AUDUSD bottoming soon

Hi Traders,

The AUDUSD (now at 0.7063) might stage a small rally to the 0.72 area but only to resume the downtrend that should take it to the area 0.6680-0.6633.

Whatever low the AUDUSD is going to hit (see TARGETS below), this should mark the bottom of the downtrend started on July 27, 2011 at 1.1080. Hence. of a new major uptrend should start right afterwards.

TARGETS

first the 0.71 area
then
likely: 0.6765-0.6680
possibly: 0.6680-0.6633
maybe: 0.6406-0.6284

ELLIOTT WAVES

The daily and the 4-hour chart show that the Aussie just started wave 5 downwards which should mark the end of the major downtrend.

The 1-hour chart reveals that this very short term rally could stop below 0.7097.

See the targets in the monthly chart.




Monthly chart, click to enlarge

Weekly chart, click to enlarge

Daily chart, click to enlarge

4-hour chart, click to enlarge

1-hour chart, click to enlarge

GOLD last dive

Hi Traders,

Gold (now at 1114) topped at 1128.06 within the target area at 1126-1133 (see weekly and daily chart).

Unless an "extension" occurs, the yellow metal should climb up to 1122-24 but only to start the very last downtrend to the area at 1006-990 (see monthly chart).

At that low, Gold is supposed to "hit the low & reverse up". In so doing, the downtrend started on September 06, 2011 at 1920.70 will be filed to history.

NOTE

Some Elliott Wave analysts might claim that "the expected final target" should sit in the area 861-846. 

I have no objection to that, as it's 

• right between the 61.8% to the 66% retracement, as it often happens.
• right in the middle of "wave 4" (see the monthly chart).
• wave 4 (in the major uptrend) belongs to a minor grade (as required by the theory), if compared of the bigger grade of the a-b-c-d-e retracement that it's ending right now.

However, at present, the area at 1006-990 is my favourite target. We'll see.

PS: 

Just a curiosity: level $1085.84 marks the 50% retracement of the major uptrend started in 1999 and ended in 2011.


TARGETS

Short Term Supports

- 1098
- 1089
- 1082
- 1071
- 1034

LONG TERM TARGETS

likely: 1034
possible: 1006-990
maybe: 861-846


ELLIOTT WAVES

A confirmation that 1128.06 is the top of wave 4 comes from the daily and 4-hour charts. Here, wave 4 is made of an a-b-c, which is the way it should be.

In turn, wave c is sub-divided in 5 waves, which is again the way it should be. 

Hence, unless we see a 3 wave  extension up, all ducks seem to be in a raw to start wave 5 on the wave down.




Monthly chart, click to enlarge

Weekly chart, click to enlarge

Daily chart, click to enlarge

4-huour chart, click to enlarge

1-hour chart, click to enlarge

EURUSD last retracement of the year

Hi Traders,

Next 2-3 weeks should probably display a very thin market. However, the EURUSD (now at 1.08666), should slide slowly to the area at 1.0705-1.0690 before resuming the main uptrend.

TARGETS:

first down to the area at 1.0705-1.0690

then up to
1) 1.1101
2) 1.1387
3) 1.1680

ELLIOTT WAVES

The monthly and weekly chart show that the giant 

​ retracement wave 

​"

abc-X-abc

​"​

​ (or 3-3-5​)

 ended in March 2015

​.​

​ ​

​This implied

 

​

​

a retracement of 71%

​ and ​

​

the end of the 

​major ​

downtrend started in July 2008

​.​

As displayed in the 4-hour and 1-hour charts, the  EURUSD also completed the very first wave of the new uptrend and it's now

​​

 very close to 

​the ​

end 

​of ​

the subsequent retracement wave 2 in the area at 1.0705-1.0690.

That area should see the beginning of the new wave 3 up.

monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

4-hour chart - click to enlarge

1-hour chart - click to enlarge

Jade Capital Partners

Hi Traders,


For your knowledge, this is what I do. For more details contact me or Jade Capital Partners by following the link below.

Jade Capital Partners - Mario D. Conti

GOLD: the end of the downtrend?

Hi Traders,

For the last 2.5 years I repeated that Gold (now at 1076) was going to bottom down in the area 1032-1044. It actually touched the support at 1046 on Dec 03 and finally reversed a downtrend lasting since Sept 06, 2011.

If this analysis is correct we just started a new major uptrend that should take it to the area at 1520-1530.

NOTE: The Elliott Wave Analysts usually work on a possible alternative waves count. It's worth noting that both configurations point upwards, although the secondary target is limited to level 1307. 


CLOSE  RANGE TARGETS: 

a) 1098
b) 1129
c) 1170


LONG RANGE TARGETS: 

a) 1322-1334
b) 1431
c) 1520-1530


ELLIOTT WAVES

The monthly and weekly charts display the lowest low at 1046 i.e. very close to the suggested target area at 1044-1032. Note the blue lines (targets) in both charts.


The daily chart shows the very end of the 4 years trend (51 months). The 4-hour and 1-hour charts display a possible entry point at 1069.50 (blue line).

