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Evening folks.
I see an interesting possibility for the EURUSD wave count tonight,
And the same goes for stocks.
I will post the video later tonight, once this update is complete.
Also,
I am thinking of adding the U.S 10yr treasury to the service.
Possibly within a few weeks.
I will let you know When I will go live with that.
Without further adieu!
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UPCOMING RISK EVENTS:
USD: n/a.
EUR: n/a.
GBP: BOE Gov Carney Speaks
JPY: n/a.
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EURUSD
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[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]My Bias: long term bearish
Wave Structure: Topping in wave [B] black.
Long term wave count: lower in wave [C] black.
EURUSD did turn down today in a possible wave 'a' of (ii).
The current count calls for a three wave decline into about 1.2320 to complete.
That will carry the price down to the previous wave 'iv' of one lesser degree.
The interesting point to watch for next week is this,
The high labelled wave (i) brown lies at 1.2555.
This high broke above the previous high labelled wave [iii] green.
Which is the minimum target for wave [v] green to reach.
So;
the alternate wave count is now a very viable option,
Next week;
I expect a three wave decline at least,
But
If the current decline extends below key support at 1.2205,
That will trigger the alternate wave count,
which views the whole rally as complete.
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GBPUSD
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[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]My Bias: short below parity in wave (5).
Wave Structure: continuing impulsive structure to the downside in wave (5)
Long term wave count: decline in wave (5) blue, below parity
Cable declined along with EURUSD today,
The price is now sitting at the trend channel as I write.
further declines below 1.3927 next week will solidify the short term bearish view.
Wave 'iii' down should carry below support at 1.3625 at a minimum.
Monday;
1.3927 is my focus,
The price structure must develop to the downside early next week to remain bearish in the short term.
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USDJPY
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[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]My Bias: LONG
Wave Structure: rally in wave [C]
Long term wave count: wave [C] is underway, upside to above 136.00
USDJPY touched the lower trendline today,
reaching a low of 105.54.
The price staged a small rally this afternoon after hitting the trend channel,
which favors the bullish interpretation.
Initial resistance lies in the 108.45 region.
If we see a rally above this cluster of resistance next week.
it will raise the probability that a significant low is now in place.
Monday;
I want to see the price continue to push higher above 106.85 first of all.
If we see a bullish higher low develop next week,
It might offer a nice long opportunity.
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DOW JONES INDUSTRIALS
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[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]My Bias: market topping process completing
Wave Structure: Impulsive 5 wave structure, topping in an all time high.
Long term wave count: topped in wave (5)
Well,
The price did rally into the resistance band today,
The high of the session was 25432,
Just above the Fibonacci 61.8% retracement level.
The price promptly turned lower giving away most of the gains.
On the 4hr chart the price now sits directly under the 200MA.
The short term wave count is now complete.
and upside momentum has flattened out.
So we now have a possible large degree elliott wave signal complete off the all time high.
It's time to be vigilant again!
Monday;
If the price trades lower in an impulsive fashion on Monday,
Then the odds are very high that wave (iii) grey has begun.
Watch for a lower high off 25432 early next week.
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GOLD
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[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]My Bias: Long to a new all time high above 1827.
Wave Structure: Impulse structure to a new high.
Long term wave count: wave (3) above 1666.
GOLD rallied early today to complete a possible five wave pattern off the recent lows at 1307.
This evening decline is labelled as wave 'a' of (ii).
I expect the decline to trace out a three wave pattern,
1336 is a likely support for wave (ii) blue.
Next weeks action should complete another bullish elliott wave signal off the low.
Watch for a bounce off 1336 to indicate that wave (iii) blue has begun.
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U.S CRUDE OIL
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[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]My Bias: topping in a large correction wave [4].
Wave Structure: Double combination higher in wave [4] red.
Long term wave count: wave [4] target $63 - $70
I have shown another possible alternate wave count for the recent price action,
It is possible that a larger degree waves (i) and (ii) are now complete at session highs of 61.99.
This wave count calls for a decline into wave (iii) to begin next week.
The current wave count shows wave 'iv' pink complete at todays high,
Wave 'c' of 'iv' could be an ending diagonal.
An early decline in the overnight trade Sunday night
will signal that the correction higher in wave 'iv' is complete.
Also,
Short term momentum shows a bearish divergence.
Next week;
A break of 59.72 is the first level to watch.
Wave (iii) is projected to 56.00.
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