Elliott Wave Analysis of GBP/USD - Wave B is expected to be an expanded flat correction

Wave B is expected to be an expanded flat correction 

In my last long-term update from June 18 - 2016 I was calling for a decline in Cable to 0.9534, which still remains my target.

However, the B wave opted for the alternate route, by breaking above 1.4770. I also showed that alternate count for wave B in my June 18 - 2016 update (You can see that post here).

Ideally wave 2 should have completed with the test of 1.2442 at the year-end 2018 and wave 3 towards 1.6345 should be developing. However, the political uncertainty due to the Brexit and shift of Prime Minister in the UK is weighing on the GBP and we might even see Cable break below 1.2442 shortly before starting to move higher in wave 3.

B-waves are notoriously difficult to track and trade. They can take on any shape the want and shift to a new count when you least awaits it.

However, the long-term count remains the same, which is lower to 0.9534 once wave C takes over.

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Elliott Wave Analysis of EUR/USD - Wave 2 could complete anytime now

Wave 2 could complete anytime now

In my last long-term update from June 18 - 2016 I was looking for a final dip closer to 0.9880 to complete the decline from July 2008 peak at 1.6038. 

The decline completed December 2016 with a dip to "just" 1.0352 and has since staged an impulsive rally in wave 1 to a high of 1.2556 in February 2018. This impulsive rally has been followed by a wave 2 correction to the 61.8% corrective target at 1.1194 (the low has been seen at 1.1107). 

Wave 3 is now ready to take over for a new impulsive rally 1.4693 where wave 3 will be an 161.8% extension of wave 1. 

Ultimately I will be looking for a break back above the July 2008 peak at 1.6038. 

A break above minor resistance at 1.1348 will be a strong indication that wave 2 finally is complete and wave 3 is developing. 

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Elliott Wave Analysis of Gold - Break above 1,360 call for rally towards 1,710

Break above 1,360 call for rally towards 1,710

Gold has tried to break above resistance at 1,360 for a long time now and with a clear break above in place, we should see gold continue to climb in the weeks and months ahead towards the 1,710 target.

The rally of the 1,046 low is clearly corrective in nature - Wave B is a triangle. indicating that this rally will be a three wave affair to complete larger wave (B) in a much larger triangle, which I expect will last another 11-12 years before completing and setting the stage for a shot to the moon.

The former resistance near 1,360 will now work as support and protect the downside for the expected rally higher. 

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