GOLD on target

Hi Traders,

GOLD - now at 1248 - is on its way to 1408-1411.


ELLIOTT WAVES:

The daily chart shows that intermediate wave 3 (up) is on its way. The 4-hour chart displays Minor wave 1 and 2. Minor wave 3 should take it to 1307.


TARGETS:

likely: 1307 and 1335
possibly: 1408-1411
maybe: area 1469-1474

NOTE:

The weekly charts displays a further target in the area 1525-1536. At present,  it's still a feasible target.

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

EURUSD, showdown

Hi Traders,

The EURUSD, now a 1.3606, reached the main descending trend line from below (weekly chart) with a two-step pattern and a double top.

After a small rally to 1.3678-1.3720 it should resume the downtrend to 1.3182 and below.

TARGETS

first: 1.3666-1.3720
then
likely: 1.3458-1.3433
possibly: 1.3356-1.3320
maybe: 1.3182

ELLIOTT WAVES

After a gigantic a-b-c-d the EURUSD performed 5 waves down (wave 1 in the weekly chart) and a retracement up with two-step pattern (wave 2 in the weekly chart).

Theoretically, this should be followed by 5 waves down well below 1.3182 if the Euro breaks this important support.

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

USDJPY, zig-zag correction

Hi Traders,

USDJPY

The USDJPY, now at 104.00, made a new top at 104.63 which should be followed by a Zig-Zag correction in 3-5 swings, the last one down to 101.47 and/or 100.60.


TARGETS

likely: 102.77-102.73
possibly: 101.60-101.55
maybe: 100.60-99.96


ELLIOTT WAVES

The daily chart displays 3 impulse waves up which should be followed by a corrective zig-zag in 3-5 waves to form wave 4.

The 4-hour chart shows the completion of wave 3 which was performed in 5 waves of a minor degree.



NOTE

I believe that trading during these holidays is not really worth it due to lack of volume. Real trading should resume from Jan 6th.

Also, wait for an entry signal from the wave oscillator in the daily/4-hour chart before taking any position. The signal is almost there.

monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over the daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator over the 4-hour chart - click to enlarge

1-hour chart - click to enlarge 

wave oscillator over the 1-hour chart - click to enlarge

AUDUSD, bouncing back

Hi Traders,

The AUDUSD (now at 0.8915) seems to be ready for a temporary rally to 0.9220 or higher.

TARGETS

likely: 0.9195-0.9220
possibly: 0.9343-0.9389
maybe: 0.9400

ELLIOTT WAVES

The pair has completed 5 waves down in each time frame (daily, 4-hour and 1-hour charts). If this is true, the rule of "multiple five in multiple timeframes" is respected and we expect a reversal.

This is confirmed by the channels being touched 4 times in the daily chart and 4-hour charts.

HOWEVER

The "reversal candlestick" in the 4-hour chart is not very convincing and the market might try to stop you out before shooting up.


WAVE OSCILLATOR

Hence, enter your trade only when you have a valid cross of the 2 black lines in the daily or 4-hour charts.

Remember to place your "trailing stop" according to the "instructions" from the wave oscillator. 

weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over the daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator over the 4-hour chart - click to enlarge

1-hour chart - click to enlarge 

wave oscillator over the 1-hour chart - click to enlarge

OIL rally

Hi Traders


The WTI OIL (now at 97.37) is staging a correction to $100.29 or higher.

TARGETS

likely: 99.17-99.56
possibly: 100.29-101.04
maybe:101.98-102.17

ELLIOTT WAVES

We are witnessing a "two-steps pattern", a 1-2-3 correction upwards (4-hour chart). Then the downtrend should resume.

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, almost there

Hi Traders,

GOLD should perfom a short rally to 1238-1244 to  complete wave 4 (1-hour chart) and then resume its way down to reach the last low of the year around the area 1212-1179 (1-hour chart).

If it doesn't breakout the support at 1179 a new uptrend should start to 1400 as a minimum.

TARGETS:

first: a short rally to 1238-1244
then: a new low around the area 1212-1179

after that, new uptrend to:

likely: 1400
possibly: 1475
maybe: area 1522-1530

ELLIOTT WAVES:

The daily chart shows that the small wave 5 (bottom right in green) is not complete. Once it's completed the new up trend should start.

NOTE:

If the small wave 5 moves well below the support at 1179 (1-hour chart) the new uptrend should not take place. Instead, the downtrend might continue to 1012 and lower. 
  

weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over the daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator over the 4-hour chart - click to enlarge

1-hour chart - click to enlarge 

wave oscillator over the 1-hour chart - click to enlarge

USDJPY, New Top + Zig Zag

Hi Traders,

Apologies to all Traders for missing the last 3 weeks. I've been really super busy. Before diving ourselves into the latest analysis let me remind you about the last events of December 2013:

FREE WEBINAR TODAY at 8pm AEST (Sydney Time). To participate CLICK HERE

MOST IMPORTANTLY

ELLIOTT WAVE + WAVE OSCILLATOR BOOTCAMP in Sydney on Monday 16th. To participate CLICK HERE

ANALYSIS: USDJPY

USDJPY, New Top + Zig Zag

The USDJPY, now at 102.98, is close to a new top which should be followed by a Zig-Zag in 3 swings to 101.47.


TARGETS

first a bit up to the area 103.30-103.37

then down

likely: 102
possibly: 101.47
maybe: 101


ELLIOTT WAVES

The 1-hour chart displays a nice a-b (wave b might not be completed yet). Wave b should be followed by wave c to 101.47 or lower.

Once the Zig Zag is completed the uptrend should resume to 105.30-105.60 as a minimum. This new top might not be broken for quite a while.

NOTE

Check the wave oscillator in the daily/4-hour chart before taking any position.

weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over the daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator over the 4-hour chart - click to enlarge

1-hour chart - click to enlarge 

wave oscillator over the 1-hour chart - click to enlarge