Wednesday, 9 January 2019

The EURO to top soon?

Hi Traders,

The Euro (now at 1.146) might not make it through the 1.165 resistance. Hence, it could reverse course soon to target the area around 1.1040.


ELLIOTT WAVES


The monthly and weekly charts reveal some information:


1) The Euro is performing an a-b-c retracement wave from the top at 1.6037.


2) Wave c is sub-divided in 5 waves down. Wave four seems is
 fully deployed and wave five downward is already half away to 1.1040.

However, wave four can unfold with different shapes. In particular, it could evolve into a much large pattern which includes a rally to 1.27-1.30 before resuming the downtrend. We'll see.

The daily and 4-hours charts show that wave 5 (from the top at 4 in magenta) is currently unfolding with 5 minor waves, 3 fully deployed and the 4th one almost complete. If this is the case, minor wave five could be heading to 1.104 soon.




Monthly chart, click to enlarge








Weekly chart, click to enlarge








Daily chart, click to enlarge





4-hours chart, click to enlarge






Thursday, 3 January 2019

Gold to top soon?

Hi Traders,

Happy New Year! This is the first newsletter of the 2019.

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ANALYSIS


Although Gold is trying to get to the area 1300-1308 (see the target lines in the daily chart), it also shows the signs of a commodity running out of steam and it might turn South before reaching that target.

Note the exhaustion gap in the 1-hour chart.


ELLIOTT WAVES


The monthly and weekly charts display a very large accumulation pattern (a-b-c). From the top at C, Gold has now staged 4 small waves downward (out of 5). Wave 5 might take the commodity to the area 1155-1131 or even 1100.

The daily chart and the weekly chart clearly show that the whole set of 4 waves down - from the top at C - is religiously in place. If Gold tops soon, it will mark the completion of wave 4, starting a new downtrend to be labelled wave 5.




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