ewtrader86

ewtrader86

We are either in the 5 subwave (c) or a 3 subwave (d) in a triangle. I personally favor the triangle especially for Nasdaq. I expect the action to follow a path showed in the chart and we will finish correction by the middle of the year.

ewtrader86

Despite all the equity indexes haven't made a break during the European trading. A lot of risk related assets had made huge breaks. AUDJPY broke up, EURGBP turned, Oil broke up, and gold turned. I expect the equity markets to follow up. Use the SPX 500 as a example, the larger degree counts is not very clear. However, both counts support a 3-way up. The A wave...

ewtrader86

JD's revenue growth is outstanding. China's economy is slowing but I think Chinese consumer is overall strong.

ewtrader86

Very clean 4th wave triangle supported by higher degree count. A buying opportunity to play the range is near.

ewtrader86

This is the detailed wave count. The wave (II) is a irregular triangle. The wave (III) is also a irregular diagonal with a extended sub wave 5.

ewtrader86

The Wave 4 are supposed to end at around 1.5

ewtrader86

EURUSD Long term wave count. Long term fib confluence tell us that (III) had ended. We are in a (IV) wave correction. It could be irregular which means another minor lower low is not ruled out. But to see parity, we need a serious correction.

ewtrader86

Here is a long term dollar chart that I am going to use for the rest of 2016. The general dollar strength took us too far to fast. A correction is needed, which is either a long term big B wave to correct the entire rally since 2012, or a medium term correction that mostly likely targets 11800 handle. The more bullish count is labeled as gray count, which have a...

ewtrader86

As I post earlier, EURGBP is coming off a important resistant and possibly starting a impulsive 5th wave. In the near term, the initial wave is still unfolding. As it is the very first impulsive wave of a big cycle, the label's cycle level is temporary.

ewtrader86

The initial move is 5 wave impulsive and hasn't finish yet. The index is going to reverse this week and go through a complex b wave correction. The final (4)th wave and (c) wave target is around 17500.

ewtrader86

The price action off the record high unfolded as a ABC pattern. Within the C, the weekly RSI peaked at the (III) wave low, which indicates that there is another wave down to complete the 5th wave of C. Fib cluster indicates some down side targets.