GOLD: what's next

Hi Traders,

Gold (now at 1333) topped at 1336.82 and missed my target at 1337.3 by a whisker. After a limited retracement - theoretically, to 1322 or 1312 - it should resume the uptrend to 1532 or 1628.

ELLIOTT WAVES

The monthly chart  suggests that Gold is performing an a-b-c to 1532. The weekly chart display a set of possible targets:

- 1337
- 1433
- 1532 (my favourite)
- 1628.

The 4-hour chart  shows that Gold just started a wave extension. The 1-hour chart displays the targets at 1322 and 1312.




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

IS THE WTI OIL WARMING UP FOR A GOOD RALLY?

Hi Traders,

We might have some interesting weeks ahead as the WTI OIL (now at 45.75) is approaching the targets. 

The OIL is only inches from completing the whole set of waves down, being the theoretical target at 45.59-45.34. If this analysis is correct, we could witness the start of a new rally that could take it to 61.50 (see the weekly chart). 

ELLIOTT WAVES

The weekly chart displays the blue horizontal lines as possible targets. The daily chart shows the likely completion of wave 4 by hitting the target at 45.59-45.34. The 4-hour chart shows the recent low at 45.60 and the a-b-c that shaped wave 4.

NOTE: There might be another small ripple down - which will be visible on the 1-hour chart - before the start of the rally.




Weekly chart. Click to enlarge

Daily chart. Click to enlarge

4-hour chart. Click to enlarge

1-hour chart. Click to enlarge

OIL flexing the muscles

Hi Traders,

WTI OIL (now at 48.65) is sitting on an important support/resistance. After a small drop to $48, it should move to a much higher ground. It could hit $61 soon and maybe $66-$68. Gann analysis suggests a final target of $75.

ELLIOTT WAVES

The weekly chart shows OIL is staging 3 major waves up. Wave 2 is complete and wave 3 just started.

The daily and 4-hour charts reveal that we just started minor wave 5, maybe to 51.65. The 1-hour chart shows the completion of wave 4 and the start of wave 5.




Weekly chart. Click to enlarge

Daily chart. Click to enlarge

4-hour chart. Click to enlarge

1-hour chart. Click to enlarge

GOLD to top and reverse ?

Hi Traders,

GOLD (now at 1284.35) topped and reversed. At the moment, it's not clear whether this is a just a retracement to 1251-53 or it's the start of a real downtrend. Many traders remain cautious.

Gold weakness might be due to the recent Chinese ban on overseas investments. If this is the case, Chinese money simply dried up. 

However, as all major stock indices head South, money could be either re-directed to commodities (included Oil, Gold, and crypto-currencies) or simply to the USD and the CHF. If the market picks the first group Gold will rise. Conversely, Gold dives. 



ELLIOTT WAVES

The weekly chart shows that Gold topped around 1300 by completing wave 2. The daily chart shows a nice shooting star which usually is a reliable reversal pattern.

Finally, both the 4-hour and the 1-hour charts display a remarkable reversal candlestick (top right).




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

15-min chart. Click to enlarge

EUR, GBP and AUD: What's Next

Hi Traders,

The USD is flexing the muscles. EURUSD, GBPUSD and AUDUSD just completed an almost identical pattern. As announced in my previous POST, they all topped and reversed and a new downtrend just started.


ELLIOTT WAVES

This is all part of a five waves downtrend started in May 2011 for the Euro, in July 2014 for the Pound and on September 2009 for the Aussie Dollar.

All the pairs above mentioned completed four waves down - out of five - and started the last wave down. Wave four was the last retracement up and led to the last Top & Reverse.

The EURUSD (now at 1.1772) in the daily chart completed a perfect pennant and reversed.The first major target seems to be the area 1.10887-1.08718.

The GPBUSD (now at 1.3035) in the daily chart did the same. The first major target seems to be the area 1.2414-1.2380.

The AUDUSD (now at 0.7928) in the daily chart completed a different pattern but equally topped and reversed. The first major target seems to be around 0.7560.



EURUSD daily chart. Click to enlarge

GBPUSD daily chart. Click to enlarge

AUDUSD daily chart. Click to enlarge

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

GOLD last dive , for now

Hi Traders,

GOLD (now at 1219.29) could end its course around 1195 (area 1191-1202) and begin a temporary bounce to 1240-1245.

ELLIOTT WAVES

The monthly chart shows that the final target of this 1-2-3 (in red) is around 1072 and this is confirmed by the weekly chart where wave 3 (in red) is currently unfolding from the top at 1196. 

The daily chart breaks down wave 3 in smaller waves and shows that Gold is targeting the area 1193-1197.

