August 2016

A rather tensed corrective week ended relatively strong in an area prone to a support. The level of 94.195 has proven to be a strong support, and was tested again two times in the passing week before bouncing up. Although the last Friday’s bar seems very bullish, it would have been much more bullish had Read More

The passing week has finally (most likely) “confirmed” the assumption for a new bearish wave, which supposed to be a bearish Elliott Wave 5. Wave 5 can sometimes be a truncated wave, which means not taking out the Low of Elliott Wave 3 preceding it. In our case it would appear as respecting the Low made Read More

As mentioned in the previous reviews, the current assumption is that we’ve already started a midterm bearish wave, Elliott Wave 5, possibly targeting the 87 area (!). Here is the Weekly chart with the wave count.   The Weekly 50 SMA is an important indication for the market to reveal bullish intentions. Notice that closing the Read More

As mentioned in the previous reviews, the Dollar Index is very likely to be at the start of an Elliott 5th bearish wave. Taking out the Weekly swing High at 97.585 should negate this assumption. We pointed out that closing above the Weekly 50 SMA should be considered as a major sign of strength that Read More