EUR/USD - We haven't seen much forward progress since we broke out to the upside. It might just be a consolidation before the next rally higher towards 146.96, but it could as easily be a warning, that there is no real power in this break, therefor any break back below 144.66 will be a warning that more downside is to come.
Gold broke back below support at 1,794, which indicates, that minor wave b or ii is done and focus should be to the downside. I'm now looking for a break below 1,775 to confirm the next leg lower towards support at 1,702 and any break here will point down towards the 1,500 area.
Crude oil is still working it's way slightly higher and sideways. I count the rally from 79.25 as a minor wave ii and are looking for wave iii of red wave v down. I'm still looking for a decline towards the target near 72. A break below 83.08 confirms that we are under way in purple wave iii down.
EUR/USD - We haven't seen much forward progress since we broke out to the upside. It might just be a consolidation before the next rally higher towards 146.96, but it could as easily be a warning, that there is no real power in this break, therefor any break back below 144.66 will be a warning that more downside is to come.
Gold broke back below support at 1,794, which indicates, that minor wave b or ii is done and focus should be to the downside. I'm now looking for a break below 1,775 to confirm the next leg lower towards support at 1,702 and any break here will point down towards the 1,500 area.
Crude oil is still working it's way slightly higher and sideways. I count the rally from 79.25 as a minor wave ii and are looking for wave iii of red wave v down. I'm still looking for a decline towards the target near 72. A break below 83.08 confirms that we are under way in purple wave iii down.
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