Eur/Usd, Gold Elliott Wave Analysis
Eur/Usd "1.4000 Turning Point"
4 Hour Chart trend: Short possibilities. Main price points: 1.3970. Looking for: Wave V) top
Euro made another push up against the US dollar and finally hit our Fibonacci target area. The 1.3737 area acted perfectly as support in the blue wave iv, for a higher wave v price, as highlighted yesterday. If the wave count is correct then the market should make a turning point soon; maybe in the next week, or maybe even ahead of the U.S. bank holiday on Monday. We can count five black waves up in an extended red wave III which means that the market should make at least three waves of pull-back into the red IV. We will be looking for three waves of retracement, once the wave IV correction starts.
Gold "950-60 Resistance Test" - May 22 09 7:20 EDT
Daily Chart trend: Long. Main price points: 918.15, and 950-60. Looking for: Wave 3) top
Gold has finally reached the target at 950-60 area as expected, where we are looking for the top of the red wave 3). Traders with a long bias should be patient here and wait on a possible near-term wave 4) retrace, as soon as wave 3) completes. Once the wave 4) gets started the price must not trade below the wave 1) highs, shown at the 918.15 area; otherwise we will have to rework the wave count.
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