Hi all!
Long term analysis shows a short/medium ABC correction supported by CRAB pattern considering that CME topped as well on the upper part of parallel channel.
- The CRAB values are bit overextended but it could play out.
Elliott waves are supported by Fibonacci extension/retracement, the 5th Wave ended in the Diagonal and the ABC correction does not respect any time frame; I have only followed Fibonacci Retracement value for each Wave. (ABC)
Let me know what do you think about this IDEA!
Long term analysis shows a short/medium ABC correction supported by CRAB pattern considering that CME topped as well on the upper part of parallel channel.
- The CRAB values are bit overextended but it could play out.
Elliott waves are supported by Fibonacci extension/retracement, the 5th Wave ended in the Diagonal and the ABC correction does not respect any time frame; I have only followed Fibonacci Retracement value for each Wave. (ABC)
Let me know what do you think about this IDEA!
1. we have touched 2 times the upper channel in 2013 and 2017, I do not think we have enough strength to go further in uptrend (moreover, the CME is topped)
2. touching for the second time the lower channel, after 9 years, we will give the opportunity to reach highest part of the channel.
3. we should fill CME GAP at ~18K ish, ~17K ish and 9.5K ish.
4. if the CRAB pattern plays out we could reach ~3.8k ish on the long run.
5. DXY is a very strong price point after an year of downtrend, the JAN 2018 support hold and it could be ready for a rally.
6. US10Y is in dangerous upwards, Gold is losing its charm and the S&P is on the edge of the world.
7. The democrats will play out an important role and we should see how the finance market will respond during the next weeks.