The video above is a recording of a US Opening Bell webinar from October 30, 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, gold, DJIA, AUD/USD, NZD/USD, USD/CAD, and gold.
For the past five weeks, we have been long USD/JPY while pulling the stop loss higher. Though the technical picture is not the cleanest, USD/JPY has remained above technical support levels allowing us to pull the stop loss higher. Today, we want to move the stop loss further still up to 112.45.
EUR/USD plummeted below the key level of 1.1662 last week. This negates the bullish triangle pattern as a possibility, but does not negate the potential for a fourth wave flat correction. As discussed on the webinar, the price patterns are not displaying obvious impulses to the downside. As a result, EUR/USD may find support near 1.15 in a fourth wave.
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.
Towards the end of the recording, we discussed methods I use when determining trend direction or potential wave count when the technical picture is not very clear. To understand this portion of the video, you will need to have a basic understanding of impulse waves and corrective waves. To help you toward understanding those patterns, grab these beginner and advanced EW guides.
These resources were shared on the webinar as well.
3 Elliott Wave flat patterns and how to trade them.
---Written by Jeremy Wagner, CEWA-M
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