EUR/JPY - The donwside is still dominant

EUR/JPY the downside is still dominant

I'm still looking for blue wave v to move lower towards 137.69 and possibly even lower towards 136.67 as long as minor resistance at 138.51 protects the upside. that said, we have to remember that blue wave v and red wave iii have fulfilled all requirements and that a flat shallow red wave iv correction should be expected soon.

Longer term I'm still looking for lower levels towards the 23.6% corrective target of the rally from 94.10 to 145.69 at 133.52 as a minimum target.   

This was a post I made on May 20 to the members of my service. Do you want to have the same advantage, then you should consider joining my service. I do think my service is priced more than fair and just one trade like this will pay for my service for more than a year easily.

Look forward to seeing you on the other side.

Have a nice weekend

EWS

AUD/USD - Support line broken

AUD/USD top in place

The support line from mid-January is broken and that should add considerable downside pressure here. The minimums target is at 0.8360, but I would not be surprised to see an extension lower towards 0.7679 longer term.

Looking at the hourly chart (see below) a clear S/H/S top can be seen confirming the top and renewed downside pressure. A break below minor support at 0.9198 will add even more downside pressure.

AUD/USD - S/H/S top in place

EUR/CAD - Next impulsive decline developing?

EUR/CAD - Next impulsive decline developing

Since the 1.5586 top in mid-March we have seen a nice impulsive (in five waves) decline from 1.5586 to 1.4997, this decline was followed by a double zig-zag correction, that has corrected 50% of the impulsive decline at 1.5292 (the high has been 1.5306) and the decline from 1.5306 does again appear to be impulsive indicating that a strong decline through support at 1.5080 should be expected soon. The next downside target for red wave iii will come in at 1.4353, but it could easily extend lower towards 1.3772. The long term target will be near strong long term support at 1.2127.  

2014-04-14-Gold-W

On April 14 I showed the above chart to my subscribers. Wave c of the major wave 4 triangle has just ended and I was looking for wave d lower. Depending on which kind of triangle that was unfolding a decline all the way to 1,180 in wave d. However, on April 28 it was clear that wave d ended at 1,268.54 as an horizontal triangle was unfolding and I showed the below chart.

2004-04-28-Gold-H

On April 28 the subscribers was alerted that wave a of E was over and that a decline towards 1,283 should be expected before the final rally higher towards at least 1,321. As can be seen at the chart below, then wave b of E ended a little lower than the expected 1,283 (the low came in at 1,273).

2014-05-05-Gold-1H

Finally I made this post to my subscribers this morning, telling them that I was looking for a rally towards at least 1,316, which almost has been tested. However, I do think it's more likely that a continuation higher towards 1,321 and possibly even higher towards 1,331 should be seen before wave c of E finally is over and a major decline in wave 5 of C lower towards 1,002.65 is seen.

The Elliott Wave Principle is the only form for technical analysis that can provide a blueprint like the above, for what should be expected of the future price-action.    

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Jonathan
2017-10-24
Your work is exceptional and glad I found you.
Duane
2014-05-27
Hi EWS,

Just wanted to send a word of thanks for all of the hard work that you
do, and to show you that I personally have paid for my subscription many
times over with the fantastic work that you...
Hani
2014-06-06
I have been a fan of you blog for several years!
I am so impressed at your renewal.
Elliott wave analysis is so difficult to me, but so interesting and useful.

Thank you
Hani