Eur/Usd
Daily Chart trend: Short possibilities. Main price points: 1.4250 - 1.4350. Looking for: Wave B top
Eur/Usd has made another very sharp move to the upside during the Tuesday Euro and US session. The wave count on the four hour chart, presented yesterday, is still valid as the market is forming an extension in a fifth wave. However, we are back with a daily chart where we are still monitoring the price reaction around the 76.4% retracement of wave A where wave B highs may find the top for a possible turning point. Traders should pay attention to the 1.4250 and 1.4350 areas, as we also see a trend-line resistance in this zone connected from black wave B and wave X highs, which may also be a turning point. The wave count presented below will be valid, so long as the 1.4719 high of red wave X, stays in place. We will be looking for a bearish wave count if the market, at any time, breaks through the lower blue support line of the current uptrend.
Gold
4 Hour Chart trend: Long. Main price points: 988.37. Looking for: Wave IV
Gold recently tested the previous wave III highs at 988.37 area which means we are looking for an irregular correction as the prices in wave B) made a new high by $1 per ounce or so. An irregular correction means that prices in wave B) goes above the start of wave A) before the wave C) starts to develop. So if we are correct, then prices should now already be trading in the wave C) leg, which should be targeting the previous wave A) lows and then also a 382% retracement of wave III. We will be looking for a possible bounce higher in that area.
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