Elliott wave analysis of Crude Oil - Correction towards the 50% corrective target at 38.83 expected

Crude Oil - Correction towards the 50% corrective target at 38.83 expected

After a nice impulsive rally (in five waves) of the 26.06 low to 51.67 a corrective decline towards the 50% corrective target at 38.83 now is expected.

The corrective decline is already pretty complex as a double zig-zag combination is seen.

Short term, the decline from 46.13 look a bit stretched, so it should come as no surprise if a minor corrective rally in wave b towards 43.20 is seen before the next decline closer to the 50% corrective target at 38.83. This target could mark the low of the ongoing correction and set the stage for the next impulsive rally towards at least 62.58 and likely even higher, but time will tell.

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Elliott wave analysis of EUR/GBP - Break above 0.8427 confirms thrust out of the triangle consolidation

EUR/GBP - Break above 0.8427 confirms thrust out of the triangle consolidation

The small triangle consolidation in wave iv is complete and a break above the top of wave d at 0.8427 will confirm that the upside thrust towards at least 0.8656 and possibly even higher to 0.8750 is developing. 

The thrust higher to at least 0.8656 will complete wave 3 and set the stage for a new correction back to 0.8343. 

In the extremely bullish case the rally to at least 0.8656 only completes wave (i) of 3 and if this is the case the next impulsive rally will be headed for 0.9480. 

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Elliott wave analysis of AUD/JPY - Possible long term [B] wave triangle unfolding

AUD/JPY - Possible long term [B] wave triangle unfolding 

My preferred long term count for this cross shows that a [B] triangle is unfolding. The construction of this [B] wave triangle began from the top seen in October 2007 at 107.86 to a low of 55.07 in October 2008 as wave (A). Wave (B) of the triangle rallied of the 55.07 low to a high of 105.43 in August 2013 and since that high wave (C) has been unfolding. Wave (C) completed it's three wave decline from 105.43 as a double zig-zag correction to 72.42 and wave (D) has just begun.

With wave (D) just beginning now, we can expect many months of upside pressure towards an ideal target at 103.65 before the final wave (E) begins to unfold.

Zooming in on the daily count for the decline from 105.43 the double zig-zag combination becomes clear and shows that the expected rally in wave (D) is only in its very early stages.
I'm looking for a rally to 83.71 to complete the first five wave rally as wave A, which should be followed by a three wave corrective decline towards 78.88 before the next strong rally in wave C.

At this point there is no way of telling whether the expected rally in wave (C) becomes a possible double zig-zag or a more simple zig-zag rally, so I will just keep my focus on the ideal 103.65 target and let the rally of the 72.42 tell me how it wants to unfold.

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Elliott wave analysis of Apple - Correcting in wave B to 103.60 before the next move lower towards 55.01

Apple - Correcting in wave B to 103.60 before the next move lower towards 55.01 

The correction in wave B of Z should test 103.60 before completing for the next decline in wave C lower towards 55.01. 

Short term a minor setback to 98.25 should be expected from where the final rally to 103.60 should be seen to complete wave B and set the stage for the next decline in wave C of Z.

For the long term view, click here 

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Elliott wave analysis of DOWI - Set To peak in the 19,989 - 20,098 area

DOWI - Set To peak in the 19,989 - 20,098 area

The clear break above 18.351 calls for more upside into the 19,989 - 20,098 area before a long term top is expected to be in place for a major correction. 

On June 21 I posted my long term view for DJI (you can see that post by clicking here). In this post, I said, that a clear break above 18,351 will call for an alternate long term count. This alternate count calls for a wave III top at 20,098 of the rally from 1932. 

On July 13 the former top at 18,351 was taken out and the shift to the alternate count calling for a rally towards 20,098 was a fact. 

As long as support at 17,063 protects the downside, I will be looking for more upside towards the 19,989 - 20,098 area before the long term top finally is in place. 

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Elliott wave analysis of Copper - Can blast higher towards 2.64 - 2.68 anytime now

Copper - Can blast higher towards 2.64 - 2.68 anytime now 

Copper is now in the position to blast higher anytime now. 

The long term Elliott Wave Count called for important corrective low in mid-January at 1.9355 for a rally back to the top of wave (iv) of C at 2.97. 

Since mid-January low a five wave rally was seen to 2.32 in wave (i) which was followed by a prolonged flat correction in wave (ii) to a low of 2.01 and wave (iii) higher is now getting ready to really take off towards the 2.64 - 2.68 area. 

Short term, a break above minor resistance at 2.27 will be the "GO" for a strong rally in wave (iii) higher. 

A large Inverse S/H/S bottom can be seen. The neckline resistance near 2.16 has been broken and once the ongoing consolidation just above the neckline is complete that will call for a measured rally towards 2.68. 

So copper has everything going for it at the moment, so keep an close eye of minor resistance at 2.27 as the trigger for the next strong rally higher. 

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