peterdcharlebois

peterdcharlebois

There is always the chance of a final wave down after one of these ending diagonals... but it means the low is either in place or very close.

peterdcharlebois Updated 

Look at this chart of the USDJPY with weekly candles. It would make sense to at least surmise that there is a temporary top in place. Should we be looking to go long? or short? Below 116.00 should confirm the top for now. The price action from Feb 2nd is twice the average daily range. There are many possible Elliott Wave counts on this. 3 in particular that all...

peterdcharlebois

The structure is good if B wave ended at 1.41 as a triangle. Only time will tell. I guess the trade is above 1.4445

peterdcharlebois

Still playing out as expected.

peterdcharlebois

I'm always blown away by how the waves repeat in fractals. Mind blowing. The chart on the left is the monthly from 2009 @672 and the one on the right is the most recent wave up from Jan 2012 @1807. Suggestive of a forming top

peterdcharlebois

The GBPUSD seems to be doing nothing but ABC patterns. This usually indicates some sort to corrective triangle forming. This one looks like a B position corrected wave. But I am not really that confident about it. What I do know however is that I should wait until it breaks 1.4460 before I buy.... cause it could turn around here.

peterdcharlebois

Where is the USDCAD going to finally bounce? This also begs the question: Is $1.45 a long term top? Could the CAD be heading back towards PAR again with the USD? In the first 3.5 months of this year, the CAD has gained 20 cents. (If I had just left my short alone... LOL). I am watching OIL for a bigger correction to give a little relief here. But I think I will...

peterdcharlebois

Wow... that was a reversal... Hard to tell for sure what's next. It still can't seem to break out of its downtrend. 1.26 in view. Oil is the catalyst here. Let's see if OIL does a larger correction.

peterdcharlebois Updated 

The USDCAD is following Gold and OIL more than the USD. This correction does not have legs yet but it could surprise if the commodities move sharply lower. However, I'm still cautious of a much larger correction just yet.

peterdcharlebois

Here's a view of the WEEKLY on the USDJPY. It sits between two horizontal areas of support. I've also drawn a grid on an angle based on the first 1-2 move up. It's surprisingly often very relevant. SO>>> has the JPY bottomed yet against most of its counterparts? In Elliott Wave Theory, this last wave 5 UP to the top, appears "Extended" Extended wave 5's are almost...

peterdcharlebois

A lot of support here around 112.00 - A clear break is needed to bolster the downward move - A least a bounce around here should be expected.

peterdcharlebois

Like I have said in the past, I always look for EW Triangles following a 3rd wave advance. It's the most common position. What is always a little unclear is if the price action is following the most common route. Because sometimes wave 2 can be a triangle oh ya... and wave B too... well you get the point. But for now, this is the picture. Elliott Wave like the...

peterdcharlebois

Best run for Oil in a long time - There is really no more trendline resistance for now. So parallel price points are now the focus. Plenty of places to bounce around for a while. This is going to be fun to watch. Will it break or will it FAKE?

peterdcharlebois

The USD put in a great performance the last two days... But for the CAD. However, Gold and OIL may be topping temporarily. Those two commodities really play on the CAD It really looks like it may not want to do a larger retrace until it hits about 1.2580 It's playing on my nerves.... LOL

peterdcharlebois Updated 

I know... maybe I should give up my Wave 4 bias... It does look like 1.15 is the target

peterdcharlebois

Seems like the most likely course. But I am cautious For now, I'm watching for a three wave move down to the proximity of the bottom trend-line

peterdcharlebois Updated 

Gold will likely surprise here.

peterdcharlebois

Volume that is shown here is only retail traders. But it can be a sign taken with other considerations. Consider the long side.