US Dollar Index is progressing within Wave 3 lower towards 94.65 and further. The index had earlier dropped from 103.00 through 98.27, sub dividing in 5 waves, Wave 1 on the chart. Wave 2 had unfolded as a triangle consolidation a-b-c-d-e, and terminated around 100.56 handle. Since then, Wave 3 might be underway lower towards 94.65 and beyond. Within Wave 3, the...
EURUSD had dropped lower to 1.1228 yesterday, before pulling back higher again. The corrective wave iv drop might be complete at 1.1212 earlier, or we could witness another drop lower around 1.1185/1.1200. It is also fibonacci 0.382 retracement of lower degree wave iii, a typical guideline for wave iv termination. Either way, it is matter of time for EURUSD to...
Dow Jones has reversed lower from 27600/700 levels last week, forming a potential Engulfing Bearish candlestick pattern on the daily chart. The larger degree wave counts are as follows: The earlier drop between 29600 through 18200 was in 5 waves, hence impulse Wave (1) on the chart here. The subsequent rally was corrective and managed to reach just above the...
Brent Crude seems to be in a corrective phase since $43.40 highs. A potential flat might be underway towards $26.50, going forward. Looking at the short term wave counts, Brent had earlier drop from $43.40 towards $37.00 in 3 waves. The subsequent rally has been in 3 waves until now, and has managed to reach close to the fibonacci 0.618 retracement of earlier...
GBPUSD might have terminated its lower degree wave iv yesterday around 1.2450/60 levels. The currency pair has since raised through 1.2687 before retracing lower again. Structurally, GBPUSD had carved Waves 1, 2, 3 and 4 as labelled on the chart here. Wave 4 had terminated just below the 1.2100 handle earlier. Since then, GBPUSD has been carving wave v towards...
EURUSD picked up from 1.1212 lows and managed to rally through 1.1353 before pulling back. Probability remains for a potential wave iv in place around 1.1212 and bulls are back in control to push towards 1.1500/1.1600 highs. As we write this article, EURUSD trades lower around 1.1312 handle and is expected to continue towards 1.1250/60. If the lower degree wave v...
Bitcoin is in a corrective phase since 10500 resistance was almost taken out by bulls on June 01, 2020. The crypto is correcting lower towards 6300, before turning bullish again. The previous rally between 3850 and 10500 could be marked as a lower degree Wave 1 (not labelled here). Bitcoin might be carving a corrective Wave 2, before resuming Wave 3 rally towards...
Gold continues to remain vulnerable for a bearish reversal against $1765 highs. As it happened with indices, Gold could be next to break lower. The short term projections are towards $1660 and a break below would confirm trend reversal ahead. At a higher degree, Gold remains poised to push below $1046, to complete the corrective structure that started from $1920...
US Dollar Index remains poised to push one last time towards 97.80 handle before giving in to bears. The fibonacci 0.382 retracement of recent drop between 100.00 and 95.70 (lower degree wave iii), is also seen around 97.80. Hence probabilities remain high for wave iv to terminate around 97.80/98.00 handle. Thereafter, the index should reverse lower towards 94.65...
EURUSD might be one lower degree wave away from carving a Wave iv low around 1.1180/1.1200 handle. An expanded flat is being carved since Wave iii terminated around 1.1385 earlier. Ideally prices should remain below 1.1280 if EURUSD needs to print another low below 1.1212, to complete the corrective structure. Thereafter, the rally should resume towards 1.1500/70...
SPX500 registered its highest single day drop since the counter trend rally began from 2200. This was coming, and time and again presented here with as a classic case of Elliott Wave Pattern along with the conventional Head and Shoulder bearish reversal. Please find the summary of Wave Counts below: The drop from 3400 through 2200 unfolded in 5 waves, carving an...
Gold had again rallied towards $1744/45 resistance yesterday before reversing lower. The yellow metal might have carved a lower high below the $1765 handle, and should be proceeding towards $1660 levels in the short term. The weekly chart presented here is indicating that Gold remains vulnerable to a sharp reversal lower until $1765 remains intact. The yellow...
US Dollar Index might be looking to push higher towards 97.80 handle before reversing lower again. The short term wave counts since 100.56 are as follows. Lower degree waves i, ii and iii seem to be in place around 99.00, 100.00 and 95.70 respectively. Since then, EURUSD might been carving wave iv, which could reach fibonacci 0.382 of wave iii towards 97.80...
EURUSD continues to carve lower degree wave iv and is expected to find support near 1.1200 handle. A wave v rally should be underway towards 1.1500 thereafter, to terminate Wave 3. Only if EURUSD slips below 1.1000 handle and further, should the above bullish structure change. At the moment, we favor a Wave 3 rally higher towards 1.1500 before carving a meaningful...
Dow Jones has reversed sharply since 27600/700 highs recently and is seen to be trading close to 26400 handle as we publish this article. In continuation to our calling for a potential bearish reversal since last several trading sessions, the indice seems to have finally turned lower. We are not ruling out yet another shallow high above 27600/700 before giving in...
Brent Crude seems to have carved an intermediary top around $43.40 handle. It has since dropped towards $39.84, sub dividing into 5 waves at a lower degree. Furthermore, the rally to $42.00 yesterday was corrective. If the above short term structure holds as 5-3, Brent is preparing for another 5 waves lower towards $32.80/33.00 respectively. High probability...
Bitcoin might be ready to resume lower again after testing 9900/9800 resistance again. The crypto had taken out 10500 resistance earlier, and a corrective drop has been due since then. Structurally, the rally from 3850 through 10500 seems to be an impulse that needs to be followed by a corrective drop. Looking at the short term wave counts, Wave a and b seem to be...
EURUSD had rallied past the 1.1400 handle yesterday, before reversing lower again. We continue to favor a wave iv lower towards 1.1180/1.1200 levels, before marching higher towards the 1.1500 handle. Structurally, EURUSD seems to be unfolding Wave 3 since 1.0775 levels. Furthermore, the sub waves are being unfolded as labelled on the chart today. A potential wave...