OIL reversing?

Hi Traders,

WTI Oil (now at 104.53) seems to be heading South having completed a full set of Elliott Waves up to 108.89.

At present the monthly and weekly charts show a significant breakout of a symmetric triangle to the upside, meaning the start of a new uptrend followed by a retracement (wave 1 & 2).

At present, this reversal (wave 2) is confirmed by some nice reversal candlesticks in both the weekly and daily charts.

Only in case this reversal is not limited to a mere retracement, the entire Elliott configuration would have to be redrawn.

TARGETS

likely: area 103.36-103.73
possibly: area 101.75-102.05
maybe: area 100.62-100.80

ELLIOTT WAVES

The waves in the monthly and weekly charts is depicted an "a-b-c" followed by  wave "1" which is the first wave upwards of a new uptrend. The retracement (wave 2) could go as far as 97.60 if the USD strengthens a bit.

monthly chart, click to enlarge

weekly chart, click to enlarge

daily chart, click to enlarge

 4-hour chart, click to enlarge

S&P 500. End of the line?

Hi Traders,

The S&P 500 is reaching some important cornerstones:

• it entered the area 1690-1730, a target established long time ago
• it almost reached a Gann Time Turning point (on a daily chart)
• it almost completed the so called "5the of the 5th of the 5th"

If this analysis is correct (please compare with your own analysis) the S&P 500 might start a major correction, possibly within 2-4 trading days.

TARGETS:

up to the area 1690-1730 first

then

down to 1596 first, then 1530 and well below

ENTRY POINT

• wait for the reversal candlestick in the 4-hour chart and in the daily chart
• wait  for the 'wave oscillator' in 4-hour chart to give you a confirmation.
• possibly, wait for the awesome oscillator to confirm as well.

ELLIOTT WAVES

Note - in the weekly chart below - the S&P500 almost completed the so called "5th of the 5th of the 5th"

GANN

Note the "Gann Grid" - in the daily chart - showing July 26th (in US time frame)

weekly chart, click to enlarge

daily chart, click to enlarge

4-hour chart, click to enlarge

 1-hour chart, click to enlarge

AUDUSD, forming the 5th leg down

Hi Traders,

If the AUDUSD stops below 0.9322 (as it seems) this would cause the currency to test again the previous low and move even lower.

TARGETS:

likely: 0.8997
possible: 0.8877
maybe: 0.8578

ELLIOTT WAVES

The daily chart shows that the 5fh wave down is still missing. In the 4-hour and 1-hour chart the AUD seems on the way down to complete 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