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EURUSD Intra-Day Elliott Wave Analysis

EURUSD Intra-Day Elliott Wave view suggests the decline from 9/8 peak remains in progress as an expanded Flat Elliott Wave structure. Down from 9/8 high (1.2094), pair ended Intermediate wave (A) at 1.837. Bounce to 1.2034 ended Intermediate wave (B). Intermediate wave (C) remains in progress and unfolding as 5 waves impulse where Minor wave 1 of (C) ended at 1.186, and Minor wave 2 of (C) ended at 1.2. Down from there, Minor wave 3 of (C) ended at 1.1716 and bounce to 1.1832 ended Minor wave 4 of (C).

While EURUSD stays below 1.1789, it has scope to extend lower in Minor wave 5 of (C) and reach 1.1586 – 1.1633 area. The move lower will also end cycle from 9/8 peak and complete Primary wave ((W)). Afterwards, Pair should bounce in Primary wave ((X)) to correct cycle from 9/8 peak in 3, 7, or 11 swing at least. If pair breaks above 1.17899 from here without making a new low, pair may have ended Primary wave ((W)) already.

EURUSD 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Attached Image (click to enlarge)

China’s One Belt One Road (OBOR) is Bullish Commodities

What is OBOR (One Belt One Road)
One Belt One Road (OBOR) is an initiative originally coming from China’s president Xi Jinping in 2013. The plan is the single biggest initiative since the opening up of China to foreign investment. President Xi called it a “project of the century”. In America, globalization has lost its luster under President Donald Trump’s “America First” policy. China is trying to fill the void by setting an example of globalization. The plan involves reviving the ancient Silk Road trading routes, both land and sea. The project has two main components. The first component, One Belt, involves rebuilding 21st century maritime silk road down to Southeast Asia and the Middle East and Europe. The second component, One Road, involves rebuilding silk road economic belt, or the old silk route through Central Asia, Turkey, and Europe.
At the close of “Belt and Road” forum in May 15, President Xi pledged $113 billion in extra funding and urged other countries to join. 68 countries and international organizations have signed up for the mega infrastructure project. It’s a massive global trade and investment initiative to enhance trading opportunities and also demonstrate China’s global influence. The plan primarily invests and builds infrastructure in participant countries in the form of rail network, roads, transportation, port, power,etc.

Some infrastructure projects have already been underway as part of OBOR. From Bangladesh to Belarus, railways,refineries, bridges, industrial park is being built. A freight route linking China’s eastern coast and London has already started operating. In Pakistan, there’s a $46 billion investment for China-Pakistan Economic Corridor (CPEC) to build roads, energy projects, industrial parks, and Gwadar port. In Kenya, a Chinese firm has built a new railway connecting Nairobi to Mombasa.

Why OBOR Creates Huge Demand for Commodities
As OBOR invests and builds heavily in infrastructure, there will be a huge demand for commodities, resources, energy, service, and technology. OBOR will mean pouring a lot of cement for roads and a lot of steel for railways. Steel needs iron ore, energy and coal, while electricity infrastructure will help support the demand for copper. OBOR can also increase shipping demand as infrastructure investment improve ports and open new markets for commerce.
According to BHP Billiton Ltd, the world’s largest miner, China’s One Belt and Road Initiative will add about 150 million tons to global steel demand. Increased appetite from infrastructure will support steel even as there’s slowdown in China’s housing sector. Credit Suisse Group AG said that investment worth a total of $313 billion to $502 billion could go to 62 Belt-Road countries over the next five years. As China continues the effort to liberalize its capital account, enhance the status of RMB (Renminbi), and shifts the growth outwards, OBOR is a development that could have a far reaching impact on financial market and how commodities are traded.
Copper Daily Elliott Wave Chart

Copper Daily Chart is showing either 5 waves impulse from 1.15.2016 low or a 5 swing sequence from 1.15.2016 low. Both interpretations suggest that more upside is favored as far as the metal remains above 1.15.2016 low at 1.9594. Dips therefore is a buy in 3, 7, or 11 swing and we don’t like selling the metal. To get the latest Elliott Wave chart update on Copper, try EWF 14 days for only $9.99.

