• 694 days Will The ECB Continue To Hike Rates?
  • 694 days Forbes: Aramco Remains Largest Company In The Middle East
  • 696 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,096 days Could Crypto Overtake Traditional Investment?
  • 1,100 days Americans Still Quitting Jobs At Record Pace
  • 1,102 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,105 days Is The Dollar Too Strong?
  • 1,106 days Big Tech Disappoints Investors on Earnings Calls
  • 1,107 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,108 days China Is Quietly Trying To Distance Itself From Russia
  • 1,109 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,112 days Crypto Investors Won Big In 2021
  • 1,113 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,114 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,116 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,116 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,119 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,120 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,120 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,122 days Are NFTs About To Take Over Gaming?
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

  1. Home
  2. Markets
  3. Other

An Even More Bullish Wave Count for GOLD!

USDJPY

30 min

USD/JPY 30-Minute Chart
Larger Image

4 Hours

USD/JPY 4-Hour Chart
Larger Image

Daily

USD/JPY Daily Chart
Larger Image

My Bias: LONG
Wave Structure: rally in wave [C]
Long term wave count: wave [C] is underway, upside to above 136.00
Important risk events: JPY: BOJ Outlook Report, BOJ Policy Rate, BOJ Press Conference. Household Spending y/y. USD: Unemployment Claims, Core Durable Goods Orders m/m, Pending Home Sales m/m.

USDJPY impressed again today and the focus has now totally shifted to the rally ahead indicated in the 4hr chart.
Wave 'iv' brown is possibly underway right now, I am expecting a sideways structure in wave 'iv' possibly a triangle.
The reason being, the guideline of alteration of corrective waves would suggest it.

111.10 forms the first support level, and 11053 should hold any correction from here.

The price broke out above the resistance of the previous wave 'b' brown at 111.59 todays also.
The next big resistance level is at 112.19 the previous wave (b) green on the 4hr chart.
From here lets see how wave 'iv' develops.


DOW JONES INDUSTRIALS

30 min

Dow Industrials 30-Minute Chart
Larger Image

4 Hours

Dow Industrials 4-Hour Chart
Larger Image

Daily

Dow Industrials Daily Chart
Larger Image

My Bias: market top is in.
Wave Structure: Impulsive 5 wave structure, possibly topping in an all time high.
Long term wave count: Topped in wave (5)
Important risk events: USD: Unemployment Claims, Core Durable Goods Orders m/m, Pending Home Sales m/m.

The DOW has stalled today,
which is a positive sign for the current wave count.
It is early days yet, but I want to see the decline accelerate from here and form another lower high to turm the momentum to the downside again.

On the 4hr chart the RSI has topped out at extreme levels and turned down again.
The early signs of a momentum shift are welcome.

If we examine the larger wave pattern in wave [ii] green,
It has all the elements of an expanded flat correction to the upside.
Three waves in (a) grey,
Three in wave (b) grey.
and a five wave rally to complete the structure above the high of wave (a).

A break of 20753 would be a good signal of a turn down into wave [iii] green.


GOLD

30 min

Gold 30-Minute Chart
Larger Image

4 Hours

Gold 4-Hour Chart
Larger Image

Daily

Gold Daily Chart
Larger Image

My Bias: Long towards 1550
Wave Structure: ZigZag correction to the upside.
Long term wave count: Topping in wave (B) at 1500
Important risk events: USD: Unemployment Claims, Core Durable Goods Orders m/m, Pending Home Sales m/m.

I have updated the short term wave count to take account of the recent corrective decline.

GOLD looks to have found support at 1260,
So this Could prove an important turning point if the new wave count proves correct.

I have labelled the whole rally off the 1194 low as wave (i) blue.
The protracted decline over the last 2 weeks now takes the wave (ii) label.
This wave count is a very bullish interpretation which calls for an even bigger overall rally in the larger structure.
Wave (iii) blue could take the price up to about 1420 if a Fibonacci ratio occurs between waves (i) and (iii).
this is shown on the 4hr chart.

SO the action form here is important,
The formation of a higher low above 1260 could offer a great buying opportunity to catch the coming rally.

 

Back to homepage

Leave a comment

Leave a comment