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Ondas

Copper yet has not bounce but still can do it.This is a follow up of the last elliott wave analysis published 8 months ago www.tradingview.com The basic change is in the extended 5th. The diagonal as we expected did not work due keep the original wave count as originally stated is impossible due now will see the 3rd wave as the shortest. This can't be even in diagonals. So the best way to update it is by extending the 3rd wave as a double zigzag and then count the following up sided zigzag as a wave 4. This give us space for the fifth wave that is getting near to the 1 to 1 proyection for the 5) vs the traveled from the start of 1) to the end of 3) measured from the end of 4).
COMEX:HG1!
by 7pasos
1
AUD will break down its support but bounce back thenThe AUDUSD is poised to break below it's support. The last polls shows 5 times more analyst expecting a rate cut of 25bps for the next April 7th meeting than the previous weeks. 78% chances for rate cut priced by the Mkts (Rtrs). Even when previously have more preference for the gray wave count, the break below the wave ii (gray) discard this idea and places more odds for an expanded triangle as wave iv). As the down movement since iv) (black count) seems a single impulse this could be an small push lower the support to be bounced back short after, Should wait to see how this following up movement develops to better asses what will happen then.
Short
by 7pasos
Cooper about to bounce?If we take a look from 2006 the full view seems very probably we are in a expanded flat. Actually the decline from 4.6480 seems to be the 1)) wave o a C] wave The decline have several hints to confirm this view: Wave 4th has a near to 50% retracement and is in a contractile triangle shape Wave 5th is the extended one and are near to its 61.8% portion of traveled by waves 1 to 3 Under this theory we must expect a deep retrace (probably in a zigzag fashion) to get back as much as the 4.000 area
COMEX:HG1!Long
by 7pasos
3
Nice example of triangle in a triangleNow the 4th wave in the EURUSD decline shows what could be a nice example of equivalent to an extension for triangles: a triangle in a triangle. Could sound confusing but its really simple: When a triangle is forming under elliott wave perspective, some times one of it's waves instead to be a zigzag (the most commonly accepted structure inside it) forms a new smaller triangle. This is more common with waves c, d or e. In this case we are witnessing a triangle as wave D) with all it's corrective structures ( A,B,C,D and E) inside it. Once finished the triangle that works as extension, the rest of the pattern continue as usual. As with extensions in other structures in a triangle, the pattern usually do not show more than one extension (but this is a guide and not a rule). What we should expect from here is more decline to complete the 5)) wave that is now forming.
by 7pasos
3
I'll wait for more confirmation.2 months ago told you I was expecting a decline in the NZDUSD, then a little push higher appeared and did a little bit more diffuse the scenario. The main problem is because is hard to see a clear 5 patter although is not impossible to count one. If you consider a very disproportionate expansive triangle for wave iv) then is possible the end of this correction be in place. Even when we expect to see a relative sharp decline (a lot longer than is right now, watch this chart in daily ) because we expect the end of a double-zigzag that ends also a diagonal, the actual juncture makes me wait for more confirmation, for example I rater like to see the formation of a whole impulse and it consequent retracement before to commit with the bears here.
by 7pasos
3
Gold could face new downward pressureAfter forming a first down impulsive movement, the price has formed an expanded flat. You can discard other kind of counts like a zigzag in the first part of the decline because after it's bullish rebound the price descended in a zigzag fashion pattern and there after the price get new highs from the last lows. After initial pullback that could be deep, this could send the price to a minimum at least of 1228 but if the price ends to be impulsive (you'll can tell because the base channel will then be broken to the downside) it could get much lower.
FX:XAUUSDShort
by 7pasos