EUR/USD - Is currently testing the falling channel resistance-line. My preferred count is that we have seen wave A from 1.2042 up to 1.3172 followed by a B-wave correction down to 1.2660 and we are currently working on wave C higher, which as a minimum should reach 1.3345 and likely 1.3776.
GBP/USD - Is still locked within a B-wave triangle, but once we break-out the potential will be huge. I still expect a break towards the upside, but we need a clear break out of the triangle before the real momentum is released
Gold - Here I'm still looking for a break above resistance at 1,802.89, which will cause a rally higher towards at least 2,158.84. That said as long as we haven't seen the break above 1,802.89 we could see a deeper pullback, but the long term underlying uptrend is intact and should push gold higher.
hy Professor...
ReplyDeleteLook at my count Is it Correct ؟؟؟
http://im15.gulfup.com/2M1r1.gif
Thank you very much and Sorry to bother you Professor
what is your latest thoughts on facebook? has wave 3 completed yet? You have made a great call on that stock!
ReplyDeleteHi Ahmad,
ReplyDeleteProfessor (ha ha!) I'm hardly a professor, but thanks anyway.
I would be very surprised if your count is correct, but then again, it's a valid count and you could be rigth.
I would have marked wave a of wave 4 at 107.05, then an expanded flat as wave b of 4 to 107.50 where you have marked wave 5 (Even as a failure). That explains why you have a nice five wave rally from 106.90 to 107.50.
That count will indicate that a new impulsive rally higher has most likely begun.
But then again your call is as good as my call.
Good luck
EWS
NB! Be carefull calling tops if/when we are in wave 3. When the train leaves you will be left standing on the deck looking at the train and then it's more than hard to get on the train again...
Hi Hedgiefundman
ReplyDeleteThank you very much!
No I don't think wave 3 is done yet. There is two possible scenarios from here: The first is, that you have seen the top of wave iii of 3 (less bullish option). The second scenario is, that you have only seen wave i of iii of 3 which will take us much higher. Which is right? I don't know, but I would go with the less bullish option, but keep the other option in mind and see what develops.
Short term I would no be surprised if you only sees a correction back to 26.51 and then a new powerful rally takes of again. That said you could see a dip to 25.79 and then higher, but time will show us, which count is the better count.
Kind regards
EWS
Regarding Gold my opinion is that we see one more dip towards the 200SMA (daily), which is below 1700 at around 1670ish (if I remember correctly, don't have access to a chart right now).
ReplyDeleteIn 2009 we had a similar behaviour, first breakout and then retest of the 200SMA, and then Gold took off.
Best regards,
Heiko