EURUSD AND GBPUSD TO TOP AND REVERSE?

Hi Traders,

The Euro (now at 1.1729 ) and the Pound (now at 1.3139) achieved the targets. They could attempt another minor rally before staging a major top-&-reverse soon.

ELLIOTT WAVES

Check the weekly, daily and the 4-hour charts of both currency pairs: they show that they are on their targets. They also reveal that major wave 4 up is almost complete. 

Once wave four is fully unfolded, there is a very strong chance of a sharp and long downtrend.

NOTE: Both weekly charts show a "throw over", as anticipated in my previous POST.



EURUSD WEEKLY, click to enlarge

GBPUSD WEEKLY, click to enlarge

EURUSD DAILY, click to enlarge

GBPUSD DAILY, click to enlarge

EURUSD 4-HOUR, click to enlarge

GBPUSD 4-HOUR, click to enlarge

WTI OIL: What's Next

Hi Traders,

The WTI Oil (now at 45.75) did exactly as predicted in my previous POST. It has indeed a bleak future. After a small rebound up to 46.50, it should resume the downtrend to the area 40.3-37.6 and even 37.6-35.1 - see this targets in the weekly and daily charts.

ELLIOTT WAVES

All the targets/support below mentioned are supposed to be turning points where waves of any magnitude temporarily touch and rebound.

The monthly chart displays the following targets/supports:

1. 42.18-42.01
2. 39.40-39.17
3. 35.22-35.17

Fibo cluster (not displayed): 43.95

The weekly chart shows a band of targets between 35.01 and 37.60. In addition, the daily chart suggests another support area at 40.33-37.60.

The 4-hour and 1-hour charts show that the Oil topped in the previously designated area: 47.25-47.85. They also display wave C made of 7 waves up - equivalent to 3 waves - and the possible target at 46.50.

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