DislikedHi dear PT I like to see your chart and your analysis about next week. thank youIgnored
With the latest development of the weaker than expected NFP number, I think we have to wait and see what kind of sentiment develops on Monday. Will the market realize that the NFP number is most likely going to be revised upwards next month? You see, all the indications from the Manufacturing & Non-Manufacturing PMIs as well as the Markit Survey and the US Jobless claims report strongly suggested a bigger increase in jobs created for the month of July. The problem here is that the BLS (Bureau of Labour Statistics) uses a mid-month mean average to come up with some kind of bastardized guesstimate of the number, and that is what is released as the official NFP number (subject to revision with actual numbers in the following month).
Anyway, according to my latest Elliott Wave count, Traditional Price Action analysis and market supply/demand, price on this pair is heading lower. Below I will post my charts to show what I mean. In the last chart (5 Minute) you will see that I have placed questions marks on the last yellow B / Violet C as well as the violet 1 and 2 that follow them. This is because it is quite possible that the Violet C is not yet complete. If this is the case, then it will most likely rise early next week to complete. Now the question is "where will it top out and reverse?" For that we have to look at the supply zones (Red shaded areas) in all the charts below, but I would not bet on any move upwards breaking the critical resistance at 1.3410/15 area. In fact I would be more inclined to believe we have already topped out and that the current questioned counts are in fact valid. However, we will have to wait till Monday to find out for sure.
Those who say it cannot be done should not interrupt those who are doing it