Website Update


I would like to thank all the readers and subscribers for the kind words and comments provided over the time I have published to my website. Recently I have taken up a full-time position as an analyst with Elliott Wave International, where I am covering intraday updates on Interest Rates. Unfortunately, I will no longer be able to keep this website updated, but  you can still contact me through the contact link above or through EWI, should you have any questions or queries.

Also, I hope to continue with my passion for educating others on Technical Analysis and especially the successful application of the Elliott Wave Principle. I’m sure I will be updating some of you within the EWI Pro Services; otherwise keep an eye out for a course coming to your area and hopefully some day we will get to meet in person and really dive into the intricate twists and turns of these financial markets. Please contact EWI directly with regard to up coming educational courses.

Until then, thank you; keep up the hard work and may all your trades be green !

Michael Madden, CMT


Price has held the breakout previously discussed on the Aussie Dollar. Momentum indicators are supporting the bullish labelling and the next wave [iii] targets are now set on the 138.2% and 1.618% extension levels of wave [i] from wave [ii]. The 100% and 61.8% Fibonacci levels should act as support if required for the impulsive advance.

Daily Chart

240 Min Chart

I have included some targets for wave (iii) in the four hour chart. The preferred count is that we are in the latter stages of wave v of (iii) and I will be watching the Subminuette impulse channel for evidence that this wave (iii) has topped. A fifth wave “throw over” from the top of the channel or and impulsive push lower through he bottom of the channel would do nicely.

60 Min Chart

Favouring further upside in wave [5] of v once wave [4] is complete. Price back below .92909 will likely spell wave v already in and the larger degree wave (iv) correction underway.


240 Min Chart

Price has retraced to the 88.6% Fibonacci level of the impulsive advance, that resulted from the completion of a contacting triangle within this larger degree advance. Price action following the most recent higher swing low is impulsive looking and has managed to keep the bullish labelling on the table. We need to see a continuation of this impulsiveness higher from here, as a new low would call up the already topped bearish count.


60 Min Chart

While it is possible to count five waves up off the 1.36721 low I would  still allow for additional gains within this advance if required to complete wave (i). Note that the corrections within  this advance are similar in size and the price channel is still holding, so there is the chance an internal wave iii is still unfolding. If we do get a more sizeable wave (ii) correction I expect key support around 1.37314 to hold the corrective retracement before pushing higher in wave (iii) of [iii]. Key Resistance lies at 1.38493 and 1.39660.


Cable has gotten off to a positive start this week and is doing a good job in confirming the recent correction from 1.68215  is over. Price has broken above the corrective price channel established from the three wave move off 1.68215. Critical support can now be moved to 1.65507, price back below this level will question the immediate bullish labelling that wave (iii) is unfolding. Initial sights are set on taking out the 1.68215 swing high and once complete there are third wave fib targets hanging out around 1.7000. Larger degree uptrend underway once again.


Price has turned lower after tagging the 61.8% extension of wave [C] from [D], this is a common target for wave [E] of a contacting triangle. If price manages to trade below 1.36434 I will begin to consider minor wave C complete for the larger degree double zigzag (W)-(X)-(Y).

Until price trades below 1.36423, where wave [ii] would retrace more than 100% of wave [i]. I am expecting higher prices to complete a larger impulsive structure for wave C. The measured move for the triangle is at 1.41979 and there is resistance from a prior corrective swing point located just above it at 1.42484.

The risk is low here for the upside potential, printing back above 1.38936 will add confidence to the opinion wave [iii] is underway.

Could an interim low have been struck yesterday? Critical support is at 1.37480 if you think so !


USDCAD is struggling to push through the 100% extension of wave 1 from wave 2. This area coincides with the upper trendline of the price channel it is trading within, I will stick with calling it a corrective price channel until we see a clear breakout. The count shown on the daily price chart would allow for a re-entry into the channel where wave 4 would correct into the area of the previous fourth of one lesser degree, wave [iv].

Price trading below 1.10246 will increase the odds wave 4 is under way and the thrust from the triangle is not extending higher in five waves. If we manage to take out 1.10246 I expect key support at 1.09096 to hold the fourth wave correction and it will be at this level the low risk entry will be, if price is indeed gearing up to breakout of the channel in wave 5.



The Aussie Dollar continues to march higher keeping the bullish count intact. Price has managed to break above the corrective price channel that contained the ABC zigzag for Intermediate wave (Y). Daily RSI getting north of 65 would add confidence to the bullish expectations.

Preferably we will see a third wave get going from current levels following the series of one’s and two’s. Price has taken out the 61.8% extension level of wave [i] from wave [ii], critical support can therefore be raised to just below the 38.2% extension .90473 and the next target is the 100% level at .93016.


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No sign of a halt to the advance in NZDUSD, RSI is diverging with the recent highs but is still in healthy bullish territory. It’s possible wave (iii) topped just above the 100% Fib extension of wave (i) from wave (ii) but the door is still open for this third wave to continue to extend.

480min Chart

60 min Chart



Weekly Chart

Price has taken out the first key resistance level 0.85430 in signalling the contracting triangle is complete and the larger uptrend is underway once again. Continued strength through 0.86756 will dismiss the alternate wave [d] possibility and add further confidence to the bullish opinion. Critical Support for the larger degree count lies at 0.80496.

 Daily Chart

Price has shot above the trendline connecting waves [b] and [d] of the contracting triangle and more importantly found support from the same line on a retest. With that, key support can now be raised to 0.84376, failure for price to hold this level will question the immediate bullish outlook. Momentum indicators are supporting the bullish count for now.

480 Min Chart

It is possible to count another five waves complete off the Minuette wave (ii) higher swing low at 0.82416. With price just beyond equality the (a)-(b)-(c) zigzag is still very much a contender. The larger degree bullish count requires key support at 0.84403 to hold following any weakness from current levels. A push below this level will warn that the triangle may have only completed wave [d] and there is another correction underway.

60 Min Chart

The sharp drop off the recent swing high resembles that of the fist wave of a zigzag. Allow for a correction at this point with previous fourth wave support to come in at 0.84400 if required.







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