USDSGD is another instrument that has given us trading opportunity lately . Break of 07/20 peak, has made incomplete bullish sequences in the cycle from the January low. The price structure is suggesting further rally within that cycle. We recommended members to avoid selling the pair and favoring the long side. Recently the pair made clear 3 waves pull back and found buyers at the blue box as we expected. In this technical blog we’re going to take a quick look at the charts of USDSGD published in members area of the website and explain the Elliott Wave structure and trading strategy.
USDSGD Elliott Wave 1 Hour Chart 10.24.2021
Current view suggests USDSGD is doing (X) blue connector. Pull back is reaching equal legs 1.3614-1.3544. The price structure already has enough number of swings, and we can see turn higher any moment. As the main trend is bullish we expect buyers to appear at the blue box for 3 waves bounce at least. Once bounce reaches 50 Fibs against the B red high, we will make long position risk free ( put SL at BE). Invalidation for the trade would be break below 1.618 fibs extension: 1.3544.
As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.
You can learn more about Elliott Wave Double Patterns at our Free Elliott Wave Educational Web Page.
USDSGD Elliott Wave 1 Hour Chart 12.8.2021
The pair has found buyers at the blue box as expected. We got nice rally from the buying zone. The rally from the blue box reached and exceeded 50 fibs against the ((B)) black connector. As a result members who took long positions should make them risk free ( move stop loss at the entry point) and also took partial profits. In the mean time pivot at W red low has given up. We are calling for a potential double in (X) blue connector. Current view suggests another leg down ideally toward 1.3596-1.3512 which will be next good area for buyers to appear.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
Elliott Wave Forecast
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