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Elliott Wave Analysis and Forecast (Daily Update) Forex Pairs, Gold, Oil, S&P, USD

GBPUSD Could Turn Bearish This Week

GBPUSD has extended higher in the last two weeks after broken trend-line connected from above 1.6300.
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S&P 500 Is Showing a Top Formation At 1597 Based on Elliott Wave And H&S Patterns

Recent pull-back represents a wave 2/B as we labeled a decline from 1597 as a leading diagonal in wave 1/A.
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Crude Oil Is Looking Impulsive On the Intra-day Basis; Could See $93.00

Oil is forming an impulsive price action from 87.87 swing low. The reason is recent strong reaction towards 92.00 figure yesterday which has been very strong and sharp in short-period of time. That’s a personality of a third wave
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GBPUSD: Corrective Rally From March Low Could Now Extend To 1.5500/1.5600

GBPUSD finally broke higher yesterday after recent unsuccessful push through the lower support line connected from early March lows. Notice that pair closed well above 1.5407 trend-line yesterday which sets a stage for a new impulsive rally, now towards 1.5500/1.5600 area.
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CRUDE OIL Turned Bullish Last Week; Could See $95.00

OIL has accelerated higher on Thursday, and more importantly it closed well above the upper parallel trend-line of a base channel.
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What Rising Australian Stock Market Could Mean For The AUDUSD!?

When Australian stocks are higher the AUDUSD could go even lower if we consider the negative correlation between the markets as shown on the overlay chart below.

ASXSP200 Daily
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Australian stocks vs. AUDUSD
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GBPUSD Trying To Form A Bearish Reversal At 1.5600

On GBPUSD hourly chart we can count completed five waves up in wave C that shows signs of a top around 1.5606
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GOLD: Recovery Is Incomplete; Could See 1490/1500-Elliott Wave Forecast

GOLD made a deeper pull-back in this week and then found a support around 1440, at the parallel trend-line that represents lower side of a corrective channel. Also notice that decline from 1485 has been made in three waves and that 1419 support is still in place. Therefore, we think that pull-back from latest high was corrective wave b) that is part of a complex double zig-zag from mid April low. With that in mind, price could test 1490 or even 1500 level before complex corrective is complete.
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USDCAD Could Look for a Support This Week at Trend-line from 2012 Low

USDCAD: An impulsive reversal higher in the next week, back to 1.0200 would suggest another leg higher, this time to 1.0440 trend-line resistance where we would be looking for an end of a corrective wave (E) of X triangle as shown on the weekly chart.

Only sharp fall through 0.9930 would require a different outlook (ALT on the chart).
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Stocks Futures! US2000, SP500, NAS100.I, DJI.I, FTSE100.I, DAX.I

US and European stocks futures did not move much in the last few sessions so we will continue to look higher. We see room for further gains today as several market are still in fourth waves.
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USD Index Is Forming A Bullish Reversal Pattern-Elliott Wave Forecast

Critical/invalidation level is at 81.32 as wave 2) must never retrace more than 100% of wave 1). So as long that level holds we are looking higher.
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What is Zig-Zag?

A zig-zag (Elliott Wave Pattern) is a 3-wave structure labeled A-B-C, generally moving counter to the larger trend. It is one of the most common corrective Elliott patterns.
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EURUSD: Elliott Wave Principle Suggests to wait three wave pullback

EURUSD: Elliott Wave Principle Suggests to wait three wave pullback in abc to go short.
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EURUSD: Broken Daily Trend-line puts The EUR in Bearish Mode

EURUSD fell sharply last week and closed well below 1.3034 swing low support which puts bearish price action in play. From an Elliott Wave perspective we are tracking one-two, one-two set-up with sub-wave (ii) now underway to 1.3020/50 resistance area.
EURUSD Intra-day
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EURUSD Daily
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USDJPY Could Be In Final Stages Of An Uptrend-Elliott Wave Forecast

USDJPY broke higher last week, out of a triangle pattern that we have been tracking it since mid-April. This triangle has been placed in wave four, so we must be aware of a bearish reversal in the next few days/weeks if we consider that this type of patterns occurs always prior to the final move of the larger trend. So current leg up should be our final leg then; most-likely wave 5 of an ending diagonal. However, each leg in ending diagonal should be sub-divided minimum by three waves so current pull-back is probably wave (b) with wave (c) yet to come that may hit 103.00/103.50 level. After a completed ending diagonal we will be looking for a sharp reversal lower. Fall back beneath 100 would be a first but important sign for completed ending diagonal and weaker prices ahead.
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What Is Ending Diagonal?
An ending diagonal is a special type of pattern that occurs at times when the preceding move has gone too far too fast, as Elliott put it. A very small percentage of ending diagonals appear in the C wave position of A-B- C formations. In double or triple threes, they appear only as the final "C" wave. In all cases, they are found at the termination points of larger patterns, indicating exhaustion of the larger movement.
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AUDUSD Bearish; Wait On Pull-back For New Shorts

AUDUSD: Support for current decline could be near, maybe around 0.9800 from where we will be tracking a wave (iv) corrective rally.
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EURUSD: Bearish Cycles Remains In Play-Elliott Wave Forecast

EURUSD reversed slightly higher yesterday from 1.2840 support but not for long as recovery found resistance very soon, so it was probably just a fourth wave within larger wave 3 down.
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GOLD Bearish Reversal in Progress, Could Hit 1300-Elliott Wave

GOLD reversed nicely, perfectly lower from 1490 area two weeks back where base channel turned into a resistance as discussed in our latest video analysis. Notice that fall from that zone is now very sharp, showing evidences of an increase in volume and momentum so we suspect that market is underway to 1220/1300 area for fifth wave of decline in wave (C).

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USD Index: Corrective Pull-back To 83.30/83.50 Within Larger Uptrend

USD-index is trading lower from recent highs which now appear to be start of a deeper corrective retracement. We are tracking wave 4) pull-back now as we can already count a completed five sub-waves in red wave 3). As such, current bearish waves are only temporary and should prove corrective. Ideally we will see three sub-waves down in wave 4 to 83.30-83.50 area where market may find a support; around former wave four, 38.2% Fibo level and at base channel.
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