The video above is a recording of a US Opening Bell webinar from October 16, 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 DJIA, EUR/USD, AUD/USD, GBP/USD, NZD/USD, EUR/GBP, EUR/NZD, GBP/AUD, gold, and crude oil.
This week marks the 30 year anniversary of Black Monday in DJIA. On October 19, 1987, DJIA crashed to finish the day down 23%. Though we are not expecting a large daily correction, DJIA does appear at a juncture where a correction may begin.
At multiple degrees of trend, DJIA has carved out a five wave advance. That advance is showing signs of tiring with divergence appearing in the Relative Strength Index (RSI). The dashboard is flashing warning lights of a possible correction so look for bearish patterns to form before participating to the short side.
EUR/USD is a market that appears to be supported over the coming weeks. We wrote last week how EUR/USD price appears attracted to 1.20. Once the current consolidation ends, we are looking for EUR/USD to break higher and possibly reach 1.22 where several wave relationships exist.
Gold prices have received their relief rally we anticipated. It is possible that gold prices may continue higher, but the counter trend bounce is becoming mature. Once this relief rally exhausts, we will be looking for a resumption of the sell off to run down towards $1200.
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---Written by Jeremy Wagner, CEWA-M
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