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USDJPY hasn't budged so there is no change in the outlook. It's possible wave B ended at 108.11 and the larger advance has resumed. The first leg of the rally might have taken the form of a leading diagonal. 109.10 is the next hurdle
The decline below 1.1596 eliminated the alternate ending diagonal wave (v) which suggests wave (v) will continue to subdivide lower. Wave iii of (v) from 1.1728 will travel the same distance as wave i at 1.1377, but third waves often travel 1.618 times
An impulse advance may now be in place from 507.00, a corrective pullback that does not breach the cited low will offer a setup for higher, potentially wave (iii) of ((i)). We will be watching to see if the area between the .50 - .618 Fibonacci retracement of wave (i) offers support, located between 546.48 & 537.17.
Against 7058.00 (7055 in futures) we have reason to favor wave (c) is in place and Bitcoin is now in the very early stages of a significant advance for wave ((c)), i.e. heading back above 10,000.00.
Preferably wave (b) of the wave ((b)) flat will locate support between the 1.236 , 1.382 & 1.618 Fibonacci extensions of wave (a), located between 108.75 , 108.62 &108.41
There no evidence wave (v) could have bottomed at the 110.00 session low. Trade above 118.95 is required to give us preliminary evidence. If further downside remains, 109.27 will need to hold to preserve the wave B count. If breached, then it would call up the Alternate wave ((4)) triangle scenario. Under this view, downside is limited to 100.20
Gold completed a flat correction at 1281.20 and is rebounding to retrace part of the decline in wave X. Upside targets range from 1325 to 1350 over the next few weeks.
I've adjusted the ending diagonal to favor wave v is still unfolding so we'll drop working resistance to 1.1728, a swift move up through this level will signal wave v is in place and with that, wave (3). Ongoing divergence in RSI warns a fifth wave is looming, if it comes as an ending diagonal we could see a full retracement of the pattern, i.e. a swift reversal...
The dollar continued to strengthen Friday, but its rally has been weakening. That suggests a fifth wave or wave ((B)) of an expanded flat correction is underway. Once it ends, which it will likely do not much above current levels, A correction toward 92.24 should occur. A fourth wave, wave (iv), should end above the end of wave (i) to avoid overlapping the first...
XBT continues to trade near its low, but allow for a larger corrective recovery that might encounter resistance in the 7735 area (7750 basis June futures) or 8091 (8100). Corrections should end after three waves and, in this case, below 8600 (8610).
Against 1.1750 and the upper boundary of the wave (v) channel we'll keep our focus on lower. Preferably for the wave ((3)) of iii forecast EURUSD will end up accelerating through or from the wave ((1)) low of 1.1675. The dashed red lines show that wave (v) may also be taking the form of an ending diagonal so if we don't get the extended third wave associated with...
The three-wave structure of the declines from 1.3528 and 1.3492 bolster the idea an ending diagonal might be unfolding. That, along with the current three-wave recovery from 1.3305 keeps the focus on lower levels. Weakness below 1.3351 would target 1.3305 and lower. 1.3492 is key resistance
The pop above 147.21 implied that wave 4 has higher highs in store. Allow for higher as long as 146.09 holds. A drop below that level would leave the bounce from the 145.94 low with a corrective look (i.e., a three-wave pattern), suggesting that wave 4 is complete and that wave 5 is in play
A correction of the rally from 104.62 to 111.39 might find support in the area of the fourth wave to 108.64 and the 38.2% retracement target at 108.00. The lower target at 107.21 represents where the correction would retrace 61.8% of the advance. A correction should end after three waves
The corrective recovery from 1.3391 to 1.3492 bolsters the idea that the terminal thrust from a triangle underway from 1.3528 will continue. Wave (iii) from should continue toward 1.3270 where it will travel 1.618 times wave (i). A fourth and fifth wave would follow to complete the thrust and the larger decline
EURUSD is trading near its low on the day so the decline remains intact against 1.1829. Wave iii should continue toward 1.1550 where it will travel the same distance as wave i. That's a minimum expectation. 1.618x is the typical relationship between these waves
