EUR/USD - Have broken slightly above my ideal target at 1.2550, but we should be very close to a top here. We might prices to back-off a bit and then one more rally to new highs closer to 1.2593, but not much more than that. A break below 1.2482 will indicate that red wave 4 is in place and red wave 5 down towards at least 1.2017 and more likely 1.1677 where red wave 5 will be 61.8% of the distance traveled from the top of red wave 1 to the bottom of red wave 3.
USD/JPY - The big very impulsive decline yesterday is of great concern and very much questions the my count, but as long as important support at 78.15 hasn't broken. That said any break below 78.15 would invalidate my count and call for a decline below 77.65 and likely even down towards the 77.14 - 77.40 area.
To gain confidence in my bullish count we need as said support at 78.15 to hold firm for a break above 79.53, which seems to be a long way away right now. However seen from a trading point of view buying EUR here with a stop just below 78.15 will give you the most ideal risk/rewards opportunity and a possibility to enter very near the lows,
if the bullish count is valid?
GBP/USD - Here too we have exceeded the ideal target at 1.5805, but I have calculated two new possible targets and we have reached the first target which is at 1.5907, but as is the case for EUR/USD we could see a minor set-back followed by one last rally towards 1.5998 before the top is finally in place for a break below support at 1.5744 confirms that wave 3 down is under way.
EUR/JPY - Found resistance just below my ideal target at 99.42. We should now see a shallow correction towards the 97.80 - 97.95 area before the next rally higher towards at least 99.62 and more likely 100.61 in red wave 5 and black wave 3.
The risk is a break below 97.47 which will leave a very overlapping look to the rally from 94.09 and call for a deeper correction towards the 96.73 - 97.07 area.
EUR/NZD - The rally from the 1.4968 low, is overlapping and the only impulsive structure that will suite this shape is a Leading Diagonal. If this count is correct we should see a deeper correction towards 1.5148 in red wave 2 before the next rally in red wave 3 takes over.
Gold - The break above 1,663.33 invalidated the possible ending diagonal and I have had to change my count accordingly. That said I still regard the price-action since the low at 1,526.80 in May as corrective. The next possible target for this correction is at 1,676.44 from where the risk again tunes to the downside, but we need a break below 1,634.14 to confirm that the correction is over and a new test of strong support near 1.521 is in the cards.
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