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Today was a national holiday in the U.S,
So volume was very low across the board.
With that in mind,
Lets see what the week has in store!

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UPCOMING RISK EVENTS:


USD: n/a.
EUR: German ZEW Economic Sentiment.
GBP: n/a.
JPY: n/a.

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EURUSD

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row][vc_row][vc_column width="2/3"][vc_custom_heading text="30 min" use_theme_fonts="yes"][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/3"][vc_custom_heading text="4 Hours" use_theme_fonts="yes"][vc_column_text][/vc_column_text][vc_custom_heading text="Daily" use_theme_fonts="yes"][vc_column_text][/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 went absolutely nowhere today,
The market was dead!
there is a possibility that the flat action is in the form of a triangle wave 'b' pink.
This suggests wave (ii) brown is not complete yet,
The price should decline into the 1.23 region,
Where the previous wave 'iv' pink and the 61.8% retracement both lie.

For tomorrow;
Watch for a further decline in wave 'c' pink to complete wave (ii) brown.
The price must not break 1.2205 in this scenario.
A rise above 1.2554 will confirm wave (iii) is underway.

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GBPUSD

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row][vc_row][vc_column width="2/3"][vc_custom_heading text="30 min" use_theme_fonts="yes"][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/3"][vc_custom_heading text="4 Hours" use_theme_fonts="yes"][vc_column_text][/vc_column_text][vc_custom_heading text="Daily" use_theme_fonts="yes"][vc_column_text][/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

Todays decline in cable has held the bearish descending trendline intact so far.
The initial support level I mentioned in the weekend video lies at 1.3924.
If the price passes below this level it should rule out the bullish alternate count.
Although,
We need to see an acceleration lower in wave 'iii' pink to affirm the bearish stance.

For tomorrow;
the short term count relies on a break of 1.3924,
We should see this occur early in the session.

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USDJPY

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row][vc_row][vc_column width="2/3"][vc_custom_heading text="30 min" use_theme_fonts="yes"][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/3"][vc_custom_heading text="4 Hours" use_theme_fonts="yes"][vc_column_text][/vc_column_text][vc_custom_heading text="Daily" use_theme_fonts="yes"][vc_column_text][/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

So far so good for the idea of a bottoming USDJPY!
The previous wave 'iv' at one lesser degree lies at 106.85,
The price is hanging on just below that level as I write,
So the initial bullish price signal has not occurred yet.

Momentum has now created a bullish divergence on the 4hr chart,
This does fit well with the bullish count.

For tomorrow;
In general I am looking for an Elliott wave signal off the low at 105.54.
watch for a break of 106.85 and a higher low in a possible wave 'ii'.

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DOW JONES INDUSTRIALS

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row][vc_row][vc_column width="2/3"][vc_custom_heading text="30 min" use_theme_fonts="yes"][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/3"][vc_custom_heading text="4 Hours" use_theme_fonts="yes"][vc_column_text][/vc_column_text][vc_custom_heading text="Daily" use_theme_fonts="yes"][vc_column_text][/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)

The NYSE was closed today so lets look forward to the week ahead.
The initial level of interest in the short term wave count lies at 24809.
This is the previous wave 'iv' pink in the short term count.
I want to see a break of that level to put a dent in the bullish sentiment in the short term.

RSI has turned down on the 4hr chart,
MACD has topped out at previous extremes.
And the price has so far failed to breach the 200MA on the 4hr chart.
These technical indicators point to another top forming, possibly wave [ii] green.

For tomorrow;
24809 is the first level to watch,
Lets see if we get a bearish signal off the wave [ii] high over the next few days.

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GOLD

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row][vc_row][vc_column width="2/3"][vc_custom_heading text="30 min" use_theme_fonts="yes"][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/3"][vc_custom_heading text="4 Hours" use_theme_fonts="yes"][vc_column_text][/vc_column_text][vc_custom_heading text="Daily" use_theme_fonts="yes"][vc_column_text][/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 remained dead flat today in a very shallow market.
There is a possibility that wave 'b' brown may have completed in a triangle.
This suggests that wave 'c' should follow to complete a three wave decline in wave (ii) blue.
1336 is the likely target for wave 'c'.
A break above 1366 will confirm wave (iii) blue has begun.

Watch for another significant low to form this week in wave (ii) blue,
Wave (iii) has the potential to be explosive.

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U.S CRUDE OIL

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row][vc_row][vc_column width="2/3"][vc_custom_heading text="30 min" use_theme_fonts="yes"][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/3"][vc_custom_heading text="4 Hours" use_theme_fonts="yes"][vc_column_text][/vc_column_text][vc_custom_heading text="Daily" use_theme_fonts="yes"][vc_column_text][/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 updated the short term wave count today,
It shows another possible interpretation of the short term price action.
It is likely that the price is moving at a higher degree than previously thought.

I have shown wave [i] complete at the recent lows
And wave [ii] brown is shown as a possible zigzag correction higher.
The price now lies at the 50% retracement
And further resistance lies at the 61.8% retracement level of 63.39.

Tomorrow;
If the price declines impulsively from resistance,
Then we have the chance of a sharp decline in wave [iii] brown developing this week.
Watch for a break of 59.72 as a signal that the price has turned down.

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