversal aiming for 1.210 region.

EURUSD, Daily

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.