Finally, the 4-hour and 1-hour charts show clearly that the very small wave 4 is complete and that we are witnessing wave 5 to the area 1191-1202



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

EURO TO TOP AND REVERSE

Hi Traders,

The Euro (now at 1.1459) is right on my Turning Point in the target area 1.1300-1.1459, as I previously suggested in another Post. First target/support (after topping): 1.09 

ELLIOTT WAVES

The monthly chart shows four waves down. Wave-4 is completed and a new wave-5 downtrend might be starting soon. Note the target at 1.09.

The weekly chart displays a massive 52 weeks compression pattern (a-b-c-d-e) which encompasses the whole wave-4. Note the target in the area 1.1379-1.1459.

Besides, check the channel drawn on the weekly chart. The target displayed by the blue horizontal lines is actually just above that channel. NOTE that there was the predicted "Throw Over".

The daily chart shows the large Pennant which shaped "wave-e". This should be the very last leg up of the major wave-4 displayed in the weekly chart.

Monthly chart, click to enlarge

Weekly chart, click to enlarge

Daily chart, click to enlarge

4-hour, click to enlarge

WTI OIL Topping Soon?

Hi Traders,

The WTI OIL  (now at 47.00) is close to a possible Turning Point within the target area 47.10-49.20, as I previously suggested in another Post. First target/support (after topping): 40.60

ELLIOTT WAVES

The monthly chart displays a very wide a-b-c down. These three waves are the constituent elements of a huge wave-4 which, in turn, is part of a cycle started in Jan 1999 at 18.13.

The weekly chart shows that the new uptrend started 12 months ago at 26.03. Then the OIL performed wave 1 (up). Wave 2 (now) is now in the making. Note the targets: wave "c2" might end around 37.50 or even 35.00.

The daily chart shows that the first objective around 47.00 has been reached. It also displays four targets from 47.00 to 49.20 which is the area where the present  retracement rally could top and reverse.

For W.D.Gann enthusiasts, please note the following:

This cycle started 19 years ago, (Jan 1999 to ... Dec 2017), from the low at about $19. The new uptrend (major wave 3 on our weekly chart) should start roughly around $38 (19X2) and top around $76 (19X4). Possible. We'll see.

Monthly chart. Click to enlarge

Weekly chart. Click to enlarge

Daily chart. Click to enlarge

4-hour chart. Click to enlarge

The EURO Topping Soon?

Hi Traders,

The Euro (now at 1.1340) is a whisker close to a possible Turning Point in the target area 1.1300-1.1459, as I previously suggested in another Post. First target/support (after topping): 1.09 

ELLIOTT WAVES

The monthly chart shows four waves down. Wave-4 is almost completed and a new wave-5 downtrend might be starting soon. Note the target at 1.09.

The weekly chart displays a massive 52 weeks compression pattern (a-b-c-d-e) which encompasses the whole wave-4. Note the target in the area 1.1379-1.1459.

Besides, check the channel drawn on the weekly chart. The target displayed by the blue horizontal lines is actually just above that channel. This suggests that there could be a little "throw over" (W.D.Gann terminology) before the reversal occurs.

The daily chart shows the large Pennant which shaped "wave-e". This should be the very last leg up of the major wave-4 displayed in the weekly chart.


Monthly chart, click to enlarge

Weekly chart, click to enlarge

Daily chart, click to enlarge

USDJPY: What's Next

Hi Traders,

A new session of our Mentor Program is going to start soon. It includes the greatly effective Six Charts Trading Plan for Safer Entries. Book yourself in for a free informative chat at info[(at)]fxtutors.com or contact Mario D. Conti through Skype at "mariodconti".

ANALYSIS

The USDJPY (now at 111.36) has just started a new rally to the area 124.1-124.8.


A bit of History

The Historical Chart displays 5 waves downwards from the moment the USA unilaterally terminated the Bretton Woods Agreement in August 1971. See Also YouTube for more info.

Before WWII the USDJPY was two ¥ for one $. In 1948 the USDJPY rate was fixed at 360 ¥ for one $ and this rate was kept till 1972. From that moment on, the YEN slowly recovered to 75 ¥ for one $. It was Oct 31, 2011. 

ELLIOTT WAVES

Which type of Elliott Wave Pattern started off from 2011 onward? At present it looks like a huge a-b-c. See monthly chart and weekly chart.

The daily chart suggests that wave c will probably made out of 5 waves. Wave 1 and 2 (black, font 10) are in place and wave three is on its wave to 118.

The 4-hour chart shows the a-b-c- that made wave 2.

What are the possible targets for the USDJPY? The closest one is 124-125 but a long term Gann projection suggest that it could easily top at 160-180, let alone that the theoretical value is actually 217.




Historical chart. Click to enlarge

Monthly chart. Click to enlarge

Weekly chart. Click to enlarge

Daily chart. Click to enlarge

4-hour chart. Click to enlarge