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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GOLD Elliott Wave Analysis: Bearish Wave In Action

Gold has recovered up to 1320-1342 resistance area that we highlighted it several times in our past updates. We also noted that bearish reversal could be near if we consider a double zigzag from the low. Well, market fell very sharply in this week through the lower support line of a corrective channel that suggests a completed wave (b). With that said further weakness is now expected down to 1277 low and possibly even to 1240 level.

GOLD 4h Elliott Wave Analysis

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Elliott Wave Analysis For S&P500 April 10 2014

S&P500 found a support in the last 48 hours after a completed impulse decline from 1892. As such, current rally can be sharp corrective recovery that should then find a top somewhere around 1865/1870 zone. A reversal from here and back to 1844 would be a strong and important evidence for a downtrend continuation to a new swing low and possibly even to 1800.
S&P500 4h Elliott Wave Analysis

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USDCHF Elliott Wave Analysis: Bearish Reversal In View

USDCHF has turned nicely to the downside since Friday, clearly in impulsive manner. Notice that market also retraced back to the area of wave B swing low after a broken support line of an upward channel. That's a very strong and important evidence for a trend change, thus it suggests that top has been formed at 0.8951 and that market will continue to the downside after any short-term corrective bounce. Ideally we will see a wave 2 retracement back to 0.8870/90 where broken support line may not become a resistance.

USDCHF 4h Elliott Wave Analysis

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S&P500 Up To 1900? Elliott Wave Analysis

S&P500 broke above 1876 and is now approaching all time highs, so we adjusted the wave count and now looking for a five wave rally in progress from 1833 swing low. At the moment leg still cannot be counted in three waves, so looks like price will stay bullish for the next few sessions and possibly hit 1890/1900 area.

S&P500 4h Elliott Wave Analysis

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USDJPY Elliott Wave Forecast: Looks More Bearish Below 101.90

USDJPY has turned up from channel support line but we need to keep in mind a bigger pattern; a three wave rally to 103.74 followed by an impulse down; that's a bearish case that suggests weaker prices in days ahead. In fact, rally to 102.66 is in three legs that stopped close to 61.8% retracement level so bearish continuation could start soon. An impulsive reaction down, through 101.90 will open door for new low.

USDJPY 4h Elliott Wave Analysis

Crude OIL Elliott Wave Analysis: Bearish Reversal

Crude Oil has turned nicely to the downside from around 105.00 area where we were looking for a top formation in wave A after a five wave rally from January low. Notice that current decline is very sharp and impulsive that has extended beneath the trend-line of recent upward channel. At the same time we can also see slight push beneath wave four 101.07 support that is the most important evidence for a trend change. As such, we are looking lower now for a big three wave retracement.

Crude OIL 4h Elliott Wave Analysis

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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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