NZDUSD Short-term Elliott Wave Analysis

NZDUSD Short term Elliott Wave view suggests the decline from 9/20 peak remains in progress a zigzag Elliott Wave structure. Down from 9/20 high (0.7434), pair ended Minor wave A at 0.7165. Subdivision of Minor wave A unfolded as 5 waves impulse where Minute wave ((i)) of A ended at 0.7276 and bounce to 0.7362 ended Minute wave ((ii)) of A. Afterwards, decline to 0.7166 ended Minute wave ((iii)) of A and Minute wave ((iv)) of A ended at 0.7239. Minute wave ((v)) of A completed at 0.7165. Pair then bounced in Minor wave B in 3 waves and ended at 0.7243. Minor wave C is currently in progress and unfolding also as 5 waves impulse. Minute wave ((i)) ended at 0.7145, Minor wave ((ii)) ended at 0.7206, and Minute wave ((iii)) at 0.7049. While Minute wave ((iv)) bounce stays below 9/29 peak (0.7243), expect pair to extend lower towards 0.6919 – 0.6983 before ending cycle from 9/20 peak.

NZDUSD 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Attached Image (click to enlarge)

$FTSE 100 impulsive bounce from 9/15 lows

The $FTSE 100 index appears to be showing an impulsive bounce from the 9/15/17 lows. This is part of a larger leading diagonal up from the 2/11/16 lows. In an impulse that is bullish, market prices will go up in an impulsive manner on all time frames of trend. Impulses are always subdivided into smaller degree impulse waves and will alternate between the impulsive motive and corrective character so that the waves 1, 3, and 5 are impulses and the waves 2 and wave 4 are smaller pullback retraces of the waves 1 and 3.
In the near term, ideally while the index is above the 7493 wave 4 lows it can see the 5th wave target area in the 7535 to 7624 region in the intermediate blue wave (A) degree before it ends a cycle up from the 9/15 lows. The minimum target mentioned at 7535 comes from the inverse extension measurement of the depth of wave 4. The higher target area up at 7624 is where wave 5 equals wave 1. In between the upper and lower target areas the .618 extension of the wave 1 and wave 3 combined give a target area at 7574. Feel free to have a look at this blog title “How to get an Elliott Wave fifth wave target” that mentions how and the three ways to get a wave 5 target here. Afterward of completing the cycle up from the 9/15/17 lows the index should develop a three, seven or eleven wave corrective pullback in intermediate degree wave (B) that should offer the next best buying opportunity in the equity index. Here is another blog that references corrective structures of what to look for in that pullback.
Thanks for looking and feel free to come visit our website and take a trial subscription and see if we can be of help. Kind regards & good luck trading.
Lewis Jones of the ElliottWave-Forecast.com Team
FTSE Impulsive Elliott Wave Structure

FTSE Elliott Wave Analysis 10.11.2017

FTSE Short term Elliott Wave analysis suggests the decline to 7196.58 on 9/15 low ended Primary wave ((4)). The Index is currently within Primary wave ((5)) which is subdivided as a zigzag Elliott Wave structure. The first leg Intermediate wave (A) of this zigzag is in progress as 5 waves impulse where Minor wave 1 ended at 7327.50 and Minor wave 2 ended at 7289.75. Up from there, Minor wave 3 ended at 7527.59 and Minor wave 4 ended at 7493.68. The Index has broken above Minor wave 3 at 7527.59, suggesting that it’s in the final Minor wave 5 higher which should also complete Intermediate wave (A).
Cycle from 9/15 low is mature and Intermediate wave (A) could end soon. Once Intermediate wave (A) is complete, Index should pullback in Intermediate wave (B) in 3, 7, or 11 swing to correct cycle from 9/15 low (7196.58) before the rally resumes. We do not like selling the proposed pullback. As far as pivot at 9/15 low stays intact in the Intermediate wave (B) pullback later, expect Index to extend to a new high.

FTSE 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Attached Image (click to enlarge)

DJ Commodity Index is supporting Higher GOLD

The Dow Jones Commodity Index is a broad measure of the commodity futures market that emphasizes diversification and liquidity through a equal-weighted approach. It doesn’t allow any sector to make up more than 33% of its portfolio or any single commodity to make up more than 15%.

