Best of the Week
Most Popular
1. Ray Dalio: This Debt Cycle Will End Soon - John_Mauldin
2.Stock Market Dow Plunge Following Fake US - China Trade War Truce - Nadeem_Walayat
3.UK House Prices 2019 No Deal BrExit 30% Crash Warning! - Nadeem_Walayat
4.What the Oil Short-sellers and OPEC Don’t Know about Peak Shale - Andrew_Butter
5.Stock Market Crashed While the Yield Curve Inverted - Troy_Bombardia
6.More Late-cycle Signs for the Stock Market and What’s Next - Troy_Bombardia
7.US Economy Will Deteriorate Over Next Half Year. What this Means for Stocks - Troy_Bombardia
8.TICK TOCK, Counting Down to the Next Recession - James_Quinn
9.How Theresa May Put Britain on the Path Towards BrExit Civil War - Nadeem_Walayat
10.This Is the End of Trump’s Economic Sugar High - Patrick_Watson
Last 7 days
Where is the Stock Market Santa Claus Rally? - 12th Dec 18
Politics and Economics in Times of Crisis - 12th Dec 18
Owning Precious Metals in an IRA - 12th Dec 18
Ways to Improve the Value of Your Home - 12th Dec 18
Theresa May No Confidence Vote, Next Tory Leader Betting Market Analysis and Forecasts - 12th Dec 18
Gold & Global Financial Crisis Redux - 12th Dec 18
Wow Your Neighbours With the Best Christmas Projector Lights for Holidays 2018! - 12th Dec 18
Stock Market Topping Formation as Risks Rise Around the World - 11th Dec 18
The Amazing Story of Gold to Gold Stocks Ratios - 11th Dec 18
Stock Market Medium term Bullish, But Long Term Risk:Reward is Bearish - 11th Dec 18
Is a Deleveraging Event about to Unfold in the Stock Market? - 11th Dec 18
Making Money through Property Investment - 11th Dec 18
Brexit: What Will it Mean for Exchange Rates? - 11th Dec 18
United States Facing Climate Change Severe Water Stress - 10th Dec 18
Waiting for Gold Price to Erupt - 10th Dec 18
Stock Market Key Support Being Re-Tested - 10th Dec 18
May BrExit Deal Tory MP Votes Forecast, Betting Market Analysis - 10th Dec 18
Listen to What Gold is Telling You - 10th Dec 18
The Stock Market’s Long Term Outlook is Changing - 10th Dec 18
Palladium Shortages Expose Broken Futures Markets for Precious Metals - 9th Dec 18
Is an Inverted Yield Curve Bullish for Gold? - 9th Dec 18
Rising US Home Prices and Falling Sales - 8th Dec 18
Choosing Who the Autonomous Car Should Kill - 8th Dec 18
Stocks Selloff Boosting Gold - 8th Dec 18
Will Weak US Dollar Save Gold? - 7th Dec 18
This Is the End of Trump’s Economic Sugar High - 7th Dec 18
US Economy Will Deteriorate Over Next Half Year. What this Means for Stocks - 7th Dec 18
The Secret Weapon for Getting America 5G Ready - 7th Dec 18
These Oil Stocks Are a Ticking Time Bomb - 7th Dec 18
How Theresa May Put Britain on the Path Towards BrExit Civil War - 7th Dec 18
How easy is it to find a job in the UK iGaming industry? - 6th Dec 18
Curry's vs Jessops - Buying an Olympus TG-5 Tough Camera - 5th Dec 18
Yield Curve Harbinger of Stock Market Doom - 5th Dec 18
Stock Market Crashed While the Yield Curve Inverted - 5th Dec 18
Global Economic Outlook after Trump-Xi Trade War Timeout - 5th Dec 18
Stock Market Dow Plunge Following Fake US - China Trade War Truce - 5th Dec 18
Subverting BREXIT - British People vs Parliament Risks Revolution - 5th Dec 18
Profit from the Global Cannabis Boom by Investing in the Beverage Industry - 4th Dec 18
MP's Vote UK Government Behaving like a Dictatorship, in Contempt of Parliament - 4th Dec 18
Isn't It Amazing How The Fed Controls The Stock Market? - 4th Dec 18
Best Christmas LED String and Projector Lights for 2018 - Review - 4th Dec 18
The "Special 38" Markets You Should Trade ebook - 4th Dec 18
Subverting BrExit - AG Confirms May Backstop Deal Means UK Can NEVER LEAVE the EU! - 3rd Dec 18
The Bottled Water Bamboozle - 3rd Dec 18
Crude Oil After November’s Declines - 3rd Dec 18
Global Economic Perceptions Are Shifting - Asia China Markets Risks - 3rd Dec 18
Weekly Charts and Update on Equity Markets, FX Trades and Commodities - 3rd Dec 18
TICK TOCK, Counting Down to the Next Recession - 3rd Dec 18
Stock Market Key (Short-term) Support Holds - 3rd Dec 18
Stocks Bull Market Tops Are a Process - 3rd Dec 18
More Late-cycle Signs for the Stock Market and What’s Next - 3rd Dec 18
A Post-Powell View of USD, S&P 500 and Gold - 2nd Dec 18
Elliott Wave: SPX Decision Time Is Coming Soon - 2nd Dec 18

Market Oracle FREE Newsletter

How You Could Make £2,850 Per Month

Significant Decline In Stocks On The Cards!

