Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

DOW Jones and EURUSD Changing Fortunes Ahead....

Stock-Markets / Stock Market 2017 Aug 02, 2017 - 05:49 PM GMT

By: Enda_Glynn

Stock-Markets

My Bias: long term bearish
Wave Structure: downward impulse wave
Long term wave count: lower in wave (3) red
Important risk events: EUR: Spanish Unemployment Change. USD: ADP Non-Farm Employment Change, Crude Oil Inventories.


Good day to one and all!

The EURUSD party is coming to an end at seven degrees of trend right now.
I have been asked why this rally has persisted much further than I expected.
The answer lies in the high number of degrees of trend in operation here.

As the structure has progressed, each lower degree of trend has extended.
Thereby pushing the structure higher and higher above targets.

But, the extended nature of this structure leaves it open to a quick collapse.
And that is worth keeping in mind as wave '5' grey completes this week.

Back to the action.
The price corrected today in a possible wave '4' grey,
This leaves wave '5' grey left to complete the larger structure.
the upper trend line is coming into focus now.
The target range for wave '5' grey lies between 1.1915 and 1.1942.

So, for tomorrow;
Watch for another rise into the upper trendline.
I will be interested to see how the price reacts to the target range resistance.

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: ADP Non-Farm Employment Change, Crude Oil Inventories.

The US30 CFD broke 22000 today, the cash market reached a high of 21986.
And the declines this afternoon again look corrective.

I have labelled the decline as wave 'iv' pink,
Which leaves a further rise in wave 'v' to follow into the upper trendline.
A likely target for wave 'v' pink is at the upper trendline of the rising trend channel.
This could take the price up to about 22200 before completing the larger structure.

On the 4hr chart you can clearly see a bearish head and shoulders pattern which is now half way to completion.
this is a time tested indication of a topping market,
So I will monitor the progression of that pattern from this point on.

The 4hr RSI has turned down from an extreme level in an indication of a topping momentum.
yesterdays high was 82.88.
A reading not seen since early march.

For the rest of the week;
Watch for wave 'iv' to complete and wave 'v' pink to begin.

If you want to stay ahead of the trend, and see the big market moves before they happen, CHECK OUT OUR BRAND NEW MEMBERSHIP LEVELS AT, BULLWAVES.ORG.

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.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in