The video above is a recording of a US Opening Bell webinar from September 25, 2017.
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In today’s US Opening Bell webinar, we discussed technical Elliott Wave patterns on several key markets for this week. Some of the key markets we analyzed (not in this order) include USD/JPY, EUR/USD, EUR/JPY, GBP/USD, GBP/JPY, gold, oil, Dow Jones Industrial Average.
As the headline suggests, so long as USD/JPY remains above 111.09, the technical picture remains bullish in support of a longer term bottom. If prices do break below 111.09, then we will reassess the Elliott Wave count and consider some bearish alternatives that suggest new lows.
Both EUR/USD and GBP/USD appear to be in smaller degree fourth waves sideways to down corrections. Once these fourth waves end, then we will look for a fifth and final wave higher to finish off the bullish sequence of waves for both of these markets. Specifically, we are watching closely 1.22 for EURUSD and 1.37-1.39 for GBPUSD.
The rejection of gold prices near $1358 and subsequent break of $1300 has us shifting our preferred wave count towards that of a large triangle. Under this large triangle scenario, prices topped at $1358 in the ‘C’ wave and are now correcting lower in a ‘D’ leg. This gold price correction may drive down towards $1215.
Crude oil prices may have begun to exit the longer term triangle pattern. If that is the case, then crude oil may soon retest $55. In the near term, softness back towards $48 is not out of the question. Much below $48 and we may need to consider the triangle pattern still on going.
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---Written by Jeremy Wagner, CEWA-M
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