According to the current Cycle and Elliott Wave Counts, the Market could be positioned for a shift with reversal patterns pointing towards big swings.
Technically, this would translate into dominant trends possibly finalizing the current corrections and continuing towards the completion of their cycles, but after that, probably reversing, with new cycles beginning.
Possible scenarios:
- Dollar Index (DXY) – Bearish
- EURUSD – Bullish
- GBPUSD – Bullish
- USDJPY – Bearish
- GOLD (XAUUSD) – Bullish
- Crude OIL (WTI) – Bearish
In the rows below you may find a few views and the technical analysis behind them.
Dollar Index (DXY) – Daily Chart
- Complex WXY (pink) correction in Minor 4 (red) could be completing at or around the 91.40 mark, leaving room for Bearish Minor 5 (red) to possibly start unfolding towards 87.30 levels.
- Bearish trend could complete, and a new Bullish Cycle could commence at or around the 87.30 levels, and if an extension would take place, the next focus would be 85.00 levels.
EURUSD – Daily Chart
- Complex WXY (red) Corrective Structure could be coming to an end soon and a Bullish Rally could occur in Minor 5 (purple), which could target 1.2800 if 1.2100 would hold as a support.
- If the Bullish leg would take place, according to the current wave count, it could be treated as the last swing needed for Cycle Wave B (black) to complete, then possibly paving the way for Cycle Wave C (black).
GBPUSD – Daily Chart
- Current up-trend has been labeled as a Complex Corrective Structure in Cycle Wave B (black), which is unfolding its swings within a rising Channel.
- Corrective pattern has two scenarios, either as a running Flat or an Expanded Flat, however, according to the current wave count, a Bullish rally could be right around the corner, which could lead this pair towards 1.4750 from 1.3800 levels.
USDJPY – Daily Chart
- Corrective Pattern has been labeled as a triple Three, with the current up-swing possibly turning lower again and with this, finalizing the entire Bearish Correction.
- The Double Top scenario in Minute X (red) could push the pair from 110.00 levels all the way to 103.00, for the completion of Primary X (turquoise), after which, it could rally as high as 122.00
GOLD (XAUUSD) – Daily Chart
- Daily Corrective Structure has been labeled as a Double Three in pink WXY, with Cycle Wave Y (pink) awaiting a possible Bullish Rally, which would reach 1450.00 levels.
- Intermediate (B) (green) could complete between 1304.00 and 1285.00 levels, where a crucial Support is awaiting to be retested.
Crude OIL (WTI) – Daily Chart
- Corrective Structure could unfold either as a Running Flat or as an Expanded Flat due to Minor X (red) causing a possible false break-out.
- If this scenario would turn out to be true, WTI could reverse from 69.85 levels until 68.50 or even 54.50 levels, before turning higher again towards 80.00, where the current cycle could find its end.
Many pips ahead!