USDSGD, double top

Hi Traders,

USDSGD (now at 1.2787) displays a double top in the daily chart and the whole set of 5 Elliott Waves upwards seem to be completed. Although there could be a modest rally to 1.2820, the pair seems to be ready for a good downtrend .

TARGETS

likely: area  1.2743-1.2707
possibly: 1.2636-1.2630
maybe: 1.2576-1.2557

ELLIOTT WAVES

The weekly chart shows a huge triangle and a breakout to the upside which will be followed by a pullback. If it's correct that the whole set of 5 Elliott Waves upward is completed, this should lead irrevocably to a new downtrend.

Both the double top and the reversal candlestick on point 55 (top right) of the daily chart seem to support this scenario.

ENTRY

Wait for the pullback to 1.2820 and a confirmation of the Wave Oscillator in  the 4-hour chart (it's not there yet) before getting in.

NOTE:

If the pair rallies above 1.2869, the whole Wave configuration needs to be re-assessed. 

weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator over 4-hour chart - click to enlarge

1-hour chart - click to enlarge

wave oscillator over 1-hour chart - click to enlarge