Highlights of this week’s analysis. (Week ending 2nd DEC)
- December 3, 2016
- Posted by: E. Glynn
- Category: Market wraps
With that in mind, here are some highlights of this weeks plans!
EURUSD continued the week stuck in a wave 2 correction which is possibly tracing out a flat correction to the upside.
On Wednesday I showed this chart with a completed wave (b) in green and I called for the market to rally in wave (c) green. “Wave (b) green seems to have traced out a flat an wave (c) should follow from here. “
That wave (b) low was not crossed again and rallied for the rest of the week. By Friday night the market was close to completing wave 2 blue.
The real opportunity in Eurusd lies at the completion of wave 2 blue, and what lies ahead will shock the market and the ECB alike as they will not be prepared for the next wave.
But we will be ready and waiting.
In Monday nights analysis I showed this chart and I said, “The alternate wave count views the correction as a flat off wave [i] green, with support at 1.2357”
I expected a slight decline with support at 1.2357 and then I expected the market to rally strongly in the next wave up.
By the time the market close on Friday night, Cable had rallied to a close at 1.2730, that is a 373 point rally from the wave [ii] low.
And as always there is another wave to come! we will be on top of every wave as it happens.
Dollar Yen has been the toughest market to follow of late as the world and its mother piled onto the strong dollar trade to the point that the market now stands at the most overbought and overbullish extreme we have seen in 2 years, this is a perfect setup for some pain in the short term, as overbullish extremes tend to come with a healthy serving of corrective declines.
The current USDJPY wave count has just that sort of backlash in mind, so watch out dollar bulls.
The DOW JONES:
The DOW is at a real cross roads right now, and it could be a very dangerous one for the overwhelming percentage of stock investors across the world.
I say this because the DOW is very likely to be sitting at the ‘all time high’ of all – ‘all time highs’.
I am very seriously looking at an alternative wave count for the DOW which calls for a monumental crash over the coming months and years, and I do not say this lightly.
There are a few specific price action signals that I will be looking for over the next few weeks which could seal the deal for the future of the DOW.
If this wave count proves correct, we are in for one ‘heck of a ride!
I can say the same for GOLD, the next wave up will also be a ‘heck of a ride’
The current correction in wave b red, is as good as complete, and there are early signs of life in the price action as of the close on Friday evening.
There are definite points of confirmation appearing on the charts, if price rises above these points, it will signal that the rally in wave C has begun, and it should be a good one!
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