Daily Elliott Wave Analysis:GOLD Wave Count Comes Good Again!

By: Enda Glynn | Wed, Apr 12, 2017
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30 min

USD/JPY 30-Minute Chart
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4 Hours

USD/JPY 4-Hour Chart
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USD/JPY Daily Chart
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My Bias: LONG
Wave Structure: rally in wave [C]
Long term wave count: wave [C] is underway, upside to above 136.00
Important risk events: JPY: N/A. USD: Unemployment Claims, PPI m/m, Prelim UoM Consumer Sentiment.

I am a contrarian at heart,
And right now, as the whole world is shunning the USD, I am getting even more bullish on the old Greenback!

At this moment, USDJPY is approaching a low at five degrees of trend!
Wave 'c' brown has a complete five wave structure on display as shown on the short term chart.

The divergence is growing now between the declining price and the rising RSI on the 4hr chart.
This correction has reached exhaustion point,
And as I said yesterday, it is time to start looking upwards for the Dollar.

The price will meet the blue trend line at about 1.0880 and change.
Watch for a change of direction ath that point.
A higher low should form after the completion of wave '4' orange.
The next leg up will be powerful and take this market to new multi year highs in a new bull market run.

Dow Jones Industrials

30 min

Dow Industrials 30-Minute Chart
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4 Hours

Dow Industrials 4-Hour Chart
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Dow Industrials Daily Chart
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My Bias: market top is in.
Wave Structure: Impulsive 5 wave structure, possibly topping in an all time high.
Long term wave count: Topped in wave (5)
Important risk events: USD: Unemployment Claims, PPI m/m, Prelim UoM Consumer Sentiment.

The DOW took another impulsive looking dive lower this evening.
The ease at which this market sheds points should be of some concern to the bulls out there.
But the crowd never notices the bubble they are living within.

The immediately bearish wave count remains in place,
And critical support lies at 20410.

The market continues to make lower highs off the recent wave 'ii' high,
And 20750 is proving a strong resistance level.

The current wave count continues to call for a new bout of selling to come in
Which should bring this market a whole lot lower.
For tomorrow watch for a break of 20509 in an impulsive fashion.
Tomorrow is an important day as the market is closed on Friday this week.
The European markets are closed on Monday.
So a down day tomorrow could set the tone for next week.


30 min

Gold 30-Minute Chart
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4 Hours

Gold 4-Hour Chart
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Gold Daily Chart
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My Bias: Long towards 1550
Wave Structure: ZigZag correction to the upside.
Long term wave count: Topping in wave (B) at 1500
Important risk events: USD: Unemployment Claims, PPI m/m, Prelim UoM Consumer Sentiment.

Another good day in the bag for the Gold wave count.
The price rallied above wave '1' pink and is now closing in on the upper trend line as expected.

Third waves are usually the longest and strongest movement.
From here I would like to see the price movements of wave (iii) blue stretch the overall structure of the wave.
This would create that classic third wave 'look' of an elongated wave.
I dont think wave '3' pink is complete yet,
the price should ideally push out above the upper trend line
and then use that trend line as support for the remainder of wave (iii).



Enda Glynn

Author: Enda Glynn

Enda Glynn

Enda Glynn

I class myself as an Elliott wave trader now, but that's not how I started out though! It took me a long time and a whole lot of pain, to finally understand what drives the price and how to use Elliott Wave correctly!

I have been trading for years and I have tested every trading system and strategy under the sun! I used to pick entry points at random based on emotion or news events or something I heard on TV! It did not take long to destroy my capital! I have blown out my account balance before, and I had to start again,

from scratch!

Believe me, I am well acquainted with failure in trading! Im sure that the above scenario is pretty familiar to you too. We have all been there. About 10 years ago I discovered The Elliott wave Principle and its method of market analysis. Since then, I have spent years learning, testing and trading, using the wave principle as the backbone of my analysis. I even went to college to study macroeconomics and econometrics. I graduated with honours degree back in 2012. The financial market knowledge and statistical edge I gained after my degree added another level to my trading. The difference in my trading approach using the wave principle, compared to before, is like night and day.

The price started to move "my way" more and more often. The wave model, offers me a lens to view market action through, which no other form of analysis can do. Elliott wave analysis, helps me answer four key questions when I am contemplating a trade:

• What direction the price is trending.
• How far is this trend likely to go.
• Where can I enter a trade with the best risk reward ratio.
• And most importantly, at what point am I definitely wrong?!

The wave principle helps me improve my trade entry, tighten up my money management and in turn increase profitability. Seeing the waves unfold before your eyes is a very rewarding experience, It is almost like peering into the future! That is how the wave principle helps my trading, and that is why the wave principle will improve your trading. It took a long time to finally master Elliott Wave Principle. After over a decade of hard work, research and learning I can call myself an expert in the field. I regularly contribute to major trading communities at FXStreet, Forex Factory, Traders Planet. I am a chief Elliott Wave analyst at HumbleTraders.

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