Elliott Wave Forecast! - page 7
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GOLD Could Make A New Bearish Reversal After Recent Pull-back To 1420
GOLD rallied nicely in the last few sessions which was expected as we needed a three wave rally in wave 4. For now, the bounce is unfolding very nicely, but we need to see 38.2% hold to turn straight down again.
GBPUSD Could Turn Bearish This Week
GBPUSD has extended higher in the last two weeks after broken trend-line connected from above 1.6300.
S&P 500 Is Showing a Top Formation At 1597 Based on Elliott Wave And H&S Patterns
Recent pull-back represents a wave 2/B as we labeled a decline from 1597 as a leading diagonal in wave 1/A.
USDCAD is Eyeing More High in Coming Week.
Expecting higher on USDCAD in coming week as recent correction is black wave 2.
Crude Oil Is Looking Impulsive On the Intra-day Basis; Could See $93.00
Oil is forming an impulsive price action from 87.87 swing low. The reason is recent strong reaction towards 92.00 figure yesterday which has been very strong and sharp in short-period of time. That’s a personality of a third wave
GBPUSD: Corrective Rally From March Low Could Now Extend To 1.5500/1.5600
GBPUSD finally broke higher yesterday after recent unsuccessful push through the lower support line connected from early March lows. Notice that pair closed well above 1.5407 trend-line yesterday which sets a stage for a new impulsive rally, now towards 1.5500/1.5600 area.
CRUDE OIL Turned Bullish Last Week; Could See $95.00
OIL has accelerated higher on Thursday, and more importantly it closed well above the upper parallel trend-line of a base channel.
When Australian stocks are higher the AUDUSD could go even lower if we consider the negative correlation between the markets as shown on the overlay chart below.
ASXSP200 Daily
Australian stocks vs. AUDUSD
AUDUSD Elliott Wave Analysis # Targeting 1.0100
Expecting AUDUSD More downside towards 1.0100 in next few trading days.
GBPUSD Trying To Form A Bearish Reversal At 1.5600
On GBPUSD hourly chart we can count completed five waves up in wave C that shows signs of a top around 1.5606