Dollar Index and Gold Update

DXY and Gold now appear to be in wave 4 and I reckon that 1200 is an area to watch for Gold to turn and make its last leg down. As I mentioned earlier, personally I'm not going to trade this because I'm trying to catch that supposed Dollar top. Exciting times are coming.

AUD/NZD and EUR/GBP Update

AUD/NZD made a move up, appeared initially to break the trendline, but came down again. So I had to change my count and I figure that we will get a last leg down. Still believe I'm right on the larger picture as long as 1.0237 holds and this move down is clearly corrective.

EUR/GBP went up 300 pips which is a lot during these dull trading days, but it just marginally broke that 0.8571 high, and didn't reach the 1.618 extension of wave 1. So there is a good chance this was corrective, but it can also be a leading diagonal in progress or a wave 1 and 2 followed by wave 1 and 2 of larger wave 3 (alt in red). Many options, I wouldn't trade this if I wasn't already in and up on this one.

Gold in similar structure as the Dollar Index

The yellow bricks made an impulsive move up from 1046 (December 2015), topped at 1375 (July 2016) and is now in a C-wave to complete larger wave 2.

What's interesting is that Gold is imo in the same phase as the Dollar Index. Although it's not that surprising because Gold tells you particulary a lot about the state of the Dollar and fiat.

Gold is at the late stages of wave 3 of larger wave C.

DXY is also at the late stages of wave 3 of larger wave 5 (of wave C). See my DXY chart in the previous post.

So both DXY and Gold need a wave 4 and a wave 5 after which the Dollar should take a proper hit. 

Euro Index vs Dollar Index (DXY)

The Dollar Index (DXY) is in wave 5 of larger wave C so we can assume that the dollar rally which started in 2008 is in its late stages and a dollar sell off is around the corner( in a few months).

At the same time the Euro Index is ready for a last plunge which corresponds well with the EUR/USD picture I got in mind.

So regardless what the media tells you about rising rates in the US and years of USD gains, stick to Elliott and watch this rally fizzle out soon. I'm going to update these charts every 2 weeks or so, I don't know what you people are going to do but I'm going to catch a major top.😎

BTW If it plays out this way, the Euro will gain but there are probably better options like commodities or commodity currencies (AUD/NZD/CAD).

AUDNZD - Ready for the launch ?

I'm touting about this trade for a long time now in anticipation of a big third wave up which I don't want to miss. I have already multiple long positions but this seems another nice opportunity to add on to the trade.

The move down from 1.0725 is clearly corrective and this wave 2 might already be over. But this correction can still go lower as long as 1.0237 holds. 

On the 15min we need a new high to complete a 5-wave structure, in that case this should be minor wave 1 (which is part of a larger third wave) and we'll take off soon.

Daily chart:

240min chart:

15min chart:

EUR/GBP - Looks ready for wave 5 while above 83.04

EUR/GBP is at the 0.382 fib of wave 3 which is roughly a probable target for wave 4 to end (matches my count as well). I think it will resume the trend from here and make new highs in a wave 5. Minor wave 1 is already done (240 min chart). Parity here we come ! 😊

Daily chart:

240min chart: