As shown on the daily frame, Silver might be forming its low as the extreme point of Minor wave B.
Based upon this alternate count, the waves of A and probably B have completed, and the waves of C, likely D and E lie ahead, before the end of overall correction in Intermediate wave (4).
There is no change on this daily frame, Gold is correcting in Minuette wave (iv) in sideways, that’s prior to the decline in fifth wave ahead of the same degree, before the entire impulsive sequence in Minute wave c (circle) of Minor wave B terminates.
The short-term bearish outlook still remains through the anticipated target at 1065.1, where the Minute waves of c (circle) and a (circle) of Minor B are equal.
The Crude is falling in an expected fifth wave, before impulsive Minuette wave (iii) terminates. The immediate target is 45.93.
The minimum objective for the extreme of undergoing Minute wave v(circle) remains below the recent lows area.
There is nothing new to add to the Euro in daily frame.
The outlook still remains bullish against 1.08040, through the determinate target at 1.18135, in anticipation of the countertrend rally as Minor wave Y underway.
Note : Based upon this bullish alternate count in short term, the Euro is tracing out a “Double Zigzag” as the entire correction in Intermediate wave (B).
The bearish stance remains intact on this daily frame, while the price still holds around the 97.36.
The anticipated target for the extreme of Minor wave Y is 90.89, where the waves of Y and W are equal.
Note : Based upon this bearish alternative, the Index is tracing out a “Double Zigzag” as entire correction in Intermediate wave (4), which is the prior to advance in Intermediate wave (5).
As shown on the DX’s alternate count in weekly frame, the correction in Intermediate wave (4), that started in March 13 peak of 100.390, could be traced out as a (W-X-Y) double zigzag, which its Minor waves of W and X have completed, and Minor wave Y may have started its way down in three waves.
The expected target for this final decline is 90.89, where the waves of W and Y are equal.
As shown in this quarterly frame, it is anticipated the current Gold’s bear market, that started in 2011 peak of 1923, is likely to develop in extensive A-B-C (three waves of Primary degree).
“After completing five waves up, markets often retrace to retest their previous fourth-wave area.”
The ultimate target for the extreme of entire correction, could be around the 398 level in the coming years.
Gold, in the monthly frame, is in the process of correcting the prior advance in five Primary waves to the September 2011 peak of 1923. This correction will ultimately amount to a partial retracement of the impulsive advance. Since the peak, prices have traced out an impulsive sequence down, that remains in its late stages.
The overall decline so far, could be still-developing Primary wave A, which is only initial part of a three-wave corrective sequence of one larger degree, that is not yet complete.
Intermediate Fourth Wave Underway :
The U.S. Dollar Index retraced through the 38 percentage of Intermediate extended wave (3), so far. This correction that started in March 13 peak of 100.390, could be counted as a part of more extensive correction in Intermediate wave (4), which is not yet complete.
The anticipated fourth wave developing has shown in the following alternatives on weekly frame :
- Developing in the sideways as an (A-B-C-D-E) triangle, which its Minor wave A has completed, Minor wave B rally may remains in progress, and the following waves of the same degree lie ahead.
- Developing to the downside in a (W-X-Y) double zigzag, which its Minor waves of W and X have completed, and Minor wave Y may have started its way down in three waves.
Both interpretations carry the same message : The correction will continue to progress, likely over the coming months.
The U.S. Dollar Index, in this monthly frame, is in the process of correcting the prior impulsive advance of Intermediate wave (3) of Primary wave C(circle).
The undergoing wave (4), in comparison to the prior corrective wave of the same sequence, seems to have more correction to go before Intermediate wave (5) up starts and carries prices to significant new highs.