Elliot wave view (weekly)
Elliot wave view (weekly)
The recovery from the November low is a wave 4, and is approaching key resistance 1.0867. Ideally a top forms at or below that level and is followed by an eventual move to new lows below .9059 in wave 5. However, if 1.0867 is exceeded we would have to entertain the idea that a major low formed last November and that a much larger advance lies ahead
GDP - tonight at 12.30 am
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Change in the value of all goods and services produced by the economy - might give a sense of direction.
I'll be in bed.....so it can please itself, and I'll pick up the action next week
Elliot Wave Daily from 21st Aug
The unexpected drop below all the cited support levels Thursday has forced a slight revision of the wave count to consider a good temporary top in place at last week's high. Thus prices are correcting the move up from the July 15 low and could fall a little further before bottoming. Prices have already reached the 38% retracement of that move and conceivably could work on down to the .618 retracement at 1.0263. The key question is, has the larger trend turned down or is there one more run to the upside to come? The evidence is unclear, so caution is warranted for now. The short-term trend can be considered down while the 1.0550 area holds, though a move above it would suggest that prices will make one more assault on the 1.0790 resistance level. If the 1.0263 level gives way it would lend credence to the alternate count that says wave 4 up is complete and that the long-term trend has turned down. We'll watch these level and take our cues from there