Gold is the top weighted commodity of the index with 11.53%, silver only represent 4.14% and Copper 7.51%. Consequently, a total of 23% for metals means that any significant move in that sector should be reflected on the price of DJCI therefore we can use to identify the global trend for commodities around the world.
DJ Commodity Index Weekly Chart

From 2011 peak, the Commodity Index traded lower in a regular flat structure which ended at January 2016 low. Up from there, DJCI started a new bullish cycle showing an incomplete 5 swings bullish sequence and it’s suggesting a move higher toward equal legs area 708 – 750 as long as it stays above the recent June 2017 low.
DJCI vs GOLD vs RGLD

In the above charts, we can notice DJCI is breaking above the 2011 bearish trend-line same as Gold and a related mining stock RGLD. The move is supporting the case for higher commodities in the future especially strong move for Gold.
The precious metal is leading the pack higher as many Gold instruments have a bullish sequence / structure like Royal Gold Stock giving us clues about the next investing opportunity in the stock market
Recap:
The DJ Commodity Index is one of many other indexes that can be used to determine the next move for this sector and as a result of the recent bullish breakout it will give a big boost to the rest of commodities.
We cover many commodities , so if you’re interested in getting more insights about the precious metals or any other related instruments like GDX or XME , then take this opportunity and try our services 14 days only for $9.99 to learn how to trade forex, indices, commodities and stocks using our blue boxes and the 3, 7 or 11 swings sequence. You will get access to our 78 instruments updated in 4 different time frames, Live Trading Room and 2 Live Analysis Session done by our Expert Analysts every day, 24-hour chat room support and much more.

World Stock Index has much more upside

The Hang Seng Stock Index is a free float, adjusted market capitalization, weighted stock Market Index in Hong Kong. The Index records and monitors daily changes of the largest companies of the Hong Kong Stock Market. It is the main indicator of the overall market performance in Hong Kong. These 50 constituent companies represent about 58% of the capitalization of the Hong Kong Stock Exchange. At Elliottwave-Forecast, we have been tracking the Index sequences together with the FTSE 100 (The Financial Times Stock Exchange 100 Index). FTSE 100 is the share Index of the 100 companies listed on the London Stock exchange with higher market capitalisation.
The Hang Seng Index and FTSE 100 both are showing the same sequences since the all-time lows and both are showing an incomplete sequence since the lows at 2008-2009 range. Today, the Market today can advance in 2 types of sequences. The first type is 5-9-13 or motive sequence and the second type is 3-7-11 or corrective sequence. Both the Hang Seng Index and the FTSE 100 advance in a corrective sequence and both have not reached the 100% from all-time low.
The Market by nature will always runs in one of the 2 sequences above. Both Hang Seng and FTSE 100 are showing the same outcome which is an extension to the upside within the cycle since 2008-2009 low. The charts below show the extension target in both indices, and the upside in both indices will drive the rest of the World Indices higher. This means that SPX 500 (The Standard & Poor’s 500), which is the market capitalizations of the 500 large companies in the United States, has scope to rally into levels which not many people are expecting such as 3245 or even the 4000 levels.
The rally in SPX 500 from all-time low can become a 5 waves impulse if SPX 500 can break above 3245 before the Hang Seng and FTSE 100 reach the 100% from all time low and finish the blue sequence as charts below show. At the end of the day, the world indices are here to extend and contrary to many popular street opinion, they will remain a buy in the dips in all time frames until Hang Seng and FTSE 100 reach their target.
Hang Seng Stock Index Monthly and Weekly

The Hang Seng Index is showing 5 swings from 2008 lows, which should result in more upside within the blue sequence into the all time 100%. The invalidation for this view in daily degree is the blue 4 low (18278.80) while the invalidation in weekly degree is the black 4 low (10676.29).
FTSE 100 Stock Index
The Index took the 2000 peak, which suggests the bullish sequence from all-time lows is incomplete. In addition, we could also see 5 swing bullish sequence in blue degree from 2009 low, which favors more upside.


