Top Count: Triangle Minor Wave B is completed and prices will break B-D trendline to recent new lows and beyond. Alternate Count: An extended correction for Minute Wave e, which could bring BP -0.77% further up to complete Minor Wave B. Both wave counts will bring BP -0.77% down to new lows. Detailed D2 Chart:
US Oil appears to be forming the final (C) wave of an (A)-(B)-(C) Ending Diagonal. In majority of the time, we can expect a sharp downside break once the Ending Diagonal is completed. Look for a sharp reversal at the final intermediate top of wave v and then a break below Wave iv to confirm the trend reversal of US OIL at least to its 2016 low at 26.08. A strong...
GOLD has been on a tear for the past month rallying from its recent low on 15/12/16. Most gold miners have also benefited and been rallying almost from the same period. BTG has rallied almost 40% from its 15/12 low at 2.02. From Elliot standpoint, there are 2 possible interpretations. Further price evidence is required for confirmation of either of the...
The pair has been in volatile price range since breaking sharply downwards from the long term triangle at its Nov 9 high apex. It has since traced out a series of wide range movements both up and down. At present, the chart pattern appears to be tracing out the final wave c (circle) of an uncompleted expanded flat. The pattern is not ideally text book shaped but...
DOW has been in sideways consolidation mode since making a swing high of 18363 during May 2015. From an Elliot Wave perspective, the consolidation appears in a form of a Contracting Triangle . Subways of a Triangle appear in the 3-waves as depicted in the a-b-c labels. Wave c of D appears to be completed and is now forming Wave a of E. When Wave E completes its...
EURJPY has been working upwards from its Mar low of 122.056 correctively in 3 waves W-X-Y structure. Wave Y is still in progress and should work towards a cluster of fib and chart resistances between the range of 127.906 to 128.387. If prices reverse from a/m resistance cluster, expect prices to reach/exceed its prior swing low of 122.06.
The pair has been consolidating since completing a 5-wave impulsive move terminating in 164.096. Prices have retraced almost 61.8% of the prior up swing which is a typically good area of support. The consolidation have taken the form of 'combinations' W-X-Y wave patterns. The final consolidation pattern is taking a form of a Triangle terminating at 158.578. A...
This pair has worked its way upward from its low at 1.38355 in a corrective A-B-C wave pattern terminating at 1.45141. Since then, it was turned down impulsively from 1.45141 to a swing low of 1.40569. Similar to EURUSD, this pair will likely work its way down further after correcting up from its 1.40569 low. Note: This is my 2 cents worth of sharing...