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