Stock-Markets / Stock Markets 2018 Mar 02, 2018 - 07:47 AM GMT

By: Enda_Glynn

Stock-Markets

There is a whole lot going on across thet markets after todays trade!
And a lot of opportunity developing in the charts.
So lets not waste time chatting,
And get right into it!

UPCOMING RISK EVENTS:

USD: Revised UoM Consumer Sentiment.
EUR: German Retail Sales m/m.
GBP: BOE Gov Carney Speaks, Construction PMI, Prime Minister May Speaks.
JPY: n/a.



My Bias: long term bearish
Wave Structure: Topping in wave [B] black.
Long term wave count: lower in wave [C] black.

EURUSD reached into the support band below 1.2205 today.
The price seems to have found a bid in that range as we can see a pop higher off the lows.

Wave 'a' of (ii) brown may now be underway
and should trace out three waves.

The 50% retracement level lies at 1.2356,
So this is the initial target for wave (ii)
1.2155 must now hold.

Tomorrow;
It is now time to look for a complete bearish Elliot wave signal off the high in wave (ii) brown.
Once wave (ii) is complete,
The price structure should off a low risk opportunity on the short side.

My Bias: short below parity in wave (5).
Wave Structure: completing wave (4) blue correction higher.
Long term wave count: decline in wave (5) blue, below parity

Cable broke support at 1.3763 which is the low of the previous wave 'a' pink.
This is the minimum expectation for wave 'c'
of the larger double combination wave (iv) brown.
The price has already filled the smaller trend channel
And completed a three wave structure in wave 'c' pink.

Further support lies at 1.3625,
So I expect a bottom to form within this band.

Tomorrow;
Watch for signs of a turn higher in wave (v) brown.
A break above 1.3856 will signal that wave (v) has begun.


My Bias: LONG
Wave Structure: rally in wave [C]
Long term wave count: wave [C] is underway, upside to above 136.00

USDJPY has taken a sharp turn down in the last hour,
This decline suggests a three wave decline is underway in wave 'c' of 'ii'.
A break of 106.37 is the minimum target for wave 'ii' brown.
And that has just been reached.

From a technical viewpoint on the 4hr chart,
USDJPY is looking pretty bullish with a large bullish divergence in momentum
And a 50MA which is turning higher.
A bullish MA cross in the 4hr chart will trigger a momentum trade,
So that is worth watching.

Tomorrow;
I am looking for wave 'ii' to complete at a nearby low and wave 'iii' to begin.
Tomorrow could bring a significant low in USDJPY for the long-term.


My Bias: market topping process completing
Wave Structure: Impulsive 5 wave structure, topping in an all time high.
Long term wave count: topped in wave (5)

The DOW broke down through support at the previous wave 'b' this evening.
This action triggers the alternate wave count,
Which views the recent high as the top in wave [ii] green.

The possibility of another significant decline in stocks is now on the cards!

I have labeled an ongoing 5 wave pattern to the downside in wave (i) of [iii].
Wave (ii) should challenge 25000 again in a three wave rally.

This pattern will also complete a lower degree head and shoulders around wave [ii] green
Another sign that stocks are lurching towards another bear market phase.

Tomorrow;
Lets take it one step at a time,
Watch for wave (i) grey to complete below support,
A corrective rally should occur in wave (ii) grey,
That will complete a bearish Elliott wave signal off wave [ii].
And a high probability for a larger decline in wave (iii) of [iii].
Exciting time ahead in stocks!


My Bias: Long to a new all time high above 1827.
Wave Structure: Impulse structure to a new high.
Long term wave count: wave (3) above 1666.

GOLD has reached the target at 1307,
The price is also sitting at trend channel support at two degrees of trend.
And so far,
This level seems to have found a bid.

Wave [ii] is now bottoming
and we should see a spike in price over the next few sessions to kick off wave [iii] green.
Gold is now looking very attractive on the long side again.

Tomorrow;
Watch for the formation of an impulse wave structure higher in wave 'i' brown,
A break of the previous wave 'b' will indicate that the price has begun a rally in wave [iii] green.

My Bias: topping in a large correction wave [4].
Wave Structure: Double combination higher in wave [4] red.
Long term wave count: wave [4] target $63 - $70

Crude is in much the same position as the DOW right now.
We have a larger degree Elliott wave signal complete off the high,
And now a smaller degree signal has almost formed in wave (ii) grey.

Wave (ii) grey should carry the price back into about 62.00 to complete.
This is the 50% retracement level of the decline in wave (i) grey.
Wave (ii) will also complete a bearish head and shoulders pattern.

The 4hr chart shows that the price has declined through both the 50 and 200MA lines.
The odds are lining up in favor of a large decline in wave [iii] to begin soon.

Tomorrow;
I have shown that wave 'a' has possible completed at todays high,
with wave 'b' underway.
Wave 'c' is projected to 62.00
and that should complete the bearish signal in crude.
Next week is looking interesting on the short side for Crude.

Click here to Reply, Reply to all, or Forward
72.48 GB (62%) of 116 GB used
Manage
Terms - Privacy
Last account activity: 31 minutes ago
Details

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.

© 2018 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

6 Critical Money Making Rules