Highlights of this week’s analysis. (Week ending 25th Nov)
- November 27, 2016
- Posted by: Enda Glynn
- Category: Market wraps
Here are some highlights of this weeks analysis.
on Wednesday the short term count for EURUSD became clear, and I marked a completing fifth wave to the downside.
That final wave completed and the market looks like it could be making that turn into wave 2 now.
When wave 2 completes it will present a great trading opportunity, you will see it here first.
the market bottomed at 1.0519 and rallied 100 points off that low.
In Monday nights analysis I said;
I have labelled the short term action as an ongoing 5 wave structure in brown.
This five wave structure will complete wave [i] green, target 1.2550.
Then we can look for a decline in wave [ii] green.
The market reached 1.2512 and turned into wave [ii] green as expected.
This wave count points to a real opportunity just ahead in cable.
Dollar Yen has been the biggest beneficiary of the strong Dollar trade that has occurred post Election.
But the bulls are about to get a big surprise.
The short term wave count is calling for a near term high and For the market to turn down in at least significant correction.
We now have short term confirmation points and invalidation points in place, this could be the week of the decline for dollar yen.
The DOW JONES:
The short term count in gold is calling for a turn to the downside soon, in a second wave correction. but there are signs emerging of an even more bearish scenario after the relentless rally, and the relentless bullishness in the market of late.
I am tracking a wave count which is topping in at least 3 degrees of trend, but the alternate wave count is topping in 5 degrees of trend!
All this points to a serious decline coming, in either scenario.
A developing Elliott wave signal to the downside will provide a great opportunity to capitalise on this next move.
The short term wave count cleared up in GOLD this week, with the pattern in this large B wave correction all but complete.
The price action on our short term charts is showing a very bullish signal to the upside with very precise confirmation points for the expected action.
The decline in wave B reached a significant Fibonacci level this week at the 62% retracement line.
We will soon see if the bullish confirmation point is reached and the next leg up is to begin.
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