Elliott Wave Analysis On GOLD And USDJPY
GOLD completed its five wave move to the upside and already with sharp movement traced out wave A to the downside. We now expect a pullback up in the black wave B with resistance around 1.300 region for another push down in black wave C.
GOLD, 30 Min
As expected, USDJPY is at new lows, now in wave 5) with an extended leg down from a fourth wave 4) triangle, so we think that pair can be making a final wave of a decline that may look for a base then at 102-103 area, after five subwaves down will complete red wave 5). However, in either case we will have to wait on an impulsive bounce from the low and back above 105.68 level to confirm a low in place. So until then, trend remains bearish, thus any longs should be on hold!
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