Elliott Wave Analysis of the US Dollar Index, the EUR/USD currency pair, Gold & Silver by Sid from ElliottWavePredictions.com. Covered topics: 1) The US Dollar Index appears to have completed a terminal downside structure, likely ending its downtrend, 2) The EUR/USD trend change may have occured Friday, 3) All necessary wave subdivisions are in place for a reversal in Gold, and 4) Silver is likely to crash when it turns. http://ElliottWavePredictions.com
Elliott Wave Analysis of EUR/USD Currency Pair by Sid from ElliottWavePredictions.com eurusd euro. Covered topics: 1) my primary and alternate long term count for the Euro, going back to the estimated 1985 composite low; 2) why I believe upward mevement in the Euro isn’t quite finished yet, (but we’re getting close); 3) invalidation points for the long, intermediate, and short term charts, and what to expect if invalidation occurs; and 4) why Gold can continue higher while the US dollar strengthens . . http://ElliottWavePredictions.com
Gold corrected down in 3 waves, and the character of the subsequent upward price action has turned impulsive, with a wave 5 within wave 1 up showing upward (parabolic) curvature, a typical characteristic of wave 5′s in commodities. If this upward move is followed by 3 small waves down, and then starts aggressively moving upward, look out! Gold could be going way, way up . .
My latest count idea for Gold is that its possibly in a leading expanding diagonal to the downside. The initial downward move from the Decmber 7 historic high through December 16 consists of 3 waves. Also, the upward price action from the January 28 low is choppy, overlapping, and generally corrective in character. These two clues led me to search the Elliott database for a structure that would fit. Enter the Expanding Leading Diagonal, which, in this case, would be a yet incomplete, large, five-wave bearish but overlapping structure, where each leg may consist of 3 subwaves. Expanding leading diagonals are relatively rare, so I consider this count to be a stretch, at best . .
Another possible scenario for Gold is a corrective double combination, in which case we’ve already had a 3-wave move to the downside, and are now in the X wave up, soon to be followed by another 3-wave downside move. Either way, at this juncture, it looks like gold isn’t going to rally to new highs until much later in the year at the earliest. The choppy, overlapping upward movement right now just doesn’t support any kind of immediately bullish count . .