GOLD on target

Hi Traders,

GOLD - now at 1248 - is on its way to 1408-1411.


ELLIOTT WAVES:

The daily chart shows that intermediate wave 3 (up) is on its way. The 4-hour chart displays Minor wave 1 and 2. Minor wave 3 should take it to 1307.


TARGETS:

likely: 1307 and 1335
possibly: 1408-1411
maybe: area 1469-1474

NOTE:

The weekly charts displays a further target in the area 1525-1536. At present,  it's still a feasible target.

weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator applied to the daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator applied to the 4-hour chart - click to enlarge

1-hour chart - click to enlarge

wave oscillator applied to the 1-hour chart - click to enlarge

EURUSD, showdown

Hi Traders,

The EURUSD, now a 1.3606, reached the main descending trend line from below (weekly chart) with a two-step pattern and a double top.

After a small rally to 1.3678-1.3720 it should resume the downtrend to 1.3182 and below.

TARGETS

first: 1.3666-1.3720
then
likely: 1.3458-1.3433
possibly: 1.3356-1.3320
maybe: 1.3182

ELLIOTT WAVES

After a gigantic a-b-c-d the EURUSD performed 5 waves down (wave 1 in the weekly chart) and a retracement up with two-step pattern (wave 2 in the weekly chart).

Theoretically, this should be followed by 5 waves down well below 1.3182 if the Euro breaks this important support.

Monthly chart, click to enlarge

Weekly chart, click to enlarge

 Daily chart, click to enlarge

Wave oscillator applied to the daily chart, click to enlarge

4-hour chart, click to enlarge

wave oscillator applied to the 4-hour chart, click to enlarge

1-hour chart, click to enlarge

wave oscillator applied to the 1-hour chart, click to enlarge