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Today, the Valenzuelan Thug government launched its own crypto currency,
Supposedly backed by oil, gold and diamonds!
Right,
I believe nicholas MADuro as far as I can throw him!
My first question is,
Where do I go to exchange my crypto for GOLD thanks.
Because that is your best bet in this scam!
The irony of this is astounding,
The socialist, private property grabbing, collectivization tyrants
Turn to the free market to try and save themselves.....
from themselves!
The sooner these thugs are run out of the country the better,
although I think MADuro and his crew will likely meet a bloody and undignified end when the hungly mob get their hands on him!
heres the stories if you want a good laugh!
http://uk.businessinsider.com/venezuela-cryptocurrency-petro-launch-bitcoin-2018-2?r=US&IR=T
https://oilprice.com/Latest-Energy-News/World-News/Venezuela-Launches-El-Petro-Oil-Backed-Cryptocurrency.html
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UPCOMING RISK EVENTS:
USD: Existing Home Sales, FOMC Meeting Minutes.
EUR: German Flash Manufacturing PMI,
GBP: Average Earnings Index 3m/y, Unemployment Rate,
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.
On the short term chart
there is a clear three wave pattern visible from the recent high at 1.2555.
The price structure suggests that this is a correction in a possible wave (ii).
Wave (iii) should carry the price above 1.2555 at a minimum.
Wave (ii) must complete above 1.2205 for the wave count to remain valid.
A break of that level will trigger the alternate wave count.
Tomorrow;
Watch for a decline into about 1.2300 to complete
and then a reversal higher in wave (iii).
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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
It is pretty clear that the operating wave count is being stretched right now!
The price pattern has continued to contract in range over the last few weeks
Which suggests that a triangle in wave 'iv' pink is still ongoing.
This is now shown as the alternate wave count.
If this alternate is correct,
Then we will see a further rally in wave 'v' pink up above 1.4344 at a minimum.
Tomorrow;
If we see a further break down below the rising trendline on the short term chart that will save the current bearish outlook.
A bounce off that trendline will favor the alternate wave count.
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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 has continued higher today in a possible wave 'i' brown.
The price kept above the rising trendline and broke initial resistance at 106.85.
This is a good sign,
and points to a significant low in place at 105.54.
I have shown a five wave structure ongoing off the recent low,
Wave '3' pink is completing,
and wave '4' should be a short decline into about 106.85.
In an ideal world,
Wave '5' should carry the price up into resistance to complete the larger wave 'i'.
Tomorrow;
the rise must continue,
a break above 108.45 will be a major plus for the short term bullish count,
And a three wave decline to a lower high in wave 'ii' will complete a bullish elliott weave signal.
One step at a time though.
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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)
U.S trading resumed today,
The DOW gaped lower out of the gate continuing Fridays declines.
The declining trendline has held so far,
and the market is heading into the close at the lows of the session.
The price is also approaching the 50Ma on the 4hr chart again,
That level is at 24795 right now,
If that level breaks the market gets technically bearish in the short term.
This is all good for the short term bearish count.
But,
the decline off Fridays low does look corrective in nature,
With very little momentum behind it so far.
In order to create another impulse wave down to begin wave [iii]
we will have to see an acceleration of the decline soon.
Tomorrow;
the 50MA, 24795 on the 4hr chart is where I am focused.
I want to see another downside break
And a lower degree Elliott wave signal off the wave [ii] high this week.
That action could setup a rush lower in wave [iii] green over the next few weeks.
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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 pushed lower today in a possible wave 'c' of (ii).
The decline in wave (ii) has now reached a Fibonacci 61.8% retracement of the initial rally in wave (i) blue.
So we are in the sweet spot for a reversal higher now.
Wave (ii) has traced out a flat correction,
As the internal pattern has a 3,3,5 structure.
Tomorrow;
Watch for wave (ii) to complete at nearby lows and wave (iii) to begin with a higher low.
The price must not break 1307 for this bullish short term count to remain valid.
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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
Crude is sitting at a very dangerous point technically.
This is not only suggested by the wave count,
But also the trading volume over the last 10 days.
Volume has declined precipitously
to a point today where barely any trading was happening at all!
This is just the type of setup before a large fall in price,
rising price on declining volume equals reversal in store soon!
As for the short term wave count,
The price has now declined below the 50% retracement level,
After completing a zigzag correction in wave [ii].
From this point on
I am looking for an impulse wave lower in wave (i) and (ii) to kick off wave [iii] brown.
Tomorrow;
59.72 is still a key level in the short term structure.
A break of this level will strengthen the bearish count.
Watch for an impulse wave lower to form over the next few days.
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