Bitcoin/dollar correction?


BTCUSD made a clear five-wave development up from February lows, which suggest a minimum three-wave trend reversal, from bearish to bullish. That said, we also know that after every five waves, a new temporary pullback can follow and in our case support for this pullback can come in around the 8300/8000 region. We are observing a possible EW flat pattern, which can now be ending. A later rally in minor five-waves from the lows would suggest a completed correction and more upside.

BTCUSD, 4-hour



The Canadian dollar/Japanese yen (CAD/JPY) currency pair can be trading in a new bearish reversal, after a top for blue wave C had been found at the 91.55 level. As such we see price unfolding a nice five-wave breakdown within first wave 1), that can be trading near completion. That said, once wave 1) fully unfolds, a new three-wave correction into wave 2) may come into play.

CAD/JPY, Daily

About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: