Weekly Waves: EURUSD, Bitcoin and Gold

• EUR/USD is showing a bearish pinbar on the weekly chart, which is a large 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 pullback at 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

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

1. EUR/USD bearish pinbar indicates bulls are running out of steam. A reversal is now expected after the price action has reached the -100% Fibonacci target.
2. The bullish price swing could have completed an ABC (yellow) correction.
3. ABC (yellow) is likely part of a larger and more complex WXY (pink) correction.
4. A breakout below the weekly candle low should price action lower (red arrow).
5. A bearish decline can confirm an ABC (yellow) within 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:

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

US30 Bullish Revival Faces Massive Resistance

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

1. The US30 bullish bounce has now reached a strong resistance zone (orange lines).
2. A bearish bounce at the resistance is expected (red arrow) to test the support and reversal head and shoulders level (green box).
3. A bullish bounce there could confirm a bullish ABC (yellow) within wave B (pink).
4. A major bearish reversal (red arrows) is expected at the resistance zone (orange box).
5. A bearish 5-wave pattern (yellow) may emerge and initiate price action below the support trendline (green).