The following chart below shows that both Hang Seng and SPX 500 have the same trend

At Elliottwave-forecast, we believe that there’s only one Market. Having 2 Indices calling more upside mean the whole group will trade higher. We believe in cycles, distribution and many other tools in addition to the classic or new Elliott wave Principle. To get regular update on the market and Elliott wave charts in 4 time frames, try EWF 14 days for only $9.99.

FTSE Short-term Elliott Wave Analysis 10/12

FTSE Short term Elliott Wave structure shows Primary wave ((4)) ended at 7196.58 on 9/15 low. Rally in Primary wave ((5)) up from there has internal subdivision of a zigzag Elliott Wave structure. Intermediate wave (A) of this zigzag structure is in progress as 5 waves impulse where rally to 7327.50 ended Minor wave 1 and bounce to 7289.75 ended Minor wave 2. Rally to 7527.59 ended Minor wave 3 and Minor wave 4 pullback ended at 7493.68. Minor wave 5 of (A) higher remains in play and could see more upside before ending the cycle from 9/15 low.

Chasing the rally higher at this stage is risky since cycle from 9/15 low is mature and Intermediate wave (A) could end soon. After Intermediate wave (A) is complete, expect Index to pullback in Intermediate wave (B) in 3, 7, or 11 swing to correct cycle from 9/15 low (7196.58) before the rally resumes. We do not like selling the proposed pullback. We favor Index to extend to a new high after Intermediate wave (B) pullback has ended later as far as pivot at 9/15 low stays intact.

FTSE 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Attached Image (click to enlarge)

Trading Edge through Swings Sequences

Most Elliott Wave Practitioners think that 5 wave move off a high / low provides them with a Trading Edge as according to Elliott Wave Theory, a 5 wave move should be followed by 3 waves back and another 5 wave move in the direction of the first 5 wave move. Experience has taught us that many a times, 5 wave moves can turn out to be part of an Elliott Wave FLAT which is a 3-3-5 structure and if so, representing the end of a corrective cycle rather than start of a new cycle and hence setting a trap for the traders. Therefore, we at Elliottwave-Forecast rely more on Swing Sequences than 5 wave moves to look for our “Trading Edge”.
Markets move in either Impulsive Sequences or Corrective Sequences. 5,9,13,17 and so on is an impulsive sequence whereas 3,7,11,15 and so on is a corrective sequence. We believe every Elliott wave practitioner in particular and trader in general should understand the swing sequences to get a better accuracy in their forecasts and avoid getting into traps which are often laid out by the market. As we know that 7 is a corrective sequence so if we see 5 swings up with biggest correction in the middle (which is too big to be wave 4 of an impulse), then we know the sequence is incomplete and it presents a “Trading Edge” to buy the 6th swing pull back to trade the 7th swing higher. Below, we will present an example of EURAUD forex pair showing 5 swings sequence up from 7/19 (1.4418) low suggesting the sequence is bullish against 9/20 (1.4785) low and 6th swing pull back should represent a buy opportunity in 3, 7 or 11 swings with a target of 1.5543 – 1.5722 area.
EURAUD 5 swings sequence provides a “Trading Edge”


We understand that not all traders are able to identify these incomplete sequences which provide a “Trading Edge” to traders, so when ever we spot an Incomplete swings sequence on our charts, we put a Bullish Sequence or Bearish Sequence stamp on the chart for our clients to know they should be looking to buy or sell that particular instrument in 3, 7 or 11 swings. Not every instrument has a Bullish or Bearish sequence all the time but we cover 78 instruments in total so there are always some showing Bullish or Bearish swings sequence in different time frames. If you would also like to get access to our forecasts and charts showing Bullish or Bearish Sequence stamps, start your 14 day Trial today. If you have been a member or taken trial in the past, sign up for a Subscription plan and learn to trade the sequence and get ahead of the crowd.

