Weekly Waves: EURUSD, Bitcoin and Gold

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The EUR/USD is showing a bearish pinbar on the weekly chart, which is a major bearish reversal candlestick pattern Bitcoin (BTC/USD) has respected most of the Fibonacci retracement levels. Recently price action has broken below the 78.6% Fibonacci US30 made a strong bullish bounce at the 61.8% Fibonacci support. The US30 bullish bounce has now reached a strong resistance zone

Our weekly Elliott Wave analysis reviews the EUR/USD weekly chart, the US30 weekly chart, and the Bitcoin weekly chart.

EURUSD Bearish Pinbar Candlestick Pattern

The EUR/USD is showing a bearish pinbar on the weekly chart, which is a major bearish reversal candlestick pattern:

The EUR/USD bearish pinbar is indicating that the bulls are running out of steam. A reversal is now expected after price action has hit the -100% Fibonacci target. The bullish price swing could have completed an ABC (yellow) correction. The ABC (yellow) is probably part of a larger and more complex WXY (pink) correction. A breakout below the weekly candle low should price action lower (red arrow). A bearish decline could confirm an ABC (yellow) within the wave X (pink).

Bitcoin Bearish Breakout Below 78.6% Fib

Bitcoin (BTC/USD) has respected most of the Fibonacci retracement levels. Recently price action has broken below the 78.6% Fibonacci:

The BTC/USD break below the 78.6% Fibonacci retracement level indicates a likely further decline towards the 88.6% Fibonacci level. The bearish breakout could either see an immediate continuation (red arrow) if it breaks below the weekly candle low (green line). Gold price action could make a bullish retracement first towards the resistance zone (orange lines) before making another bearish swing (red arrows). A bullish bounce (blue arrows) is expected at the 88.6% Fibonacci support level. Price action could either be completing a wave C (yellow) within wave 2 (gray) or a wave W (pink) of a larger WXY (pink) in wave 2 (gray).

US30 Bullish Revival Faces Massive Resistance

US30 made a strong bullish bounce at the 61.8% Fibonacci support:

The US30 bullish bounce has now reached a strong resistance zone (orange lines). A bearish bounce at the resistance is expected (red arrow) to test the support and inverted head and shoulders level (green box). A bullish bounce there could confirm a bullish ABC (yellow) within the wave B (pink). A larger bearish reversal (red arrows) is expected at the resistance zone (orange box). A bearish 5 wave pattern (yellow) could emerge and take price action below the support trend line (green).

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