THE OIL TO TURN SOUTH AGAIN?

Hi traders,

The WTI OIL (now at 66.63) is approaching the theoretical Turning Point at 67.20-67.42 where it should resume the downtrend to the area at 62.74-62.35.


ELLIOTT WAVES

The monthly chart shows that we might have witnessed the last retracement wave up (at 5 4 ) before the final dive which will deploy wave-5 downwards (not labelled yet).

The weekly chart shows the giant a-b-c started in Feb 2016 where wave-c is still in the making. Wave-a and wave-b are fully deployed whilst wave-c still needs another small leg down (wave-5, still to be labelled) to complete the giant a-b-c.

As for the daily chart and the 4-hours chart, see wave-4 approaching the theoretical Turning Point at 67.20-67.42.




Monthly chart. Click to enlarge

Weekly chart. Click to enlarge

Daily chart. Click to enlarge

4-hours chart. Click to enlarge

Time to Short the USDSGD?

Hi Traders,

The USDSGD (now at 1.3361) seems to be ready for a big dive as it shows clear signs of extreme weakness. It might be heading to the 1.3147 area sooner than later.

See the blue target lines in the monthly chart and in the weekly chart. 

ELLIOTT WAVES

The monthly chart shows the completion of major wave 4 around January 3, 2017. That Pivot Point marked the start of major wave 5 downwards (not labelled yet).

The weekly chart and the daily chart show the completion of another wave 4 of a lesser degree around May 10.

That Pivot Point marked the start of another wave 5 of a lesser degree downwards (not labelled yet).

Finally, the 4-hours chart shows a significant double top. Note the last 4 bars: it's a candlestick pattern called runaway pattern. This could be a nearly perfect time to short the USDSGD.




Monthly chart, click to enlarge

Weekly chart, click to enlarge

Daily chart, click to enlarge

4-hours chart, click to enlarge

Time to short the Aussie?

Hi Traders,

The AUDUSD (now at 0.7615) is mocking up the Titanic as it seems to be ready to sink. Although there is still a chance for a small rally to the area  0.7638-42, it shows clear signs of extreme weakness and it might be heading to the 0.73 area sooner than later.

See the blue target lines in the weekly chart.

ELLIOTT WAVES

The monthly chart and the weekly chart show the completion of major wave 4 (in magenta) around Jan 26. That Pivot Point marked the start of major wave 5 downwards (not labelled yet).

The daily chart displays another wave 4 that topped around June 6. That Pivot Point marked the start of another wave 5 of a smaller degree, heading South as well (still, not labelled yet). Note the major support at 0.7500.

The 4-hours chart shows the composition of wave 4 and the short term target of the first leg of wave 5 (not labelled yet) aiming to 0.7560




Monthly chart, click to enlarge

Weekly chart, click to enlarge

Daily chart, click to enlarge

4-hours chart, click to enlarge