EUR/USD - The break back into the base channel indicates that the correction will deeper and we should look for a continuation towards the base channel mid-line near 1.2814 as the next target. Only a break above 1.3048 will ease the downside pressure and call for a new rally towards 1.3172 and higher.
EUR/JPY - Right now the decline from 103.85 doesn't look shallow, but we haven't even retraced 38.2% of wave 3 yet, so in that context it's a still a shallow correction. Is it complex? Yes in my view it is, but as long as resistance at 101.28 protects the upside we should be looking for a continuation towards the 38.2% retracement of wave 3 at 100.13 before we should expect a new rally.
EUR/NZD - Here I'm looking for a break above 1.5810 to confirm that wave 2 did indeed end at 1.5569 for a new impulsive rally higher towards at least 1.6505 and likely even much higher.
Only a break below 1.5594 will invalidate my bullish count and call for a new test of 1.5569.
Gold - Tried to break above resistance at 1,790.22 without success. Depending on which scenario is the correct one we should look for a large decline in the bearish case, while the bullish case will call for a correction towards the 1,709 - 1,739 area before the next rally higher sets in.
Dow Jones Industrial Index - Is hoovering just below resistance at 13,709 and with a serious divergence on the indicator some kind of top could be building, but it will take a break below 12,977 to confirm the top.
Hi, I think the gold count is still lacking a 4th and a 5th wave.
ReplyDeleteHi Fongs
ReplyDeleteIn the bullish case I agree with you. That would also fit the USD-picture better, so I would look for a correction towards the 1,709 - 1,739 area before the next rally higher and this timne we should expect resistance at 1,790.22 will be broken.
Kind regards
EWS
Thanks!
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