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