Despite the news the last week move has a corrective structure, definitely not a motive wave. Buy in with 3,400 target where a new down trend will start.
I am expecting oil to go down, but stock market and AUD/USD to go up next couple of weeks. With this assumption AUD/CAD should perform extremely well. At the moment it is right on top of a trend line. Even though it seems like being breaking the trend line - this happens sideways, what is not counted normally. I am expecting a sharp move upward with target around 0.97
It is correcting since 9th of June, same as EUR/USD. I am expecting continuation upward to complete 5th wave probably at 0.715-0.72 levels
Looking at EUR/USD and AUD/USD I believe stock market will go higher next couple of week till next Non Farm Payrolls release which most likely show very different unemployment from what was shown in May. Most likely it is building a complex correction of W-X-Y, where W and Y have 3 waves structure with A = C, therefore I am expecting 3,400 to the the target.
EUR/USD was correcting last couple of weeks and finished a week right on top of a nice support. It is currently in 4th wave, which is forming a flat correction pattern, i.e. not expected to be too deep, currently between 32%-50% levels. I will not be surprised if EUR/USD starts rising at Monday open. Moving above the last local peak at 1.125 would confirm the...
Yesterday it reached 50% retracement level. Last 6 day move formed 5 wave structure (see lower level breakdown below) which is the final wave 5 of the extremely extended move. Invalidation level $39 Near term target: $35, then $32 and $28-$29 area 4h breakdoan 1h breakdown
Price retraced ~61% of wave 3, and now near the trend-line. Corrective wave C = 1.2 of wave A - perfect ratio for commodities. Stoch is in oversold area and turning down.
Flat correction started on Wednesday is expected to complete on Monday at area between 9,300 and 9,400. Then probably two days rally should bring it 10,400 (the first conservative target based on head & shoulder pattern) or even to 10,650 - 10,700 the area of convergence of 0.618 correction of wave iii of the downtrend and 0.618 extension of the combined waves 1...
5th wave seems complete, supported by RSI divergence. I believe it is good time for selling it with stop right at the recent top. On weekly/monthly chart it does not look nice for deep down-trend so far. I will be selling till RSI/STOC indicate oversold.
It is a super long-term forecast, which will look amazingly perfect for Elliott waver (I hope) but depressing for everybody. Looking at DJI chart from 1932 year (bottom of the Great Depression crash), you may find that it developed in perfect 5 waves till 1987, when market crashed extremely sharp (still the records are not beaten). From EV perspective the top of...
Market crush in 1929 was in form of ABC correction (on DJI chart) with wave A correcting 50% of the peak price very sharply (within 2 months) wave B correcting about 50% of A (within 5 months) wave C equals to 1.2 extension of A, but it is 86% price drop from the peak of wave B (within 2 years) Similar is happening now across all major indices. Next...
On Monday it will be in 3rd of 3rd of 5th wave.
USD/JPY is correcting perfectly in a form of a zig-zag . One more leg up is left to complete wave C. I will be waiting for completion of a 5 wave formation, which I am expecting to be finished in 8-10 hours, and start selling from 106.50 - 107.80 area. Most likely indexes and oil will go done too.
it is right at the level of 0.61% correction of the first wave, which is a perfect correction level for wave 1. Target is $15.6 which is 1.61 extension of wave 1.
The only update from the previous (linked) forecast is that how massive is the pressure growing right on top of the former channel line. The next move will be massive. Gold refused to go up on Friday/Monday, it is a clear indication it will go down instead.
On Daily scale AU200 is in a downtrend, I believe it is still in the first wave even though wave 1 on SP500 and Nikkei seems complete. The price is in wave 4 on 4h scale (green marking). Right now it is at the bottom of a running flat channel. RSI and Stoc are in oversold territory. These advocates for price to move up on Monday. It should go up to 6300 at least,...
In Sep 2011 GOLD collapsed right after double top. I believe the pattern will be repeated new again. Be prepared. See my long term forecast for GOLD in the link.
Flat correction seems to be close to completion. 200h moving average seems working well as support and will now as resistance.