Best of the Week
Most Popular
1.Bitcoin War Begins – Bitcoin Cash Rises 50% While Bitcoin Drops $1,000 In 24 Hours - Jeff_Berwick
2.Fragile Stock Market Bull in a China Shop -James_Quinn
3.Sheffield Leafy Suburbs Tree Felling's Triggering House Prices CRASH! - Nadeem_Walayat
4.Bank of England Hikes UK Interest Rates 100%, Reversing BREXIT PANIC Cut! - Nadeem_Walayat
5.Government Finances and Gold - Cautionary Tale told in Four Charts - Michael_J_Kosares
6.Gold Stocks Winter Rally - Zeal_LLC
7.The Stock Market- From Here to Infinity? - Plunger
8.Ethereum (ETH/USD) – bullish breakout of large symmetrical triangle looks to be getting closer - MarketsToday
9.Electronic Gold: The Deep State’s Corrupt Threat to Human Prosperity and Freedom - Stewart_Dougherty
10.Finally, The Fall Of The House Of Saud - Jim_Willie_CB
Last 7 days
How To Play The 2018 Cannabis Boom - 18th Dec 17
Should You Consider Investing/ Buying Gold or Bitcoin? - 18th Dec 17
Gold EFPs: Absolute Proof that the Paper Gold Price is a Fraud - 18th Dec 17
Gold – Technical Obfuscation, Fundamentals, Predictions - 18th Dec 17
Stock Market Final Thrust is Likely - 17th Dec 17
Never Mind Tea Leaves, Here’s a Strong Signal from the Economic Dashboard - 17th Dec 17
As Bitcoin Breaks All-Time Highs Near $18,000 Its Future Has Never Been So Uncertain - 17th Dec 17
Best Time / Month to Buy a Used Car From a UK Dealer - 16th Dec 17
Relief Rally in Gold Mining Stocks - 16th Dec 17
Amid Bad Fundamentals, Gold Sector Rally May Have Begun - 16th Dec 17
Gold Bullish on US Fed Interest Rate Hike - 16th Dec 17
The LORAX Explains What Happened to Sheffield's Street Trees 2017 - 16th Dec 17
Bitcoin Trading Alert: Bitcoin Pauses – Will Appreciation Follow? - 16th Dec 17
SanDisk Ultra 128gb 100mbs Micro SD Card for Smartphone's Speed Test - 15th Dec 17
Inflation is Spiking Globally… Bond Bubble Bursts in 3… 2… - 15th Dec 17
Sheffield's 'Real' LORAX Defending the Trees From the Labour City Council Patrol Units - 15th Dec 17
Stock Market Decline Signals are Near - 15th Dec 17
Santa Is Putting Christmas On The Blockchain And Saving Billions - 14th Dec 17
The Unprotected, the Protected, the Vulnerably Protected Classes—Which Are You? - 14th Dec 17
Gold’s Upside Target - 14th Dec 17
Year-end US Interest Rate Hike Again Proves To Be Launchpad For Gold Price - 14th Dec 17
2 Charts That Might Define the Fed’s Jerome Powell Era - 13th Dec 17
UK Stagflation Risk As Inflation Hits 3.1% and House Prices Fall - 13th Dec 17
Stock Market Elliott Wave Forecasts - Is the World coming to the end? - 13th Dec 17
A Method Traders Can Use to Confirm an Elliott Wave Count - 13th Dec 17
Best Time / Month of Year to BUY a USED Car is DECEMBER, UK Analysis - 13th Dec 17
A Former Wall Street Veteran: Good Traders Are Born, Not Trained - 12th Dec 17
Buy Gold, Silver Time After Speculators Reduce Longs and Banks Reduce Shorts to Continue? - 12th Dec 17
Masters of Economic and Political Illusion – in Taxes, Debt, Government, and Markets - 12th Dec 17
Approved Used Land Rover Main Dealer Real Customer Buying Guide - Hunters, Chester - 12th Dec 17
Gold Price 100% Bullish Signal - 12th Dec 17
Epic Stock Market & Fixed Income Bubble Will Not End Well - 12th Dec 17
Bitcoin can be stolen. Although Can’t be hacked - 11th Dec 17
Have Stocks Reached A Permanently Rigged Plateau? - 11th Dec 17
Trying To Beat The System Is A Fatally Flawed Investment Strategy - 11th Dec 17
Is This The Beginning Of The Next Silver Rush? - 11th Dec 17
The Dow Gold Ratio - 11th Dec 17

Market Oracle FREE Newsletter

Traders Workshop

USDJPY Leads the way for a Resurgent Greenback

Stock-Markets / Financial Markets 2017 Sep 22, 2017 - 10:29 AM GMT

By: Enda_Glynn

Stock-Markets

A very good evening to one and all.

Despite a shock to the system last night,
the sharp USD rally has not invalidated any of the operating wave counts.
Although it is a picture of what is to come for the USD in the near future,
The short term wave counts are pointing to one last push up before completing the larger structures.


GBPUSD

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: Prime Minister May Speaks. USD: N/A.

Cable is showing more strength today after a a slight new low last night.
Wave '4' grey seems to have traced out an expanded flat correction
and wave '5' grey is now likely underway
with a target at 1.3700 to complete wave 'v' pink.

Key support in the short term is at the high of wave '1' grey.
So 1.3406 is the level to watch as a short term invalidation point.
If this level breaks, it is likely that the market has topped out.

The 4hr chart shows a bearish momentum divergence right now,
So this rally could end quickly.

For tomorrow;
watch for 1.3450 to hold and wave 'v' to reach the upper trend line one last time.

USDJPY

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: N/A.

USDJPY held on to most of its recent gains today.
Even the short term decline off the todays high at 112.71
looks to be in a corrective three wave form.

I have labelled the current structure in the most bullish fashion.
With waves 1,2 pink complete and wave '3' pink underway.
Key support lies at the wave 'ii' brown low of 111.04.
The price should not break as wave 'iii' brown develops.

For tomorrow;
The low of the session was at 112.13,
Watch for that level to hold in wave '2' pink.
Wave '3' should carry price higher into the high 113 range.

GOLD

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: N/A.

I am starting to think that the short term wave count in gold does not account for the larger decline off the recent high very well.
It is possible that the alternate wave count shown on the daily chart is more fitting.
That wave count far more bullish in the medium term
and calls for a succession of higher lows
in a bullish series of 1,2 waves to the upside.

I will introduce that alternate count if the price drops below support 1274.

For the moment,
The declines labelled wave (iv) blue seemed to have concluded.
The 4hr chart shows that momentum has reached a bearish extreme.
The price should turn up from here, according to both wave counts.

For tomorrow;
1315 remains the key level to cross to indicate a turn back up into wave (v) blue.

U.S CRUDE OIL

My Bias: topping in a large correction fourth wave.
Wave Structure: ZigZag correction to the downside.
Long term wave count: Declining in wave 'c' target, below $20
Important risk events: USD: N/A.

The short term action in crude shows that wave (iv) grey has taken a more complex form.
It now seems likely that wave (iv) grey has traced out a triple combination correction.

This wave form is about the most complex you can get!
It forms out of three separate complete corrective patterns join to create a larger three wave pattern.

I have shown a declining trend channel in wave 'c' of (iv).
This trend channel suggests a further decline in price towards 49.00 to complete wave (iv) grey.

For tomorrow;
The high labelled wave 'b' is at 51.11 in the cash market.
That level should hold tomorrow as wave 'c' closes out.
The price should bottom in the 49.00 area to complete wave (iv) grey.

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.


© 2005-2018 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

Catching a Falling Financial Knife