Saturday, 23 April 2016

Gold daily & weekly charts, trend is now up but ST correction underway

Daily chart shows 5 waves up, which indicates that Gold's trend is now up. The correction from the wave 5 peak could now be entering its final wave lower.



Weekly chart illustrates my guesstimate of Gold's path in coming months, based on my reading of wave structure. Obviously whether or not Gold can beat nearby trend line resistance is the key to whether this scenario plays out. Let's see.


Silver daily & weekly charts, ST correction due, LT down trend line broken

Daily chart. 5 waves up suggests the trend has turned up, but that a ST correction is due.



Weekly chart. The LT down trend line has been broken. As a trader, it's tempting to hope for a new up trend to begin immediately, but another possibility is a broadly sideways trend for many months, before either an up or down trend begins. Let's see.


AUD/USD daily & monthly charts, ST correction due, LT trend line support nearby

Daily chart. 5 waves up suggests a correction is due.



Monthly chart shows parallel trend lines and 7.x year cycle. I'll consider the trend to be up while we see monthly closes over the nearby trend line. Let's see.


EUR/USD daily & monthly charts, ST correction starting?

Daily. Correction starting?



Monthly. Favour higher levels within months unless nearby trend lines are broken to the down side.


USD/JPY daily & weekly charts, up through trend line resistance

Daily



Weekly. Correction from 2015 high could be complete. Would this have bullish implications for equities globally?


USD/CAD daily & monthly charts, headed lower after ST upwards correction?

Daily chart. 5 waves down look complete or nearly so, with wave 5 taking the shape of an ending diagonal. When complete, that would call for an upwards correction, likely for several weeks.



Monthly chart. Lower in coming months is how it looks. 1.30 should prove strong resistance for any ST/MT upwards correction.