YUAN DEPRECIATION TO STOP SOON?

Hi Traders,

The USDCNH (now at 6.7780) should top soon as it is close to completing all wave patterns started in January 2014.

TARGETS & ELLIOTT WAVES

The monthly and weekly charts show that we are close to the completion of primary and secondary waves to the top. This is also confirmed by the wave count of the minor waves in the daily and 4-hour charts.

Unless a wave extension occurs, the Yuan should top around 6.87-7.00. The subsequent retracement should bring it slowly down to the area 6.44.

Note: I cannot be more precise about the targets as there isn't much history about the Chinese currency.



Monthly chart, click to enlarge

Weekly chart, click to enlarge

Daily chart, click to enlarge

4-hour chart, click to enlarge

GOLD TILL YEAR END

 Hi Traders,

Gold (now at $1265.14) could rally up to $1278-81 or $1301-04 but only to resume the retracement down to the area $1191-1208 (being $1210.62 the theoretical value). That support would mark the beginning of the new $300 uptrend to $1521-31.

TARGETS & ELLIOT WAVES

The monthly chart shows that Gold is still performing wave 2 down (the retracement) to $1208-1191. Besides, the area $1142-31 cannot be ruled out from the likely targets.

The weekly and daily charts reveal all the targets:  $1278-81, $1301-04, $1131-42 as well the final targets at $1521-31

The 4-hour chart shows more in detail that wave 8 is still unfolding, given the targets at $1278-81 and $1301-04.

Finally the 1-hour chart is even more explicit in revealing an hourly target at $1156-52 before the rally to $1278-81 and $1301-04, 


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