GOLD Elliott Wave Analysis: Bearish Reversal

Gold has turned down from 1345 resistance area where we see a completed five wave rise from 1251 level, which was the end point of a triangle. There are chances that market accomplished wave (c) that is a part of a huge zigzag from 1181 low. Notice that price also moved beneath 1251-1307 trendline that suggests further weakness in the short-term, probably back to 1307 area of a former wave iv).

GOLD 4h Elliott Wave Analysis

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GOLD May Face Resistance: Elliott Wave Analysis

Gold has extended it's gains well above 1300 mark in the last few weeks from 1251, triangle low. Notice that we have adjusted the wave count but actually massage is the same; we see a corrective advance from 1181 moving into 1345/50 resistance. We are observing a zigzag with a triangle placed in wave (b). We also know that wave (b) pattern CANNOT be labeled as wave two, because triangles never occur in wave two position. So we believe that rally is a contra-trend and that gains will be limited. However, before we can confirm a bearish reversal we need an impulsive structure to the downside. In other words, we need five wave decline back to 1300 area.

GOLD 4h Elliott Wave Analysis

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Elliott Wave Intraday Review For German DAX And EURUSD

The Japanese yen is moving up this morning as futures contracts on US indices hit resistance. At the same time we can see mixed picture on USD which is now down against the EUR, GBP and JPY but up against the commodity currencies. 

Below we have a chart of German Dax again which is moving slightly down from the highs after only three wave rally from 9500. For now that’s not a big deal but break of the channel line and fall beneath 9600 will put prices down in to wave (c) of a flat correction.
German Dax (Mar 2014) 1h Elliott Wave Analysis

The EURUSD has been very slow lately, and on the intraday chart we can see the reason why. We are tracking a triangle in progress that may send prices up to 1.3800 in this week. Ideally we will see waves d) and e) in the next 24 hours, but bias remains bullish as long as 1.3680 holds.
EURUSD 1h Elliott Wave Analysis

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