GBPUSD, showdown

Hi Traders,

The pound (now at 1.5569) started a new downtrend.

TARGETS

likely: area 1.5500-1.5490
possibly: area 1.5434-1.5412
maybe: area 1.5342-1.5326
also: area 1.5220-1.5197

ELLIOTT WAVES

The weekly chart displays and a-b-c-d which is being followed by "wave e". The latter might take  the Pound to the area 1.47-1.43.

ENTRY POINT

The likely pullback should be risible. You may want to entry immediately 

NOTE

The Pound is heavily manipulated by the BOE and it's traded by expert traders on the London floor. Hence, be careful.


monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator over 4-hour chart - click to enlarge

1-hour chart - click to enlarge

wave oscillator over 1-hour chart - click to enlarge

EURUSD, double top

Hi Traders,

Once again, the EURUSD (now at 1.3342) went through the resistance at 1.3450 and retreated, forming a double top (weekly chart) and starting a new downtrend.

TARGETS

likely: area 1.3294-1.3300
possibly: area 1.3208-1.3185
maybe: 1.3102

ELLIOTT WAVES

The weekly and daily charts show that "wave d" should be followed by "wave e" downwards. In the daily chart this is confirmed by an "harami" candlestick pattern and in the 4-hour chart but a much more deadly "breakaway pattern" followed by 5 red candles.

ENTRY

These 5 red candles are usually the prelude to a small rally. The Wave Oscillator shows already some sign of it. Hence, wait for this rebound before entering your trend. Minimum rebound: area 1.3353-1.3355 but it could be a bit higher.

RUMORS

Some traders say that, after the BRICS + Australian + Japanese currencies (and many other more) lost value against $US, it  is just a matter of time for the Euro to follow, arguing that money is now moving back to USA.

It this occurs, the Euro might dive to 1.24, 1.19 and even 1.12. Let's see how it goes.




monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator over 4-hour chart - click to enlarge

1-hour  chart - click to enlarge

wave oscillator over 1-hour chart - click to enlarge

AUDUSD, double top

Hi Traders,

A double top (see daily chart) started a new downtrend of the AUDUSD (now at 0.9068) that should take it to 0.8850 as a minimum and possibly to the area 0.8578-0.8510.

TARGETS

likely: area 0.8847-0.8874
possibly: area 0.8578-0.8510
maybe: area 0.8073-0.8003

ELLIOTT WAVES

The starting point of this new downtrend is point 4 (bottom right) in our daily chart. This also shows that this is the last leg down (wave 5) of a minor grade (4-hour chart).

ENTRY POINT

Wait for the pair to get back up to the area 0.9081-0.9099 before entering the trade downwards. If you are not in already, check the wave oscillator in the 1-hour chart before taking your position.




monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator over 4-hour chart - click to enlarge

1-hour chart - click to enlarge

wave oscillator over 1-hour chart - click to enlarge

OIL, good entry

Hi Traders,

The WTI OIL (now at 106.85) needs a temporary pull back and this might be the starting point of 5 nice waves downwards.

TARGETS

likely: 105.45-105.34 and 103.36-103.73
possible: 101.75-102.05
maybe: 100.7

ELLIOTT WAVES

As the monthly and weekly chart displays, we had a breakout of the upper trend line which is usually followed by a pullback. This rebound might take oil down to 100.70 with a set of 5 waves.

NOTE:

If the pullback stops around 103-105 this would imply a different configuration of Elliott Waves. So, be careful.

monthly chart, click to enlarge

 weekly chart, click to enlarge

daily chart, click to enlarge

wave oscillator applied to the daily chart, click to enlarge

4-hour chart, click to enlarge

wave oscillator applied to the 4-hour chart, click to enlarge

1-hour chart, click to enlarge

wave oscillator applied to the 1-hour chart, click to enlarge

Gold, temp rebound?

Hi Traders,

Gold (now at 1329) reacted to the news of new stimulus measures from China and seems to be heading to the area 1366-1383.

TARGETS

likely: area 1366-1383 then the downtrend should resume.

ELLIOTT WAVES

If this analysis is correct, this should be a temporary uptrend as it represents the "retracement wave 4" on our weekly and daily charts. "Retracement wave 4" will be followed by the very last downtrend (wave 5) with a minimum target of 1176.



weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator over 4-hour chart - click to enlarge

SPI 200, rebound and fall

Hi Traders,

The SPI200 displays a double top in the 1-hour chart. It might rebound a bit and fall further down

ELLIOTT WAVES

The weekly chart shows that, after completing wave a and wave b, the SPI200 just started wave c. This is part of the large Zig-Zag announced months ago.

TARGETS
up to area 5050-5056
then
likely: area 4830-4798
possible: area 4569-4532
maybe: area 4470-4428

TIMING

Wave c (weekly chart) might end around Sept 15-22

ENTRY
It might rebound to the area 4993-5003 (1-hour chart). Wait for the confirmation of the wave oscillator built over the 1-hour chart and entry your trade.

NOTE

Want to improve your trading with Elliott Waves, Candlesticks and Wave Oscillator? Don't hesitate calling me.







monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator over 4-hour chart - click to enlarge

1-hour  chart - click to enlarge

wave oscillator over 1-hour chart - click to enlarge

EURUSD wave count

Hi Traders,

The Euro stopped at the resistance at 1.3400 and completed every possible Elliott Wave count. In addition, the last rally occurred on a constantly falling trading volume (see daily chart) and performed a major double top (weekly chart).

If this analysis is correct, the currency pair has exhausted its upward energy and should start a downtrend.

TARGETS

likely: 1.3265
possible: 1.3147
maybe: 1.2998
medium term: area 1.2777-1.2742

ENTRY

There could be another (very minor) attempt to break the resistance at 1.34. Just wait wave for wave oscillator (4-hour or 1-hour chart) to give you the go.

NOTE:

Need to improve your trading with Elliott Waves and Wave Oscillator? Don't hesitate to contact me.




monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator over 4-hour chart - click to enlarge

1-hour  chart - click to enlarge

wave oscillator over 1-hour chart - click to enlarge