• 4 hours Gold Mid-Tiers Rally On Fresh Earnings Reports
  • 22 hours Can The British Pound Overcome Brexit?
  • 1 day Is A Gold Breakout Near?
  • 2 days Federal Reserve Downgrades U.S. Growth And Cuts Rate Hikes
  • 2 days Disney Beats Out Comcast In $71.3B Mega-Merger
  • 2 days The Feds Continue To Prop Up Equities Markets
  • 2 days Bejing's Sway In South China Sea Is Fading
  • 3 days Saudis Eye Billions As Stocks Get Emerging Market Boost
  • 3 days Airbnb In Acquisition Mode Ahead Of IPO
  • 3 days Gold Hangs At $1,300 Ahead Of Fed Meeting
  • 3 days Champagne Sales Slow As European Economic Worries Grow Louder
  • 4 days Putin Signs “Digital Iron Curtain” Into Law
  • 4 days Russian Metals Magnate Sues U.S. Over Sanctions
  • 4 days Tesla Looks To Jump Into Indian Market
  • 4 days Global Banks Lay Groundwork To Re-Inflate Asset Prices
  • 5 days Homeowners Experiment With Risky New Investment Trend
  • 5 days U.S. Tech Stocks Look Increasingly Vulnerable
  • 5 days De Beers To Expand World’s Most Profitable Diamond Mine
  • 5 days Ford CEO Gets Raise After Massive Layoff Round
  • 6 days Germany’s Flirtation With Recession Could Cripple The Global Economy
Lending: The Good, Bad, And Ugly

Lending: The Good, Bad, And Ugly

Aristotle said, “The most hated…

The Chatroom Cartel Running Global Bond Markets

The Chatroom Cartel Running Global Bond Markets

Eight major banks have been…

  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