GOLD last dive , for now

Hi Traders,

GOLD (now at 1219.29) could end its course around 1195 (area 1191-1202) and begin a temporary bounce to 1240-1245.

ELLIOTT WAVES

The monthly chart shows that the final target of this 1-2-3 (in red) is around 1072 and this is confirmed by the weekly chart where wave 3 (in red) is currently unfolding from the top at 1196. 

The daily chart breaks down wave 3 in smaller waves and shows that Gold is targeting the area 1193-1197.

Finally, the 4-hour and 1-hour charts show clearly that the very small wave 4 is complete and that we are witnessing wave 5 to the area 1191-1202



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

EURO TO TOP AND REVERSE

Hi Traders,

The Euro (now at 1.1459) is right on my Turning Point in the target area 1.1300-1.1459, as I previously suggested in another Post. First target/support (after topping): 1.09 

ELLIOTT WAVES

The monthly chart shows four waves down. Wave-4 is completed and a new wave-5 downtrend might be starting soon. Note the target at 1.09.

The weekly chart displays a massive 52 weeks compression pattern (a-b-c-d-e) which encompasses the whole wave-4. Note the target in the area 1.1379-1.1459.

Besides, check the channel drawn on the weekly chart. The target displayed by the blue horizontal lines is actually just above that channel. NOTE that there was the predicted "Throw Over".

The daily chart shows the large Pennant which shaped "wave-e". This should be the very last leg up of the major wave-4 displayed in the weekly chart.

Monthly chart, click to enlarge

Weekly chart, click to enlarge

Daily chart, click to enlarge

4-hour, click to enlarge