tomj2417

tomj2417

I think that the bottom in December 2015 was the end of a C wave in a major A-B-C correction that started back in 2007. If that is the case then either the bullish trend is going to continue or the correction can become more complex. Whichever way it takes, I think there is more upside, as this is either a corrective A wave or a wave 1. The question I can't answer...

tomj2417

I am showing a count for a leading diagonal as wave 1 of wave 5 for the Dollar index, looking for a 5-3-5-3-5 count. I'm sure I could also count this as an ending diagonal too (3-3-3-3-3) which would suggest that while there is more upside in the Dollar, there is less so and a trend change could be more imminent. However, whichever way you count it, I believe the...

tomj2417

In my reckoning the Pound is at a critical area on the hourly chart with the 0.5 line of a modified Schiff pitchfork and a trend line in play as well as a potential head and shoulders pattern. Looking for a break out or break down either way.

tomj2417

The Dollar index hasn't really gone anywhere for well over a year now but has been showing signs of life lately. I think it will resume its climb higher soon according to my Elliott wave count. Alternatively, the correction could become even more complex and grind on for another round of A-B-C's.

tomj2417

In my opinion, either the Pound has finished its ABC correction at the 78.6 fib extension of wave A and will now begin another decline lower or it has one more leg of the correction to go. With the Dollar recently also seemingly unable to decide on it's future direction it is a bit hart to tell which is why I'm neutral Details on the chart but the alternative...

tomj2417

With fundamentals suggesting that Japan is in so much trouble financially it is hard not to be bearish technically concerning their stock market which has never really recovered since the crash of their very own "bubble" in 1989. This analysis makes for pretty bleak reading unless you are going short that is.

tomj2417

If the February 2016 low was the end of a massive 3 wave decline for oil we can expect some serious upside going forward. Wave principles suggest however that a zigzag correction would typically extend to the 100% extension of wave A which is why I describe this chart as only one of the ways of looking at OIL. Details on the chart.

tomj2417

The decline from 2007 seems to be in 5 waves making a zigzag a possibility. There may well be a decent rally from here as shown on the charts but my bearish disposition would suggest a greater decline to come, Some more details on the chart.

tomj2417

The wave count here could be (as is usual) interpreted a number of different ways but this is one count that is a possibility in conjunction with the Andrews Pitchfork. Details on the chart. I think that either wave iv has further to go with a C wave down to complete or it is continuing up to the conclusion of wave V. As ever, time will tell.