WTI OIL correction

Hi Traders,

WTI OIL (now at 60.50) just started a correction that could push it down to $55.

TARGETS

1: 59.86 - 59.83
2: 58.28 - 58.09
3: 56.97 - 56.82
4: 55.17 - 55.03
5: 54.22 - 54.10

ELLIOTT WAVES

The weekly chart shows that we're performing the retracement wave 4 (in red), up from the low at 42.58. The first part of this wave seems to be finished and we are staging a retracement with a typical zig-zag downwards (5-3-5).

For more details, see the daily and 4-hour charts





monthly chart - click to enlarge





 



 
weekly chart - click to enlarge





 



 
 
 
 
 
 
 
daily chart - click to enlarge





 



 
 
 
 
 
 
 
4-hours chart - click to enlarge





 



 
 
 
 
 
 
 
1-hours chart - click to enlarge





 



 
 
 
 
 
 
 

AUDUSD last rally (for now)

Hi Traders,

The AUDUSD (now at 0.8092) is performing the last rally to the area 0.82335-0.82635 before resuming the downtrend to 0.7267-0.7222 which should be the "final destination".

TARGETS

first up to

likely: 0.8154
possibly: 0.82335-0.82635

then down to

likely: 0.7694-0.7671
possibly: 0.7349-0.7304
maybe: 0.7267-0.7222

ELLIOTT WAVES

The daily chart displays that we are performing wave 4 (in red) to the area 0.82190 - 0.82587. The 4-hour chart reveals  instead that wave 3 (in blue) is not complete yet. Hence, there's plenty of room to move up to the area 0.82335-0.82635.

NOTE: Just bear in mind that once around 0.8162 it will correct to 0.8030 before jumping up again to the area 0.82335-0.82635.





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



 

 

EURUSD pretending to be weak

Hi Traders,

EURUSD (now at 1.1197) is set to drop to 1.1115-1.1096 or lower and then attempt another rally to the area 1.1459-1.1539.

TARGETS

first down

likely: 1.1115-1.1096
possibly: 1.1040-1.1028
maybe: 1.0987

then up

likely: 1.1425-1.1459
possibly: 1.15391.1565

ELLIOTT WAVES

The Euro is performing wave "e" in the monthly chart and wave 4 in the weekly & daily charts. The 4-hour chart reveals that wave 4 is not completed as we are expecting 5 waves up (in black) from the bottom of wave 2 (in blue).


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