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Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

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Elliott Wave Analysis: GOLD and GBPJPY

GOLD

We see gold trading in a complex correction of a higher degree, now specifically at the start of wave C) that is part of a second zig-zag. Recent minor correction in wave B) looks completed and current drop may be wave C), that can unfold a five-wave movement within the channel line and see limited downside around the previous swing ar 1246 region. Once this five wave drop of wave C) unfolds, a new recovery may follow on the commodity and ideally breach above the upper channel line.

GOLD, 1H

Gold 1-Hour Chart


GBPJPY

GBPJPY may be trading in late stages of sub-wave v) of five, which means a corrective reversal may follow in the near-term. That said the pair may see limited upside later today, or maybe tomorrow and unfold a minor three wave decline towards the region of former wave iv. A broken lower channel line would be a confirmation that bulls are over and bears may come in play.

GBPJPY, 1H

GBP/JPY 1-Hour Chart

 


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