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Market Oracle FREE Newsletter

Gold Price Trend Forecast Summer 2019

Counting Down the LAST DAYS of the Stocks Bull Market, at FIVE degrees of trend!

Stock-Markets / Stock Market 2017 Jun 15, 2017 - 03:30 PM GMT

By: Enda_Glynn

Stock-Markets

My Bias: market topping process ongoing
Wave Structure: Impulsive 5 wave structure, possibly topping in an all time high.
Long term wave count: Topping in wave (5)
Important risk events: USD: Unemployment Claims, Empire State Manufacturing Index.


The DOW again broke new highs today.
And with that new high comes my final interpretation of what is happening in this market!

I have reassessed the whole wave structure off the 2015 lows.
And I think it best counts as a completing five wave structure labelled in blue on the daily chart.
we are now in the closing stages of wave '5' blue.

On the 4hr chart, wave '5' blue breaks down into a five wave structure labelled in green.
The market is currently over half way through wave [v] green.
With a possible upper target at 21874 to complete.

On the hourly chart I have shown wave [v] green broken down into a five wave form labelled in grey.
The price is currently moving in wave (iv) grey.
Wave (iv) grey looks to be an expanded flat correction,
waves 'a' and 'b' are complete and wave 'c' is left.

This wave count projects a lower target for wave (v) grey,
Somewhere in the region of 21500.
Where the price would once more reach that rising trend line connecting the recent major highs.

In this wave count, the high at 21068 gains a significant importance.
As it is the high of wave (i) grey,
The price should not cross below that level before completing wave (iv) grey.

So, as it stands, the wave structure is closing out at a major degree,
with only very little room left to the upside to complete.
And a whole lot of empty space below us just begging to be filled!

For the next few days,
Watch for a decline within wave 'c' pink, Support lies at 21130.

WANT TO KNOW the next big move in the Dollar, GOLD and the DOW???

Check out our membership plan over at Bullwaves.org,

You can see into the Elliott wave future every night!

Enda Glynn
http://bullwaves.org
I am an Elliott wave trader,
I have studied and traded using Elliott wave analysis as the backbone of my approach to markets for the last 10 years.
I take a top down approach to market analysis
starting at the daily time frame all the way down to the 30 minute time frame.

© 2017 Copyright Enda Glynn - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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