Dollar/Yen in the daily frame :
The bearish expanding diagonal since last June, denoting by its Minor-degree subdivisions, has corrected to the Fibonacci 0.5 retracement level so far.
Have A Nice Weekend!
— E.C. Author
Bearish Outlook :
With respect to the bearish diagonal (A), as a five-wave structure down of Intermediate degree, the early-June high should remains intact as the high extreme of the advance since November 2011.
Note : Following a trend by a leading diagonal in opposite direction, indicates a trend revarsal.
Today’s decline in Cable would suggest to resume the downtrend, in Minuette-degree wave (v) against 1.4413.
The outlook still remains bearish, in extending of the third waves extension.
Today, sharp selloff in Euro would suggest to register the extreme point of Minor-degree wave 4 at 1. 09675. The ultimate decline in Minor-degree wave 5 should have resumed.
The adjusted target for current decline is 1.03405, where the Minor-degree first and fifth waves are equal.
The bullish diagonal in Minute-degree wave ((i)) of fifth wave, would likely lead to an impulsive advance in the same degree wave ((iii)).
The Minute-degree third wave could well achieve the 1.618 Fibonacci expansion level at 102.56.
Bullish Outlook :
There is no change on the U.S. Dollar in weekly frame, As denoted by the labels a final advance in Minor-degree fifth wave of Intermediate wave (5) is expected yet.
The ultimate target based on this bullish count could well be around 104.02.
After consolidating for straight weeks in Euro, as Minor wave 4 triangle, an ultimate decline in Minor wave 5 should ensue now.
With respect to this bearish count, the extreme high of the triangle at 1.10596 must hold. The expected target is 1.03302, where the Minor-degree first and fifth waves are equal.
After retrace up in Minuette wave (iv), the following decline in the same degree wave (v) should ensue to complete Minute-degree extending wave ((iii)).
The outlook on the Cable remains bearish, in extending of the third waves extension.
After recording the January 21 low at 811.4, Platinum could have also terminated the Medium-term bear trend.
Hence, the recent low should be respected now as an important extreme.
Also as explained on this Gold’s daily-chart, the Medium-term bear trend could have ended by an expanding diagonal, which has denoted by its Minor-degree subdivisions.
Hence, the December 3 low at 1045 should be respected now as a substantial extreme.