GOLD close to top?

Hi Traders,

Gold (now at 1883) is really close to the previous top at 1922. After that, it's uncharted territory. Hence, it might reverse anywhere between 1890 and 2100. Prepare for a roller coaster.

ELLIOTT WAVES

The monthly chart shows that the exponential rally started on Aug 16, 2018 has completed all five waves up and this seems to be confirmed by the weekly, daily, 4-hours charts and even the 1-hour chart.


Monthly chart. Click to enlarge

Weekly chart. Click to enlarge

Daily chart. Click to enlarge

4-hours chart. Click to enlarge

1-hour chart. Click to enlarge

AUDUSD to top & reverse?

Hi Traders,

The AUDUSD (now at 0.7038) entered the target area 0.700-0.756 (see monthly, weekly and daily charts). It might top soon and temporarily reverse to the area 0.67-0.65.

ELLIOTT WAVES

The monthly, weekly and daily charts show the upper target area at 0.700-0.756.

The 4-hours chart reveals that the whole set of main waves and sub-waves is practically complete.

Note the last channel in the 4-hours chart and in the 1-hour chart: The show 4 or more contact points, meaning that a reverse is imminent.

However, be aware that the AUDUSD might attempt one last flicker to 0.71  before reversing to the area 0.67-0.65.


Monthly chart. Click to enlarge

Weekly chart. Click to enlarge

Daily chart. Click to enlarge

4-hours chart. Click to enlarge

1-hour chart. Click to enlarge

WTI OIL to bounce back

Hi Traders,

Unless the WTI Oil drops below $19, it could recover to $42 or even 54.42.

ELLIOTT WAVES

In the monthly chart, the last candle is an inverted hammer. This implies a temporary rebound (therefore the downtrend should resume soon after) and also a rebound limited to $54.42. The most likely target should be $42.

The daily chart, the 4-hours chart and the 1-hour chart show that, unless the Oil drops below $19, the Elliott Wave pattern unfolding could be an AB+5

If this is the case, wave A and B have been completed and should be followed by 5 waves up, possibly to 54.42, more likely to 42.


Monthly chart. Click to enlarge

Weekly chart. Click to enlarge

Daily chart. Click to enlarge

4-hours chart. Click to enlarge

1-hour chart. Click to enlarge