This chart shows a possible alternative roadmap for Gold taking the shape of a regular flat for the (B) wave. If correct GOLD will push to the previous high of around 1378 and then decline in the C wave of the flat. Good Luck
EURUSD momentum is fading and this current wave looks tired and maybe the last wave in this long impulse. a possible ED is forming and there may be one last push and throwover before a decline starts. Note both RSI and momentum are diverging. Good Luck
Usually with EW analysis there are a number of alternatives to the wavecount that appears correct at that time. As time progresses the pattern becomes clearer and this chart replaces my previous chart from 2nd July which had wave B as a large triangle. It now looks like wave C is well under way and currently in a 3rd of a 3rd wave which when complete should pass...
Following on my previous ideas FTSE has completed the wave (ii) with a FLAT and wave I of wave (iii) finished today at around 7287. Current wave is wave ii of wave (iii) and once complete at around 7364-7382 range wave iii should start. This will be a 3rd of a 3rd wave which are usually strong and steep! Good Luck
Wave (4) in the SPX may be taking the form of a double zig-zag with the X wave currently underway. After the X wave is complete a large decline in the Y wave should commence. Note 4th waves are often very complex and there are other alternatives to this idea which will only become apparent as the wave develops. Good Luck
I believe US30 is in a diagonal (wave A) as the first part of the wave 4 correction. Target is around the support level at 21620 or possibly lower. Good Luck
FTSE looks like completing a regular flat for wave ii of red 3, should result in fall soon as wave red 3 starts. Momentum diverging. Good Luck
As I personally hold silver ETF'S I thought I would post my silver chart which I know goes against the current bearish opinion! This chart is complex and full of full of detail but I hope it helps explain my bullish view especially if SILVER breaks and stays above the current down trend line. Good Luck
Price action later on 18th Aug did not look like the continuation of an impulse wave 3 down and more like a sideways correction. Re-examining the chart indicates that a zig-zag with the B wave forming a triangle may be in progress. Good Luck.
As per my previous posts I believe FTSE toped at near 7600 and is now in the first wave of a large decline. After kissing the support trendline FTSE fell back and is now in wave 3 of this first wave down. Initial target around 7100 to complete wave 1. Good Luck
I believe GOLD has now completed wave b of a large triangle with wave b forming a DZZ,FLAT,DZZ. Momentum and RSI are diverging once again which suggests the start of the c wave to around 1240 level possibly. Good Luck
Continuing my previous idea, this chart zooms in on the 1 hour timeframe to hopefully explain the recent ups and downs. Good Luck
Gold continues to follow my chart idea from 2nd July and is now in the final wave c of the double zig-zag. Wave 1 is near completion. Target still around 1320ish. Good Luck
EURUSD may have reached wave 5 top at 1.1911 and starting a decline. Wave 1 looks complete and wave 2 may reach the red minor trend line at fib 0.786 level before falling in wave 3. Good Luck
FTSE has just reached the .764 fib retrace of wave 1 and the intersection of support and resistance trendlines. This is a possible turning point given the momentum is now diverging and RSI overbought. Worth a small low risk short. Good Luck
GOLD is following my idea from 2nd July nicely and is now in the 2nd zig-zag after completing the flat. This wave should finish about 1320ish which is 0.786 of the prior wave of the triangle structure and a=c of this zig-zag. I welcome constructive comments. Good luck.
I have been asked to explain why my GOLD charts have the end of wave A in the current zig-zag at 1258.73 on 24th July and not 1273.84 on 1st Aug. This 1 hour chart hopefully explains my reasoning which is based around EW guidelines of alternation with waves 2 and 4 and the 3rd wave of a 3rd wave usually being the strongest. In addition the fib levels for wave 3...
GOLD has just completed a double zig-zag for wave 2 of thus c leg. Wave 3 should now start and propel gold upwards next week. Good lucky