FTSE Intra-day Elliott Wave Analysis


FTSE Short term Elliott Wave analysis suggests decline to 7196.58 ended Primary wave ((4)) on 9/15 low. Up from there, rally in Primary wave ((5)) is unfolding as a zigzag Elliott Wave structure. Intermediate wave (A) of this zigzag structure remains in progress as 5 waves impulse where Minor wave 1 ended at 7327.50 and Minor wave 2 ended at 7289.75. Rally to 7527.59 ended Minor wave 3 and decline to 7493.04 ended Minor wave 4. Cycle from 9/15 low is mature and can end any moment. However, while near term pullbacks stay above 7493.04, Index could see more upside before ending the cycle from 9/15.

Chasing the rally higher at this stage is risky as Intermediate wave (A) could end soon. Once Intermediate wave (A) is complete, Index should pullback in Intermediate wave (B) in 3, 7, or 11 swing to correct cycle from 9/15 low (7196.58) before the rally resumes. We do not like selling the Index. We favor extension higher once Intermediate wave (B) pullback has ended later as far as pivot at 9/15 low stays intact.

FTSE 1 Hour Elliott Wave Chart

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Rate Hike Expectation May Support Poundsterling

In the aftermath of Brexit vote, Bank of England (BOE) had cut the cost of borrowing to a new record low of 0.25% in order to support the economy. At the same time, Poundsterling slumped against other major currencies due to the economic uncertainty. Sterling is currently worth 14% less against the Euro and 10% less against the US dollar than before the vote. However, due to the UK’s reliance on imports, the weak Poundsterling increased the cost of importing food, fuel, and raw materials. As a result, living standards are increasingly squeezed and the UK now has the highest inflation rate among the G7 nations. In August, the UK inflation hit 2.9%, which was up from 2.6% in July. This number is almost 1% higher than the official 2% target. Below is the graph of UK inflation rate

Among G7 countries, UK has the highest inflation rate. The rise in prices is also above the average of the Euro area and the G20 nations. Below is the comparison of UK inflation rate with other G7 countries and Eurozone average.


BOE signalling rise in rate in the “coming months”
The nine member MPC (Monetary Policy Committee) voted by a margin of 7-2 to keep rates on hold last month. However, they also made it clear that unless there’s a major deterioration in the economy, it would raise rate in the coming months. In the interview with BBC’s Radio 4 Today Programme below, Mark Carney, the Bank of England Governor, says interest rates will rise in the relatively near term.

BOE will meet two more times this year on November 2 and December 14. Expectations are high that the Bank will raise the benchmark rate in the coming November meeting. However, several prominent organizations and forecasting group, such as British Chambers of Commerce, ratings agency Standard & Poors, and EY Item Club have suggested the economic growth was not strong enough to warrant a rate hike. BOE’s rate decision could be based on the result of UK’s latest inflation figure for September which will be released tomorrow (Tuesday Oct 17). Economists predict that the CPI will have risen to 3% in September, the highest level since 2012. If the number comes out at the high end, the Central Bank may have no choice other than raising the rate.
Poundsterling Technical Charts
Technical charts on two Poundsterling pairs below suggest that we may see support for Poundsterling.
EURGBP 4 Hour Elliott Wave Chart

EURGBP looks to be declining in 5 waves from 8.29.2017 peak to 9.27.2017 low. If this is the right interpretation, then we could be looking for another 5 waves down which should be supportive of Poundsterling. Wave (B) can either be done (Path 1) in which case the pair should then resume to new low below wave (A). Alternatively, it can do a double correction in wave (B) and see another leg higher before the decline resumes. Either way, another leg lower is expected once wave (B) is complete

GBPJPY Daily Chart

GBPJPY Daily Chart above shows a bullish sequence from 10.7.2016 low as it creates a higher high sequence and the recent peak at 9.21.2017 broke above the previous high on 12.15.2016 high. The rally from 10.7.2016 low to 12.15.2016 high looks impulsive and can be considered as such. We then see a 9 month sideways consolidation from 12.15.2016 to 8.24.2017. The pair then started a new leg higher and made recent peak at 9.21.2017. It has corrected and retested the upper end of the consolidation channel. The rally from 8.24.2017 to 9.21.2017 also looks like an impulse. From the overall structure, it looks like GBPJPY is bullish and can continue higher to 161.76 – 168 area as far as it remains above 8.24.2017 low.
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NASDAQ Futures: Impulsive Rally

