tchamoun

tchamoun Updated 

The pair has carved out a five wave decline followed by a three wave rally (which could extend a little further). Whether the two big waves are part of an impulsive wave lower (1-2) or part of a zigzag correction (A-B), another leg lower should follow, targeting the 0.8650 support. This idea is viable as long as we trade below the 94.00 resistance.

tchamoun Updated 

After the impulsive first wave witnessed on the pair, where we had an extended first leg, the EUR/GBP is now correcting. The next levels to watch are the 38.2% and 50.0% retracement from the highs, which come in at 0.8404 and 0.8382. Those are good entry levels for the third wave, which could take prices higher towards 0.8600.

tchamoun Updated 

As we can see on the chart, the US100 still has at least one more leg lower to end the impulse wave. It's still not clear whether the 4th wave ended at 14651.5 or we still have one more push higher before the beginning of the 5th wave lower. Either way, as long as we trade below 15351 (the end of the 1st wave), odds favour more selling to lows below 13717 at the very least

tchamoun Updated 

As can be seen on the chart, the XAU/EUR is in the middle of correcting a five-wave decline that should take prices towards 1615/25 before the resumption of the down move. Whether the move lower is the third wave of an impulsive decline or the C wave of a corrective decline doesn't matter, the XAU/EUR should go lower. If the pair breaks above 1642, our analysis...