The video above is a recording of a US Opening Bell webinar from November 6, 2017.
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 AUD/USD, NZD/USD, EUR/USD, gold, DJIA, USD/CAD, and crude oil.
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Later today, the RBA shares their latest round of interest rates. The technical pattern on AUD/USD could be viewed as a terminal pattern at multiple degrees therefore leading to a burst higher towards .81. It is recommended not to enter a trade in advance of the announcement, but afterwards we can see if the Elliott Wave pattern is still bullish.
On Wednesday, RBNZ shares their news on interest rates. The technical pattern on NZD/USD appears bearish and bullish moves may prove temporary. We are interested in .6970 as a potential pivot zone. Above .7055 and we will need to reassess the Elliott Wave count.
EUR/USD is slow to sell off. The inability of the market to get organized for impulsive moves lower suggests to me this may be a fourth wave correction. If so, when this correction is finished, EUR/USD may squeeze higher to 1.20-1.22.
Crude oil has been in the news lately as prices break $57 per barrel. We have argued for some time the bullish pattern was incomplete. It appears the triangle ended on August 31 and prices are moving higher in a terminal wave. As we see signs of the terminal wave ending, we will alert you in the US Opening Bell webinar.
Here are some Elliott Wave resources shared on the webinar.
---Written by Jeremy Wagner, CEWA-M
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