Wednesday 26 October 2016

YUAN DEPRECIATION TO STOP SOON?

Hi Traders,

The USDCNH (now at 6.7780) should top soon as it is close to completing all wave patterns started in January 2014.

TARGETS & ELLIOTT WAVES

The monthly and weekly charts show that we are close to the completion of primary and secondary waves to the top. This is also confirmed by the wave count of the minor waves in the daily and 4-hour charts.

Unless a wave extension occurs, the Yuan should top around 6.87-7.00. The subsequent retracement should bring it slowly down to the area 6.44.

Note: I cannot be more precise about the targets as there isn't much history about the Chinese currency.



Monthly chart, click to enlarge






Weekly chart, click to enlarge






Daily chart, click to enlarge






4-hour chart, click to enlarge






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