The Dow Jones Industrial Average has dropped to yet another low at 24285 levels at close. Two potential wave counts still remain as highlighted on the chart presented here. Towards the trend count is suggesting that Wave (3) lower is already in progress and that Dow could continue dropping lower from here as it unfolds and potential target remain below 23000...
Gold 4H chart has been presented here for a medium term outlook. It seems that Gold is unfolding into Wave C since bottom was formed at $1195/96 levels. Furthermore, the metal might have terminated its first lower degree wave at $1232 levels and is now progressing towards wave ii which could terminate at $1213 levels, before rallying towards waves iii , iv and v...
The US Dollar Index made an intraday high close to 97.00 levels yesterday, before closing at 96.95 levels. Please note that the fibonacci 0.618 resistance of the drop between 97.70 through 96.00 levels is seen at 97.05 levels, hence possibility remains for a rise there, before the drop resumes. Looking at the short term wave counts, a lower degree wave i could...
The EURUSD dropped yesterday towards 1.1327 levels before closing the week at 1.1335 levels. Please note that potential remains for a drop towards 1.1312/15 levels, before resuming rally. Looking into the short term wave counts, it seems that a lower degree waves i and ii might be in place with wave i terminating around 1.1470/75, while wave ii at 1.1327 levels...
The 4H chart for AUDUSD has been presented here after several trading sessions. It seems that corrective drop is underway, and we could see AUDUSD retracing up to 61.8% fibonacci support, before resuming rally. Looking at the wave counts, it is quite evident that AUDUSD had unfolded into 5 waves between 0.7020 and 0.7340 levels earlier. It could be labelled as...
Gold is seen to e trading around $1227 levels at this point in writing and could probably continue pushing higher from current price or drop towards $1212, before resuming rally. Looking at the short term wave structure, waves i and ii might be in place or wave ii could terminate around 1212 levels as labelled here. If the above structure holds to be true, we...
The US Dollar Index daily chart is probably preparing to drop lower towards 95.00 levels. Please note that a lower high can be still carved out above 97.00 levels before it could resume its drop. Looking at the short term wave counts, a lower degree wave i and ii could be in place as labelled here and wave iii could resume any time soon. Also note that the larger...
The EURUSD daily chart remains more or less unchanged from what was discussed last week. It is quite possible that a higher low was formed on Friday at 1.1327 levels, or it could drop towards 1.1315/20 levels before the rally could resume. Looking at the short term wave counts, a lower degree waves i and ii could be in place as labelled here, and wave iii could...
We have again presented the daily chart wave counts as yesterday to keep the bigger picture in mind and also a simplified chart view. It seems to be that after an impulse rally between 88.30 and 97.00 levels respectively, the US Dollar Index is unfolding as a potential expanded flat (A)-(B)-(C) corrective drop. If the above counts hold to be true, we could witness...
The 4H chart presented here for Gold might be suggesting that an impulse rally at a lower degree could be in place at $1230 levels yesterday. Please note that according to the re-labelled wave counts yesterday, Gold could be unfolding into a potential Wave C, within the A-B-C corrective rally that began from $1160 levels earlier. A lower degree wave i or a could...
There is no change in the wave structure and potential wave counts labelled on the 4H chart presented here for the Dow Jones Industrial Average. It is seen to be trading around 24460/70 levels at this point in writing and could be poised to print yet another low ahead of 24100 levels. Please note that a continued drop below 24100 levels would keep the wave count...
We have preferred not to change the time frame or potential wave counts for EURUSD, that we had discussed yesterday. The single currency is seen to be trading above 1.1400 levels again at point in writing, looking poised to continue its rally above 1.1500 levels in the short term and towards 1.1800/20 levels in the medium term. After having produced an impulse...
The counter trend rally that began from $1160 levels in Gold is probably progressing in Wave C since forming lows at $1195/96 levels. On the 4H chart presented today, we have changed the counts to fit the most probable outcome, most like a combination could be in the making. Initial 3 wave rally seems to be a probable zigzag between $1160 and $1245, labelled as A....
We have presented an alternate scenario for Dow Jones on the daily chart here. The medium term bearish outlook remains intact for now but the indice could surprise many a traders by producing a 3-3-5 flat corrective wave structure, which could re-test 26300 levels. Please note that the above count is a probability and should not be taken as opportunity to build...
A daily chart for EURUSD has been presented today to have a re-look at the potential wave counts since last several weeks. Please note that EURUSD had dropped earlier between 1.2500 through 1.1300 levels respectively. It probably unfolded into an impulse, 5 waves as labelled here. The most likelihood after an impulse drop was a 3 wave corrective rally. With the...
The daily chart for US Dollar Index has been presented here with most probable wave counts, and also to have a re-look at the bigger picture. Please note that the US Dollar Index had produced an impulse rally between 88.30 through 97.00 levels respectively as labelled here. The subsequent drop towards 93.80 levels is seen to have unfolded into 3 waves hence could...
The EURUSD advance continues as expected and it looks that the bulls are close to taking out the first major price resistance at 1.1500 levels. Nothing much changes on the chart presented here except the fact that prices can be seen breaking above the immediate trend line resistance. The EURUSD is now trading around 1.1456 levels and remains just shy of taking out...
The 4H chart presented for US Dollar Index is indicating that unlike its counterpart ( EURUSD), the index is seen to be testing immediate support trend line around 96.10/15 levels. Please note that probabilities could remain high for a continued drop towards 95.65 levels before producing a meaningful retracement/pullback. Looking into the wave structure, US Dollar...