Both Elliott Wave Count Suggest For Higher GOLD

GOLD has turned strongly to the upside last week, above 1300 so looks like market is in new impulsive upward cycle on intraday charts. We are tracking two counts, and more importantly both are showing fourth wave in progress. First, and primary count is showing idea of a triangle in wave (iv) so break to the upside, towards 1330 could follow in the next 24-48 hours.
GOLD 1h Elliott Wave Analysis #1

The second count is also bullish, but it shows the possibility of a retracement back to 1300 before we get a bounce. At the moment none of the pattern is complete, but we will be looking for a reversal up in this week for sure. I will be tracking gold closely here, and post the updated count, if I will spot a completed pattern
GOLD 1h Elliott Wave Analysis #2
 
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GBPUSD Elliott Wave Analysis: Corrective Retracement From 1.6995

GBPUSD traded higher last week and made an overlap with 1.6810 which means that any bearish impulse wave count has been invalidated. As such, we are now observing a new, bullish interpretation because reversal from around 1.6995 can be counted as a double zigzag. Notice that price also found a support a week back around the lower support line of a trading channel. This usually occurs at the end of a corrective move, so if we see a rally back above the upper channel resistance line we should seriously consider the bullish case. However, a break and daily close above the upper trend line is needed to confirm further strength. 

GBPUSD 4h Elliott Wave Analysis  

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OIL Elliott Wave Analysis: Wave (e) In Play

Crude oil has turned bearish recently, away from 104.00-104.50 resistance where we were looking for a wave (d) high. Notice that market turned nicely down, through the support channel line that confirms the bearish view for a three wave drop into wave (e) back to 100-101 area. Once those levels will be seen, we will turn bullish as big triangle since March could then be near completion. At the moment we see wave c) down in progress so triangle can already be in final stages.
OIL 4h Elliott Wave Analysis

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E-mini S&P500 Elliott Wave Analysis: Final Stage Of A Recovery

S&P500 is at the all-time highs, but moving sideways in tight range for the past few days, which looks like a small consolidation within bigger uprend. Therefore, it seems that market will reach even higher levels, possibly 1930-1935 where we are looking at new projections; wave C=A and height of triangle measured from a breakout point.
S&P500 Elliott Wave Analysis

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GBPUSD Elliott Wave Analysis: Third Leg Down In Progress

GBPUSD extended losses last week and took out 1.6730 low which means that market is in new leg down that should be made by five legs. We are tracking wave C) / 3) that should be made by five sub-waves, but at the moment we see market only in wave 4 pullback so we expect a new low this week. Only rally back above 1.6810 will suggest that low is already in place.
GBPUSD 4h Elliott Wave Analysis

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OIL Elliott Wave Analysis Wave (d) Reversing From Resistance

Crude oil is now finally turning bearish, away from 104.00-104.50 resistance where we were looking for a wave (d) high. Notice that market turned nicely down and took out the support channel line that confirms the bearish view, for a three wave drop into wave (e) back to 100-101 area. Once those levels will be seen, we will turn bullish as big triangle since March could then be near completion.

OIL 4h Elliott Wave Analysis

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USDJPY Elliott Wave Analysis: Temporary Recovery

USDJPY is turning into a temporary recovery, and the reason is slow and overlapping price action at the late stage of recent decline that looks like an ending diagonal placed in wave C position, final leg of a three wave fall from 104.11. Therefore, we suspect that USDJPY is trapped in some bigger corrective price action, probably a triangle, and that pair will continue sideways or even slightly higher in the next couple of days. We expect a three wave rise up in wave C), back to 103.00. 

USDJPY 4h Elliott Wave Analysis  

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