Monthly chart, click to enlarge

Weekly chart, click to enlarge

Daily chart, click to enlarge

4-hour chart, click to enlarge

1-hour chart, click to enlarge

MONDAY IN BRIEF: AUDUSD, EURUSD, GOLD, and SPI200

Hi Traders,

Welcome to Monday in Brief. Please, see the charts after the short comment. Some targets below might take a while to be fetched. For more info, fell free to call Jade Capital Partners

In Brief:

The AUDUSD (now at 0.7234) seems to be retracing a bit down to 0.7155 and then top around 0.7300. Subsequently it should resume the downtrend to 0.6855. 

If the EURUSD (now at 1.0634) bottoms down at 1.0566, it should start a rebound up to 1.1041-1.1090. If it goes through that support at 1.0566 it might move down to 1.01-1.02.

GOLD (now at 1077) might temporarily move up a bit but is still weak and heading down to the area at 1041-1.034 or even 1009-989 before starting the new uptrend. 

Finally, even if the SPI200 (now at 5265) retrace a bit to 5160-5147, it should reach the target at 5650-5687 very soon.

AUDUSD daily, click to enlarge

EURUSD 4-hour, click to enlarge

GOLD weekly, click to enlarge

SPI200 weekly, click to enlarge

EURUSD soon topping at 1.18-1.19?

Hi Traders,

In the very short term (see the 15 min chart) the EURUSD (now at 1.0932) is set to top within the area 1.1014-1.1026 before resuming a minor downtrend to 1.085-1.082.

Once reached this bottom at 1.085-1.082 it might start a temporary uptrend to the area 1.1778-1.1964 (see target in the daily chart).

Overall, the long term target is still down to the area 1.0330-1.0098 (see target in the monthly chart)


TARGETS

first
up to 1.1014-1.1026 and then down to 1.085-1.082
then again
up to the area 1.1778-1.1964

ELLIOTT WAVES

The daily chart displays a continuation pattern that should develop in 7 waves, 5 of them already on the daily chart. In few words, wave 6 should reach the low at 1.085-1.082 whilst wave 7 should top in the area 1.1778-1.1964 (see monthly chart for this target). This new top would complete wave W. 





monthly chart - click the chat to enlarge

weekly chart - click the chat to enlarge

daily chart - click the chat to enlarge

4-hour chart - click the chat to enlarge

1-hour chart - click the chat to enlarge

15 min chart - click the chat to enlarge

OIL to rally soon

Hi Traders,

The WTI OIL (now at 45.86) should end the present downtrend in the area 44.72-44.17. It would then start a new uptrend to 68.83-69.51.

TARGETS

first down to the area 44.72-44.17

then up to 

- 47.35 - 48.07
- 49.05 - 49.58
- 51.69 - 52.53


ELLIOTT WAVES

The daily chart shows that there are two waves out of three: "wave a" up (from 42.58 to 62.55) and "wave b" down to 44.72-44.17.

These are two of the three component (a-b-c) of the major retracement wave 4  which should reach the area 68.83-69.51. The third component will be labelled  "wave c" and will be displayed in 5 waves. 


The 4-hour and 1-hour charts reveal that the last wave down (the very minor sub-sub-minuette wave 5) will be completed within the end of the week (Saturday early morning for Australia).


The channel in the 1-hour chart shows that the OIL is still performing the very last sub-sub-minuette-wave 4 which will be followed by wave 5 down to the area 44.72-44.17.

monthly chart - click to enlarge







weekly chart - click to enlarge







daily chart - click to enlarge







4-hours chart - click to enlarge







1-hours chart - click to enlarge







EURUSD, soon to rally

Hi Traders,

The Euro (now at 1.1027) is set to drop a little to 1.0818-1.0800 but only to start a major rally to 1.18 and above.

TARGETS

first down to 1.0818-1.0800

then up to 

likely: 1.1546- 1.1602

possibly: 1.1871-1.1945

maybe: 1.2335- 1.2390

ELLIOTT WAVES

The monthly and weekly chart displays a compound formation a-b-c-X-a-b-c-W,  where W is still shaping up and will ultimately get the Euro to 1.18.

That formation (a-b-c-X-a-b-c-W) is made out of a Flat, 3 waves up (X), then a Zig-Zag which will be followed by wave W up to 1.18 and over. 

The 4-hour chart shows that the EURUSD must go to 1.0818-1.0800 to complete 5 waves down and eventually start the new uptrend.

monthly chart - click to enlarge

weekly chart - click to enlarge

 daily chart - click to enlarge

 4-hour chart - click to enlarge

 1-hour chart - click to enlarge

SPI 200 correction up + last dive

Hi Traders,

The SPI200 (now at 5554) should rally close to the area 5661-5678 followed buy the very last short dive to 5395-5385. Then again, a major rally should follow up.

TARGETS

first up to: 5661-5678

then down to:

likely: 5395-5385
possibly: 5348-5336

Then a major rally should follow

ELLIOTT WAVES

The monthly and weekly charts reveals that there should be only 3 waves up and that we are developing the very last stage of wave 3.

In fact, in the weekly chart, we just need the very last minor wave 5 up (in green, not there yet) to complete the major wave 3 (in grey).

BTW, at this stage, the 4-hour reveals that we still waiting for minor wave 5 down (in magenta) to be finished before starting any rally.

In particular, the 1-hour chart shows that this manor wave 5 is going to be made of 5 waves, the 4th one up still to be completed by reaching the target at 5661-5678.





monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

4-hour chart - click to enlarge

1-hour chart - click to enlarge