GBPUSD, two-step pattern

Hi Traders,

The GBPUSD has almost completed a quite large two-step pattern upwards - see daily chart -, a retracement upwards named 5-3-5 by Elliott.

SITUATION

The Pound is expected to rally to the area 1.5826-1.5911 to complete the two-step pattern  - see daily chart - where it should reverse to start a major downtrend.

TARGETS

Daily chart: the area 1.5826-1.5911. Then a new downtrend to well below 1.50
NOTE: if the downtrend stops at the support around 1.5412, this would change radically the wave scenario


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

WTI OIL, new high

Hi Traders,

On my post on May 23rd the OIL was expected to reach the area 91.82-92.21. It reached 91.26 and bounced back as expected.

After that low, it started a rally in 5 waves, 2 of them completed already and  the 3rd one seems on its way to the area 103.31-104.

TARGETS

4-hour chart: area 100.11-101.06
daily chart: area: 101.62-102.05 and 103.36-103.73
weekly chart: area 103.31-104.00 and area 108.39-109.08

SITUATION

Theoretically the OIL is moving within a symmetric triangle - see monhtly chart. This time we may see a breakout of the upper boundary ... whatever Ben Bernanke is going to say. 


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

Gold update

Hi Traders,

Gold seems to be close to the target at 1321.6-1308. If it bounces back on that support there could be a $200 pull back or even the start of a new major uptrend.

TARGETS

4-hour chart and 1-hour chart:

Gold - now at 1390 - is climbing to the area 1392.6-1392.4 and maybe to 1400-1401.6.

Daily chart:

Then it should resume the very last downtrend to the area 1321.6-1308 (daily chart) where it would complete a major a-b-c.

The daily chart shows the 5 waves that forms major wave c as well as the target in the area 1321.6-1308.6.

This low should be followed by a first rally to 1553.7 and the area at 1616.7-1630.1.



weekly chart - click to enlarge

daily chart - click to enlarge

4-hour chart - click to enlarge

1-hour chart - click to enlarge