NASDAQ Futures rally from 2.11.2016 low is unfolding as an Elliott Wave Impulse as we can clearly see three channels in price and momentum (RSI) to support this idea. Wave ((1)) ended at 4919.50 as a diagonal, wave ((2)) ended at 4558.50, wave ((3)) completed at 5907.50 and dip to 5560 completed wave ((4)) on 7.5.2017. Up from there, so far we can only see three swings up and as wave ((5)) can’t be in 3 swings, we expect to see more upside in NASDAQ Futures to complete wave ((5)) which should also end the cycle from 2.11.2016 low. Near-term focus is on 6178 – 6279 area to complete wave (3) of ((5)) before we get a pull back in wave (4) to correct the cycle from 8.21.2017 (5752) low and higher again towards 6443 – 6604 area to complete wave ((5)).
Wave (3) of diagonal wave ((5)) is proposed to be unfolding as a double three WXY structure where wave W ended at 6019.75 and wave X ended at 5842. Index has already reached 100% extension of W-X at 6108 but has not yet reached 100% extension up from red X low so while dips stay above 10.10.2017 (6039), expect NADSAQ Futures to extend higher towards 6178 – 6279 area to complete wave (3). Break below 10.10.2017 (6039) low would suggest cycle from 5842 low ended and would favor the view that wave (3) also ended and NASDAQ Futures are already in wave (4) pull back to correct the cycle from 8.21.2017 low. Index has already reached 100% extension of W-X so we don’t like chasing strength here and don’t even like selling the Index. We see wave (4) dips when seen to offer the next ideal buying opportunity in 3, 7 or 11 swings.


NASDAQ Futures Daily Chart

AUDUSD Elliott Wave Analysis 10.18

AUDUSD Elliott Wave structure suggests that the decline to 0.7731 on October 6th low ended Primary wave ((W)). From there, Primary wave ((X)) bounce is unfolding as a double three Elliott Wave structure. Rally to 0.7807 ended Intermediate wave (W) of ((X)) and pullback to 0.7815 ended Intermediate wave (X) of ((X)). A break above Intermediate wave (W) at 0.7815 will give more validity to this view. Until then, a double correction in Intermediate wave ((X)) is still possible. Near term, while pullbacks stay above 0.7815, but more importantly above 10/6 low at 0.7731, expect pair to extend higher.

AUDUSD 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Attached Image (click to enlarge)

Elliott Wave Theory Structure; An Ending Diagonal

An ending diagonal is a type of impulsive motive wave in Elliott Wave Theory that will be found in the subdivision of fifth waves or whole C waves in a structure. An ending diagonal C wave or 5th wave commonly shows an obvious wedge shape with an overlapping wave 1 and wave 4. These will subdivide into 3-3-3-3-3 however an overlapping wave 1 and wave 4 are not required conditions that must be met. The overlap may or may not happen thus it is acceptable for there to not be any overlap. These structures will appear in either bullish or bearish markets in all time frames. For reference shown at the bottom there is a couple of bullish examples the above mentioned wave C’s & 5th’s describes.
There are a few conditions that ending diagonal waves have in common with a regular impulse. Firstly the whole structure will be five waves however it will subdivide into the aforementioned 3-3-3-3-3 instead of 5-3-5-3-5. Secondly the wave three will not be the shortest of the five wave move thus either the wave one or the fifth wave will be shorter than the wave three. Finally the fifth wave of a bullish market ending diagonal will have a lower momentum reading such as on a RSI indicator where it will be showing some divergence compared to the wave three. Correspondingly in a bearish market ending diagonal the wave three will have the lower momentum indicator or RSI reading when compared to the wave five.
Keep in mind a five wave motive, whether a regular impulse with the 5th wave being an ending diagonal or an ending diagonal wave C itself will be commonly seen in the larger double three combination structures such as in the C wave ending moves of zig-zags as well as in flats of each of the three types which can be seen here.
Thanks for looking and feel free to come visit our website and take a trial subscription and see if we can be of help. Kind regards & good luck trading.
Lewis Jones of the ElliottWave-Forecast.com Team

