Tuesday, July 7, 2015

Eur/Usd : Triangle wave X?

There's a possibility for a triangle count for wave (X) as shown in the chart below. Should price break the wave a of the triangle low, wave (X) will finish just a bit lower. Yet another possibility is that wave (X) is already finished and this price action is part of wave (Y). 3 possibilities all have in common that price is near a bottom. On a side note, the chart has a different look because i have made it at tradingview.com, you can find me there under the name jdemunter.

Saturday, May 30, 2015

Eur/Usd : Here come the bulls

In the last update i was looking for a decline, price went a little higher first but declined anyway. This decline was in 3 waves which look finished now. I am now once again looking for a rally. I would also like to point out the weekly candle is a hammer which lays on the 61.8% fibonacci retracement from the entire rally from the february low. I labelled the rally as a wave W and the decline as a wave X because price action from the wave X low is corrective, the rally will be wave Y in a complex double 3. As for alternative counts, wave X could extend further or become a triangle.

Sunday, May 3, 2015

Eur/Usd : When will the uptrend resume

The alternative count from the last update proved to be the correct count (wave W). What followed could be considered a triangle but wave A of this triangle wave X is very large compared to the rest of the waves inside this triangle. I think the important thing to watch is the resistance around 1.10 which was broken last week. If the count presented is correct, expect a retest of this former resistance now support zone after which price will rise again and looking at the speed of the decline from 1.40 i suspect the same speed in the other direction. Watch for surprises to the upside and small corrective waves to the downside.

Tuesday, April 7, 2015

Eur/Usd : Triangle wave B?

I can see a possible triangle for wave B. The alternative has wave A finishing one leg higher as a complex double three and will see wave B finish below 1.0712.

Thursday, March 19, 2015

Eur/Usd : Start of wave B

After yesterdays big rally there's a good chance the euro has bottomed and started a longterm corrective rally.

A new trend does not always start in 5 waves, otherwise corrective waves would always have to start with a double zigzag (5-3-5). In this case a flat (3-3-5) could be at the start of a big wave B.

Wednesday, October 2, 2013

Xau/Usd : Wave B to retest resistance

It's been a while since i posted, but the last post was about gold against the us dollar and things turned out as expected, perhaps just a little deeper end of wave (A), but still against valid fib targets, 150% for wave C (more common is 100%) of a complex double three (3-3-3), and wave C was a flat wave (3-3-5) with wave c of C being 161.8% of wave a of C.

Since the wave (A) low at 1180, price has gone up in what appears to be a corrective way, which is what I am looking for since price is in a wave (B). The decline from 1433 is possibly allready finished because price is at a 61.8% fibonacci retracement and wave c is 76.4% of wave a, but could very well go lower one more time to test the 76.4% fib retracement and the wave c is 100% of wave a level.

Saturday, April 13, 2013

Xau/Usd : Big support broken

Price followed the count very well. The triangle had smaller waves D and E than i expected, but nonetheless price went lower, and how ! The big support level around 1550, which held for the last 2 years or so, was broken causing a very big and quick sell off. Elliott wave analysis tells us that this could very well be a wave 3 inside a wave C, alternatives are possible, but the direction is clear. 1400 remains the target, after that price could slow down and rebound to retest the big support turned resistance around 1550 in the form of wave B. Yes, this means i believe gold is in a long term bear market and could go as low as 1000 in 2014/2015.

Sunday, March 24, 2013

Xau/Usd : Looking for 1400

Price has come down nicely as expected, but has found some support around 1.567, a fibonacci extention level. This was probably the end of a first corrective wave down from the 1795 top. The next wave could turn out to be a triangle wave B. If this is correct the downtrend will remain strong for the next couple of weeks/months untill price reaches 1400.

Thursday, January 31, 2013

SP500 : End of the rally

The previous count i had for the sp500 is no longer valid, so here is the new count. There are still other counts possible but looking at the MacD we can see a clear bearish divergence. In this count wave (C) is 61.8% of wave (A), a classic flat pattern with wave C as an ending diagonal. The alternative is that the max price level for wave 5 of the ending diagonal at 1554.05 gets broken, turning the ending diagonal into a double three combination. In other words, wave 1 becomes wave W, wave 3 and 5 becomes wave Y.

Saturday, January 26, 2013

Xau/Usd : Still in a downtrend

In the previous xau/usd ( or Gold ) post, price was at the high of the channel. Since then price has come down nicely, but has done so in 3 waves which is corrective. This means that price is most likely in a wave Y, the third leg in a double three combination.  The 3 waves down from the wave X top are finished and price had a small rally which is also corrective. It is possible that this countertrend rally is allready finished, since we are in a strong downtrend, but it could transform into a bigger corrective pattern ( watch the alternative on the chart ).