Tuesday, April 28, 2009

USD/JPY 4 Hour chart

Here's what I'm looking for on USD/JPY. The reason I don't see a top yet is because of the 3 wave action of wave b of B. I was looking for a ending diagonal but since there are only 3 waves, I was forced to review the count.

Friday, April 24, 2009

Gold is clearing up

If wave C is counted correctly, we have eliminated 1 of the 3 scenarios. The 2 remaining scenarios are basicly the same, only thing that will make a difference is if price goes higher then wave B on the chart below. I've added this chart since i have a slight preference for this count since a break of the trendline should be enough to take price above wave b, thus eliminating the 3th scenario.

Sunday, April 19, 2009

Gold is at an important level

We are at a point where we will know very soon what gold will do in the next couple of months. Here are 3 possibilities:

1: Ending Diagonal

From the high a zigzag is complete, where C = A at 860.80. It is very much possible that this is only wave A of the wave 2 correction.

2: Flat Correction, wave C

Wave 3 should finish below or near 860.80. For wave 4, price has to stay below the red line indicated on the chart below. A triangle wave 4 along the rising trendline would fit nicely in this count. The break of this trendline should be voilent and wave 5 would be extended, unless this action is all just wave 1 of C.

3: Flat Correction, wave C

Same like scenario 2 but wave 3 is extended and wave 1 of 3 is nearly finished. Price will run higher (wave 2 of 3) before breaking the rising trendline with a wave 3 of 3.

Tuesday, April 14, 2009

Gold 1 hour

Looking for wave 4 of 3 to end. Count is wrong if price gets above the black horizontal line.

Wednesday, April 8, 2009

Gold and USD/JPY

My attention goes to gold and usd/jpy at the moment. Gold is going down in a wave 3 of 3 and usd/jpy is almost at a possible end of a correction.