Ewj: elliott wave

looking like the beginning of wave 3 .... if so ... the strongest wave
on weekly chart

 

There are some set back at measured move and other resistances as expected .
Not sure this is just set back or change of trend .
Note: Commodities rise with USD like in pre-2000 Bull Markets.

Report: Commodities & Dollar Moving In Opposite Directions
http://blogs.barrons.com/focusonfun...odities-dollar-moving-in-opposite-directions/

 

Bad Job Data, all Indices DOWN :eek: .
TRAN made a higher high as expected ,
but INDU didn't = Dow Theory non-confirmation .
Wait and see if this is just a set back or a change of trend .

 

Crude Oil and Brent fall just in time to keep Bearish count viable .
Silver overshoot $36.77 to $36.84 then fall back .
Gold shows an extra wave, may be wave five extension :eek: .
Crude Oil and Brent follow USD DOWN but not follow UP .

 

$USD 75.7 as expected .

 

EUR/USD lower low, direction might have changed .
Crude Oil fourth wave invade first wave, not 1-2-3-4, may be a-b-c, direction might have changed .
Gold continues UP, tries to make higher high .
Silver stalls.

 

All MACDs have shown BUY Signal.
Gold may go UP to $1600 - $1666.
Silver meets MA(50) may go DOWN to $32 - $29.
WTIC meets MA(50) may go DOWN to $88, or $103 if the correction if was completed.
US Dollar Index may go UP to MA(200) @ 76.7 or 77.

 

Reverse Head and Shoulder patterns are forming in INDU, SPX, NASDAQ and TRAN .
MACDs will soon give SELL Signals too .
Note: Right Shoulders rebound from lines parallel to the necklines or MA(50) .
5% measured move UP may be too steep :eek: .
Head and Shoulder targets may be OK .
Movement along the channel will be most expected .
But Mr. Market always goes where unexpected .

 

A measured move UP will send Gold to $1600
A measured move UP will send Silver to $37.7
A measured move UP will send USD/EUR to .737
A measured move DOWN will send EUR/USD to 1.357
A measured move DOWN will send Crude Oil to $92.7
A measured move DOWN will send Brent to $113

 

Mr.Market chose the unexpected DOWN move .
US Dollar Index reached measured move @ 76.7 as expected,
got MACD BUY Signal, may go UP to 77 or 78 .
Note: RSI SELL Signals in INDU, SPX, NASDAQ, TRAN .
UTIL's MACD may give SELL Signal first, others may follow soon .
Supports may be at MA(50) and MAY low.