Erhan_Eker

Erhan_Eker

Current development look like a Wave 4 triangle development. But need some more time to complete consolidation. Then we can make a short trade set up

Erhan_Eker

Price reached projected Wave (iv) level 23.8% retracement. From here it should go down for Wave (v). Minimum target 87.51, even more depending on price development.

Erhan_Eker

It is some early for any trade set up but little recovery is promising for upside movement. Let's watch...

Erhan_Eker

I expected a long consolidation period for the Wave of Wave but it fell short on both time and price and time and a sudden rally reached wave target. Now we need a deep wave to 33.3% or 38.2% levels. From here a long set up with a good Risk Reward ratio is good bet.

Erhan_Eker

It looks we completed five waves move to downside and need a correction now. Unfortunately it is impossible to know how deep correction will be.

Erhan_Eker

Well i will give much shorter time analysis for this market but at the beginning I just wanted to draw big picture. If my wave count is true unfortunately it means Australian Stock Market looks like at the beginning of a considerable bear market. But good news Wave A completed from the drop from 5671 and we will have some up move during upcoming days

Erhan_Eker

No big change until last update. Waiting for correction to 2.2240/96

Erhan_Eker

It looks we reached Wave (or one more very minor higher high needed). Current high was the 261.8% extension of Wave and Wave is 100% extension of Wave . Everything looks perfect to look for a correction now. But not deep one. Wave was very deep (91%) & Wave of Wave is 76.2%. So Wave can be 14.4% or 23.8%. 1.1081 support level is nice for to last...

Erhan_Eker

NZDUSD is in the middle of big bear trend and it looks we have lots of road to go. May be a bounce from 0.7690 but it should turn to down later.

Erhan_Eker

From 3503 to 4051 with 650 points movement formed the wave (a) of Wave (iii). Now question is how deep Wave (b) will be. Unfortunately it is impossible to predict this. We have already saw an ABC correction. Cycles I follow are some bearish until mid-October. So i expect to see a Wave x and correct more down.

Erhan_Eker

It looks Gold completed Wave 4 and Wave B of Wave 5 of current down move. It means we are looking for the final leg. 50% fibonacci extension is around 1167 but i feel it feel some short and we will target 41.4% projection which is also 176.2% projection of Wave A of Wave 5. My base scenario will be to reach 1179 level at the end of upcoming week.

Erhan_Eker

We have completed Wave (iii) and now we are going up for correction. Given the fact that wave (ii) was 90% retracement and Wave (b) of Wave (iii) was 58.6% retracement, Wave (iv) should be very shallow. 23.8% retracement is very likely (but allow 33.3%). From 94.49 fibo level (also 94.53 Murrey Math level) short set up should be considered.

Erhan_Eker

It looks AUDNZD completed Wave of Wave at 1.1138 Murrey Math level. We still need to see a bearish reversal confirmation but 1h momentum already diverged. It is impossible to guess the depth of Wave correction but my favorite is 1.1047 levels which is 50% of the Wave . Cycles i follow shows bearish movement until next weekend. .

Erhan_Eker

We are close to the final leg. Bearish divergence in hourly chart already in action. We need one more push to very high probablity to 1.1170 level (may be fell short at 1.1149) and then correction will start

Erhan_Eker

It looks we have completed Wave (iii) of Wave of Wave . From here we can correct down to 2.2235/90 levels and then we will go up 2.2830 levels to complete Wave .

Erhan_Eker

After expected Wave iii high at 1.1121 we saw perfect zig-zag correction to down which is 33% of Wave iii. Given the fact that Wave ii was direct correction we can see Wave x and more correction. So we must be careful. Premature recovery probably soon will clarify the situation.

Erhan_Eker

USDTRY Heading ~1.2850 levels. We are now inside Wave v of Wave (c) of Wave (iii) in a major uptrend. Current movement may have some halt and some modest correction to continue to upside. Given that we started current rally from just below 2.08, Wave above 2.15 and Wave at around 2.085 with 80% correction and with modest Wave of Wave , we can have shallow...

Erhan_Eker

Up move continues. We can expect a correction for red Wave iv after reaching ~1.1108. Then we will continue to upside to complete red Wave v