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I think we will see slightly lower prices next week to complete the decline in wave (c).
The most obvoius target is the low at 1216, where wave (a) completed.
The decline so far off the wave (b) high looks like a developing 5 wave form in wave (c) blue.
It also looks ass if wave ‘3’ pink is extending into a five wave form itself.
GOLD declined below that confirmation level at 1244 today, which suggests that wave (c) blue is in fact underway.
I expect a five wave structure in wave (c) which would complete a simple expanded flat correction in wave [ii] green.
Both MACD and RSI are on the verge of crossing to the upside, in what will be the first indication that wave [iv] is completing.
no matter what way you slice the price action it all points to one theme,
downside momentum is stalling and the market is building for a rally.
I have moved the wave ‘iv’ grey label to the low of the day.
the price still managed to stay above the invalidation line although it came dangerously close.
We now have a pretty significant divergence between the declining price and the rising MACD.
this scenario will be the basis of a rally soon, but it may not stop the invalidation line from being triggered.
Eur/Usd Daily chart: 10 min chart: Current wave: Wave ‘e’ of the large ‘B’ wave triangle is concluding. Outlook: Lower in wave ‘C’ green, awaiting a shorting opportunity off the wave ‘B’ green, high. Well higher prices were expected, and higher prices we got! I gotta say its been a solid bullish run in EurUsd […]
Daily Elliott wave analysis for the main US Dollar cross rates. Eur/Usd Hourly chart: Current wave: Wave ‘e’ of the large ‘B’ wave triangle has possibly finished. Outlook: Lower in wave ‘C’ green, awaiting a shorting opportunity off the wave ‘B’ green, high. Well The market got a little more active today after a quiet start […]