Look for an equal leg down (minimum) for the wave C correction. Grab a short position and stop over 84. Looking for a target 73 & 76 area.
After the correction if the next wave up takes out 86 ( yellow line) this could run long term.
Thoughts on what Gold is going to do over the next few months.
Looking for a run close to 2000 over the next few week. Then a correction before making a move to new highs to finish the 5th wave of the longer term primary 5 waves.
Bounce to continue to 50,000 for wave B of correction over the next few weeks. Then looking for selling over the next few months down to 20,000 minimum.
The next coupe of weeks will tell the story for the rest of the year.
Solid bounce and 3 waves putting in a marked low. The correction/pullback here will tell the story.
Fib retace support 50% & 61.8% along with trendline and most likely 50dma will come close to lining up soon.
If these hold it will be up for few more months and potentially build a nice base...
Should get a bounce in this area.
Strong price support and 100% Fib ext.
EURUSD is weak look to add to short or get short on a bounce to 1.199 over the next couple trading days.
Strong rally to 2.618% Fib and price resistance.
Mid term play could be a long position on correction/consolidation to the 0.904-0.909 area (white circle). Price support, trendline support and Fib .618% retrace. If this area holds could be looking at Inv H&S setting up and a big wave 3 to the 0.96-0.97 area.
Sell side looking good. Correction/consolidation working out.
Two spots to watch for reversal bounce.
Price and Fib support at both. Leaning more towards the lower larger circle in the 1.5 to 1.6 area if this unfolds to 5 waves.
Good low risk trade here.
Strong bounce last week. Consolidation/pull back to price, fib support.
long here looking for wave C to price resistance at 1.287 area.
Stop near days lows around 1.2593.
Bear flag (YELLOW) to Fib, Price & 50 EMA resistance. Excellent short position opportunity. Low risk.
Bear flag breaks and LONG uptrend right below it (BLUE) doesn't hold and at a minimum we have a wave C down to 0.7563 then possibly 0.7413 if this is a 5 wave structure move.
2/28 - SPY / Market looking to consolidate gains of 2020 through the middle of 2021.
1. The gap down and down week on higher volume is telling of a coming consolidation/correction.
2. The usual 4th wave pullback formed a triangle and its measured target hit almost exactly.
3. 5th wave of primary looks to be complete.
At a key area here. the 2020 up trend line...
2/27 - GBP/USD Looking to consolidate gains between 1.35-1.42 for 2021.
1. Reversal candle stick at exactly 200% Fib and close to big price resistance.
2. Looking for ABC correction to 135 area price support.
3. Potential end of year bounce back to 1.425-1.437 area for wave 5.
2/27 - EUR/JPY Pair looking to continue uptrend in 2021
1. Looking like 3rd wave of primary building.
2. Should see a little pullback here to 126 area for 4th wave of intermediate, then a continued assent to 132-133 area = next Fib ext and some price resistance.
3. Should see 5th wave to 200% Fib and price resistance at 137.5 in 2022.
2/27 - 2021 could be a down year for AUD/USD
1. 5 waves up to 2.618 Fi ext. and close to major price resistance.
2. Big bearish engulfing candle stick on a spike in vol.
This may have a little gas left in the tank but
If this rallies over the next couple of weeks I would look to sell the pairs as close to 0.8000 = This weeks high as possible.
Don't see it...
2/27 - Long term pic
1. 5 waves down to MAJOR price support area at exactly 200% Fib Ext
2. Fought with down trendline for a month and looks to have finally broken free.
3. Positive divergence on MACD.
4. Positive candle sticks at reversal and off trend line.
4. At minimum looking for an ABC correction in 2021. to price res at 94.7 or 50% at 95.9.
