USDJPY: The Wave Structure Is Pointing Towards 99 And 100

USDJPY reversed nicely higher in this week, now already trading well above the upper trend line of a corrective channel connected from 99.00 swing high. This breakout is a confirmation for a change trend; from temporary bearish direction to bullish view. As such, we believe that corrective three wave decline in wave 2/B is complete at 96.92 and that prices are moving up in wave 3 or wave C. Both waves, C and 3 are motive waves which means that we expect a five wave rally from end of wave 2/B so pair is expected to revisit zone above 99, possibly even 100 psychological level. In the near-term however, we could see a pull-back to 97.90-98.10 region in wave (ii) before uptrend resumes.

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USDCHF Elliott Wave: Corrective Rally Could Stop At 0.9000-0.9045

USDCHF unexpectedly turned higher in this week back to 0.9000 level but still in the context of a larger bearish trend if we consider the latest structure. We see a five wave fall from above 0.9170 to 0.8888 so current upward reaction could be just a temporary bear market rally. Notice that current recovery is also approaching former wave 4 as well as to 38.2% and 50% retracement area that could react as a strong resistance zone. With that said, new sell-off on this pair may follow soon. Only rise and close above 0.9100 would put bullish price in action. Until then we are bearish.

USDCHF 4h

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Intraday Elliott Wave Analysis For GOLD & E-mini S&P500

GOLD reversed through 1346 support so it seems that market reached a temporary high and that prices could stay sideways or move even lower in the next few days. We will keep an eye on minimum three waves down, but still need five sub-waves in wave (a) to confirm a bearish turning point back to 1329; termination point of fourth wave.
GOLD 1h

Our analysis on S&P Futures with a bullish view was on the spot lately, but now it may be time to consider a coming corrective reversal because price seems to be moving up in wave five. In fact, there was a triangle placed in wave four and we know that triangles occur prior to the final move of the larger pattern. If that is the case, then market is now in final part of current bullish trend so bearish reversal should not be a surprise. However, triangle measurement shows room for 1768/1770 before turning point occurs.
S&P Futures 1h

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EURUSD Bulls Could Extend Up to 1.3900 – Elliott Wave Analysis

EURUSD is bullish for the last few weeks with accelerating price action from 1.3470 so we suspect it represents a black wave 3 in progress that may extend even up to 1.3900 with five subwaves. Right now price could be slowing down in wave (iv), but only temporary as we will look for a push up in wave (v) in this week. Support for current pull-back comes in around 1.3760.

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E-mini S&P500; Support Seen At 1735-Elliott Wave Forecast

S&P Futures are trading nicely higher since prices turned sharply to the upside more than a week back after a break out of a downward channel that put impulsive price action in play. Impulses are five wave patterns which for now is still not the case, so we assume that market is in corrective wave (iv) pull-back to 1735 where price may find a support and turn up in to wave (v) towards 1770. At 1735 you will find a former wave four as well as 38.2% Fibonacci retracement area compared to wave (iii) where typical fourth waves will find a base.
Critical invalidation level stands at 1709, at wave (i) swing high, because we know that in impulsive trend price of wave (iv) must not trade into the territory of a wave (i) otherwise the wave count is wrong.


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USDCAD: Three Waves Up Within Downtrend Is A Bearish Structure

USDCAD is recovering from 1.0180 but in corrective fashion labeled as wave (iv) that is part of a larger incomplete five wave decline  from August high. We can see that rally from 1.0180 is in three waves that retraced back to former wave four for 38.2%-50% retracement area. As such, thats an ideal zone for a reversal back to previous lows; 1.0280 break will confirm the bearish case for this market, while rise above 1.0450 will invalidate it.