Based on Annual chart wave analysis
The large period that connects the whole from the 1970s is trendless.
Annual chart environment.
1. Above the 2009 return L high.
2. Up trend.
3. Above MA Sma20 and Ema 26.
4. Candle above the neck YSR. (Year Support and Resistance)
As there is no prominent SR when rising, it is assumed that it will rise to the trend...
Wondering ... FOMC and ECB near future decisions of interest rate.
USA has more likely to see continue of rising inflations due to strong economic announcements.
fed has to stop it by raising interest rate higher again. Balance between slowing economy vs unemployed ..Slow will help gas price to come down...
E.U... showing slowing of economy...Germany , Italy...
Triangles are said to be most difficult to forecast.
Easier to think 12345 then ABC retrace comes. looks like we are in the B wave (possibly triangle pattern).
At the current price point tested 3 times it has more chance to break price this time with fundamentally Bullish USD.
If USD retrace....On Daily chart Elliott wave counts 3-3 finished ,4th wave are usually shallower than 2nd wave retrace.
waiting for FIB 0.382 Long position entry opportunity.
