Possible 5th wave down commenced for euroyen. HA candles closed beneath the 8/14 MAV cross @ 121.90.
Enter around 120.90.
Trade invalidated at 124.10.
Look for a .618-.666 fib retracement from the 2016 H2 consolidation and rise. Target 114.50
Exit for partial profits if a green HA closes above a crossed ...
Gold with a continued buy ( ideally closer to 1200 for entry), in which we are trading a potential BC leg.
The target is just below the .618 retracement @1250.
The point of invalidation would be 1176 ( beneath the 14 MAV) .
The trade would be closed short of target if the HA closes beneath a crossed 8/14 MAV. ...
Consider gold for a corrective buy opportunity, when the HA price closes above the 8/14 moving averages.
The point of invalidation is the recent swing low of 1122.
Target is support level of 1210 ( support in Feb,March,June 2016) now acting as resistance and fib 50 level of the 2016 gold uptrend.
Risk Reward ...
Entry for a long when price closes above the short term moving averages.
The point of invalidation is a close beneath the recent swing low @ 1122.
Target is a prior support level (Feb,March,June 2016 , & Fib 50 level) .
Risk Reward is 3 to 1.
If price is beneath target , and closes below the short term ...
Wait for gold to make a significant (.618-.666) retracement of recent swing , to enter short.
Point of invalidation is above swing high @ 1166
Target is 1117 ( .786 retracement of the next degree higher trend)
Risk/Reward = 2
Given the strong impulsive move of Dollar yen , now considering b retracement moving to .786 of recent swing ( a wave) .
If so , the target to short for the c wave is 92 ( .666 retracement wave 1), and unchanged.
We would then have an AB=CD outcome, where the a and c waves are equal in magnitude.
EURJPY possibly making a corrective 4th subwave to 125-126.
IF this holds, then a potential 5th Subwave to 1.05 completing a multiyear larger Wave 2 correction.
I am waiting to short with this 5th wave.
Consider the possibility that USDJPY is making a Zig - Zag for a Wave 2 correction.
If such , the b wave may look to reverse into the c wave around 117.00.
The c wave then making a move downwards for a wave 2 correction at .92 - .94.
Continuing a preference for gold to be sold.
Entry @ 1172 ( .618 retracement)
Stop above 1198 ( minor daily swing high)
Target between 1117 and 1122 ( .786 retracement and 161.8 fib extension) .
Risk Reward = 1.8 +.