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Hi there everyone.
I do hope you all had a nice weekend.
The U.S market was close today,
and there was very little action to talk about.
But that never stopped me before!
So, tonight I will do a quick overview of the charts to prepare for tomorrow.
Down to it.
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EURUSD
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EURUSD did not quite reach the wave ‘a’ high at 1.1341.
Wave ‘c’ could be complete as an ending diagonal.
That would make wave ‘ii’ a running flat at todays high.
There is a deep bearishness in EURUSD right now,
That leaves open a run higher as per the alternate count.
So I am watching that also.
Tomorrow;
A break of support again will signal wave ‘iii’ down has begun.
1.1514 must hold.
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GBPUSD
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Cable is rallying in wave ‘c’ of (ii) right now.
The minimum target is 1.2958 at the wave ‘a’ high.
With resistance at the previous fourth wave at 1.2998.
Tomorrow;
Wave ‘c’ should complete and we might even see the initial drop in wave (iii).
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USDJPY
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The wave ‘i’ high has held so far,
but the rise off 110.15 is more likely a ‘b’ wave formation.
If 110.15 breaks,
that will trigger the alternate count and we can expect wave ‘ii’ to compelte above 109.56.
Tomorrow;
Watch for 110.15 to hold to remain bullish in wave ‘v’ of (iii).
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DOW JONES INDUSTRIALS
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The U.S stock market was closed today.
Tomorrow;
Resistance at 26065 must hold to stay with the wave ‘2’ wave count.
If that level breaks,
this will switch to a ‘B’ wave high and we should still expect five waves lower in wave ‘C’.
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GOLD
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Gold is sitting at the 1326 high this evening.
This action supports the bullish count.
If 1302 holds after a three wave decline,
that will signal that wave (v) has begun.
The next major resistance lies at 1366 and that level should be reached in wave (v).
Tomorrow;
watch for wave ‘ii’ to hold above 1302.
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U.S CRUDE OIL
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Crude held above 55.75 today in wave (iii) of [iii].
I would expect wave [iii] to carry up towards the 60.00 handle,
and if that does not happen this week,
then I will have to rethink the wave ‘C’ rally.
Tomorrow;
Watch for price to hold above 53.50 at wave [ii].
Wave [iii] should continue higher this week.
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US 10 yr Treasuries.
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The 10YR is expected to break out of this range contraction this week.
The direction it takes will decide which short term wave count fits best.
A break of 122.45 will trigger the alternate count.
And a break of 121.56 will confirm wave ‘iii’ down.
Tomorrow;
watch for 122.45 to hold and further declines in wave ‘iii’.
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SILVER
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Silver is expected to rise in five waves off the wave (ii) low at 15.48 this week.
the price is correcting in wave ‘4’ now,
this suggests another pop higher in wave ‘5’ tomorrow or Wednesday.
Tomorrow;
This week will largely be a sideways to up week
with a correction expected in wave ‘ii’
which should create a higher low above wave (ii).
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S&P 500.
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The same story holds for the S&P as for the DOW.
Resistance at 2816 must hold for the wave ‘2’ count to remain valid.
Otherwise we should expect a decline in a large degree ‘C’ wave,
rather than wave ‘3’ of (3) as shown.
Tomorrow;
2816 must hold first of all.
And then the long awaited decline should begin.
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