on eurusd daily we have a trendline break to the upside, and looks like the decline is gonna be left as a ABC. ( props to justy once more )
on the shortterm count we have a triangle however, warning of a termination.. probably around 1,40.
Looks like the huge rally out of the triangle MAY have run it's course. Clear channel resistance on the hourly MAY contain. The rest of the day should be interesting.
Good Morning guys
It looks like EURGBP will start to unravel this morning.
The wave count looks OK, but can be interpreted differently.
But we broke thru the support line, which can be indicative in many cases.
Probably eurgbp has some 300+ pips to go up. I maintain my call for an ending diagonal.
Wave 4 retraced 29.3 of 3rd - exactly the same as 2nd (29.3 of 1st)
5th must end below 0.9325
If it keeps moving in this manner we should see : impulse as wave a , complex corection as b and ending diagonal as c (that`s how 1st and 3rd waves were formed)
edit: TL looks like is going to fall - In this case Qsx` count seems to be the most reasonable
Thrust out of a small triangle that formed at trendline support. Throw-over the channel. Have we run the course? I think yes. Maybe a few hundred pips of correction before higher? What's everyone else think?
my take on the eurgbp: start of wave 4 of ending diagonal.
lets see if we can identify the bottom (probably in the new year) near the lower trendline for a quick blowoff..
edit: since the decline does not seem impulsive, this could be a flat upwards? (not zigzag as it says)
my take on the eurgbp: start of wave 4 of ending diagonal.
lets see if we can identify the bottom (probably in the new year) near the lower trendline for a quick blowoff..
Good idea Qsx - clear break below trend line and I fully agree with You,
the audusd presents a solid opportunity....the c wave that should end above .70. price ideally remains above Fridays high
Jamie Saettele is the author of Daily Technicals, Currency Crosses, and COT on DailyFX.com. He is also the author of the recently published Sentiment in the Forex Market.
Gold rallied approximately $100 from $740 to $835 in 5 waves. Most people believe that this rally was some sort of correction on the larger decline that preceded it. Since the $835 peak we dropped about $28.00 and now have rallied back to $833 to test the peak.
Given the huge moves today in the EURO and OIL it would appear that gold should be doing much better than a measly plus $6.00 on the day. I would say that if gold cannot take out the $835 high today and closes weaker or even down on the day there is a great shorting opportunity. OTOH, a break up through the $835 high should certainly get some positive follow-through.
A drop from 1.2995 has just equalized with a correction following 1.416 top.
Aqua blue rectangle is a projection af an impulse advance from 1.0, and it lands exactly at 38.2 fibo from a A.D. 2000 top.
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Originally Posted by qsx 
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