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Gold: Sideways But Bearish Below 1680

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April 24 2012

Gold is trading sideways for few days now if not weeks, so we decided to rework the count. We are now observing an incomplete triangle placed in wave B) with sub-wave E yet to come, which is limited at 1680 level. After wave E, market will reverse lower into wave C), beneath 1612 low.

May 04 2012: Updated count

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(Elliott Wave) Gbp/Usd: Back To Bullish Mode Above 1.6

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Apr 22 2012

Despite some pound weakness seen more than a week back from 1.6060 level, pair was unable to break beneath the support channel line connected from January low. In fact, that line caused a strong buying into a new high seen in the past week, which we now believe its a wave C leg; third leg of a zig-zag recovery after a runing triangle in B wave. As such, we are now focused on more strenght for the next few days if not weeks, towards 1.6200 or even higher, before wave E) from 2012 low is complete.

Pair will reverse into a bearish stage only when 1.5800 gives way!





Usd/Cad Can Reach 7-Month Low (0.9800)

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April 18 2012

Canadian dollar was one of the strongest yesterday, fell sharply lower after a swing reversal from 1.0032 where we believe that wave (ii) reached a peak. Notice that decline is very sharp, which also broke and closed below corrective channel and base channel support as well. This is indication for a third wave price action of a new impulsive bearish sequence headed now to 0.9800 projected zone for the first impulse.

We are bearish while pair trades below 1.0032 swing high.






Eur/Usd Trade Example

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Apr 16 2012

Euro moved higher in recent sesion after pair reached psychological 1.3000 level. From an Elliott Wave perspective we have five waves down, which means that pair is ready to recover, ideally in wave two. We think that right now its too early to look for any new short positions, as we booked (1.3055) a nice trade yesterday from 1.3160 and 1.3200 levels that we carried from the past week.

Click on the video below to see the analysis we shared with our members at that time.

April 11: Eur/Usd set-up chart

April 11 video:


Eur/Usd In Upward Correction; Downtrend Should Resume Soon

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Apr 12 2012

Euro unfolded impulsively from 1.3382 peak, which now appears to be wave (i) bottomed at 1.3035. We know that impulses shows direction of a trend, so we will be looking for further weakness in days ahead with fall beneath 1.3000 psychological mark. However, before downtrned resumes, pair will look for deeper pull-back ideally into 1.3200 zone, where wave (ii) may find a top.

Critical/invalidation level is at 1.3382.

eur

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Cable Can Move Below 1.5800 This Week

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April 10 2012

Cable made clearly five waves down from 1.6060 high broke trend-line support of an ending diagonal and wave (4) swing as well. These are all indications for a bearish trend, especially as rise from 1.5805 looks clearly corrective, labeled as wave (2).
Pair should fall below 1.5805 while 1.6060 critical region holds.

http://www.ew-forecast.com/content/document/image/2397gbp-usd489.3.gif


USD Now Ready For Strength

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April 04 2012

Euro moved sharply lower in this week from 1.3380 area, and closed below previous 1.3250 swing. And also because of the sharp bearish price action, we came out with an idea that recovery from 1.3000, labeled as wave (c) of 2 is finished and that market will move even deeper in days ahead; ideally below 1.3000 within impulsive decline. A rally back above 1.3380 will invalidate our wave count!



Do you want more detailed Elliott Wave Analysis? Check the video below which includes also Gbp/usd, Usd/Chf and S&P500:



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