The U.S. Index has worked marching in place the week, so far. The short-term bearish case (the complex wave C in progress) well remains intact.
There are differing options that the entire correction as the Intermediate wave (4) could have developed, till here. A viable possibility, one that we should respect, is that the wave (4) would remain in the late stages of an ending diagonal in its Minor-degree wave C, as a flat correction.
Short-term Bearish View :
In the U.S. Dollar’s daily chart, there are differing options that the entire pattern as Intermediate wave (4) can take over the coming months.
The three straight days decline of this week would indicate that downside correction in the Minor wave C could have remained in progress, so that will become more complex and last longer than it has so far.
As shown on this daily chart, Gold could have extended its Minor wave 3 to today’s 1280.7 intraday high, and correcting down in Minor wave 4 is expected.
Note : Considering the time spent of the price volatility as triangle fourth-wave, the wave degrees adjusted to Minute.
Sideways Developing :
There is no change in sideways outlook for Dollar Index. The prices remain in the process of correcting in the fourth-wave’s volatility over the coming months.
With respect to a triangle correction as Intermediate wave (4), its Minor waves A and B are complete, wave C may have ended too, and the waves D up and E down likely lie ahead.
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
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.
Platinum’s bear market :
In the Platinum’s bear market since 2008, it is expected the Primary wave B(circle) to develop in further time during, with respect to duration of the same degree previous correction in triangle wave 4(circle) (1980-1998).
In accordance with this concept, a trend change in medium term is anticipated now.