Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
US Presidential Election Year Stock Market Seasonal Trend - 29th Nov 24
Who controls the past controls the future: who controls the present controls the past - 29th Nov 24
Gold After Trump Wins - 29th Nov 24
The AI Stocks, Housing, Inflation and Bitcoin Crypto Mega-trends - 27th Nov 24
Gold Price Ahead of the Thanksgiving Weekend - 27th Nov 24
Bitcoin Gravy Train Trend Forecast to June 2025 - 24th Nov 24
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

GBP USD Approaches Fibonacci Target

Currencies / Forex Trading Sep 15, 2017 - 03:40 PM GMT

By: Enda_Glynn

Currencies

Good evening to you all.
Another day, another all time high in the DOW, and another step closer to the target zone.
The wave count is working well on this front,
And I am sure we will see a break above 22300's before long,
But what amazes' me everyday,
is the sheer lack of interest in questioning this now eight year long rally.
It is taken for granted like milk in the supermarket.


There is no way out of the corner we have worked ourselves into.
Other than a complete financial reset.

 

My Bias: short below parity in wave (5).
Wave Structure: continuing impulsive structure to the downside in wave (5)
Long term wave count: decline in wave (5) blue, below parity
Important risk events: GBP: MPC Member Vlieghe Speaks. USD: Retail Sales m/m, Empire State Manufacturing Index, Industrial Production m/m.

Cable reached the support at 1.3155 as suggested by last nights wave count.
The rally off that low was sharp,
And reached a high so far at 1.3404,
The target for wave 'v' pink was set at 1.3450
where wave (a) and wave (c) brown hit equality.
The price has broken over both rising trendlines in a throw-over top.
So from here it is time to start looking for a top to form again.

For tomorrow;
Watch For a reaction to the Fibonacci target at 1.3450.
I want to see an impulse move downwards and a corrective lower high from there.

My Bias: LONG
Wave Structure: rally in wave [C]
Long term wave count: wave [C] is underway, upside to above 136.00
Important risk events: JPY: N/A. USD: Retail Sales m/m, Empire State Manufacturing Index, Industrial Production m/m.

I have updated the wave count to show the rally as a higher degree wave (i) green.
The extended nature of the rally so far lends itself to this interpretation better.

The inevitable correction to follow will be viewed as wave (ii) green,
And should trace out three clear waves down.
The 50% retracement off the rally off the lows comes in at 108.79.

For tomorrow;
The decline this evening may have begun wave (ii) green.
initial support lies at 109.88, the previous 4th wave low.
Watch for wave 'a' to reach this support.

 

My Bias: market topping process ongoing
Wave Structure: Impulsive 5 wave structure, possibly topping in an all time high.
Long term wave count: Possibly topped in wave (5)
Important risk events: USD: Retail Sales m/m, Empire State Manufacturing Index, Industrial Production m/m.

I have update the short term count in the DOW to show a rally at one degree higher
With an extension visible within wave 'iii' pink.
The break to a new all time high today has likely completed wave 'iii' and wave 'iv' pink should follow.

I have shown the two Fibonacci targets on at 22419 and 22850 on the short term chart.
The rising trendline would be hit somewhere in the center of these two targets in wave 'v' pink.

I suspect that wave 'iv' pink will begin tomorrow
And I dont expect much of a decline given the shallow declines so far in this wave.

for tomorrow;
Watch for a shallow decline to begin in wave 'iv' pink.
Wave 'v' will have to wait until next week to begin.
So next week is looking bullish right now.

My Bias: Long towards 1550
Wave Structure: ZigZag correction to the upside.
Long term wave count: Topping in wave (B) at 1550
Important risk events: USD: Retail Sales m/m, Empire State Manufacturing Index, Industrial Production m/m.

Despite a slight dip below support this morning,
GOLD has risen throughout the day and is about to close at the highs of the day.
It is reasonable to assume that wave 'v' brown has begun off the lows of the day.
The rise off the lows is likely wave '1' pink.

A break above the previous interim high at 1334.55 will add weight to the current wave count.

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