Copper swings sequences calling the rally

Hello fellow traders. In this technical blog we’re going to take a quick look at the past Elliott Wave charts of Copper published in members area of www.elliottwave-forecast.com. In further text we’re going to count the swings, explain the short term Elliott Wave view.
Copper Elliott Wave 1 Hour Chart 10.10.2017
As our members know, Copper has had incomplete bullish sequences in larger time frames targeting 3.363 area. Consequently, we advised members to avoid selling and keep buying the dips in 3,7,11 swings. On 9th October Copper has made new short term high that made sequences bullish in the short term cycle as well. With new high we assumed that 9th swing is in progress. That means short term cycle from the 09/22 low is also having incomplete sequences . As of right now, 11th swings up are required to complete proposed cycle.
We’re labeling proposed cycle as a Triple Three structure. Second ((x)) connector is counted completed at 3.011 low and we’re about to complete short term x red pull back. As far as the mentioned level holds, we expect further rally.

Shortly after Copper found buyers , and make further separation from the 3.011 low, eventually breaking above 09/04 peak. Keep in mind market is very dynamic. If you’re interested in new Elliott Wave forecasts of Copper you can find them in the membership areaof EWF.
Elliott Wave Forecast
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AUDUSD Intra Day Elliott Wave Analysis

AUDUSD Short Term Elliott Wave view suggests that Primary wave ((W)) ended at 0.7731 on October 6th low. Up from there, Primary wave ((X)) is currently unfolding as a double three Elliott Wave structure. Intermediate Wave (W) of ((X)) ended at 0.7807 and Intermediate wave (X) of ((X)) ended at 0.7815. Near term, while pullbacks stay above 0.7815, but more importantly above 10/6 low at 0.7731, expect pair to extend higher. At this stage, pair still needs to break above Intermediate wave (W) at 0.7815 to give more validity to this view. Until then, we can’t rule out a double correction in Intermediate wave ((X)).

AUDUSD 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Attached Image (click to enlarge)

AUDUSD Short Term Elliott Wave Analysis 10.20.2017

AUDUSD Short Term Elliott Wave view suggests that the decline to 0.7731 ended Primary wave ((W)) on October 6th low. Primary wave ((X)) is currently in progress as a double three Elliott Wave structure. Up from 0.7731, Intermediate Wave (W) of ((X)) ended at 0.7807 and decline to 0.7815 ended Intermediate wave (X) of ((X)). Near term, while pullbacks stay above 0.7815, but more importantly above 10/6 low at 0.7731, expect pair to extend higher. We still need the pair to break above Intermediate wave (W) at 0.7815 to add more validity to this view. Until then, we can’t rule out a double correction in Intermediate wave (X). If pair breaks below 0.7815, then it should open extension lower to 0.778 – 0.78 area where buyers should appear for at least a 3 waves bounce.

AUDUSD 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Attached Image (click to enlarge)

Why Bitcoin can pullback from $6100 – $6800?

Bitcoin continue it’s outstanding performance as it managed to breach the $6000 barrier this weekend, it currently up 200% from 07/16 low and with a total of 500% for this year. The rally from $1830 low is represented by 3 swings subdivided into 5 waves rally then 3 waves pullback followed by another 5 waves.
This type of move can be either labeled as 3 waves Zigzag Structure which can end around equal legs area $6100 – $6800 or it can be part of a 5 waves move which means BTCUSD still needs to extend further toward $8000 as the most powerful 3rd wave move usually reach the 1.618 Fibonacci extension level.
To be able to identify which scenario will take place, we’ll wait for the next pullback to take place then depending on the structure and strength of move we’ll know if it’s only correcting the cycle from 09/15 low or the full cycle from July low has ended.

Currently the cycle from $2972 is still in progress as 5 waves ending diagonal, which already have enough number of swings to call it completed. However, the target for wave 5 can be calculated in 3 different ways and in that case the digital currency can still see more upside in the short term as we have these targets :

1. Wave (1) = Wave (5) = $6255
2. 123.6% – 161.8% invested extension of wave (4) = Wave (5) = $6022 – $6300
3. 61.8% extension of wave (1) + wave (3) = Wave (5) = $6880

We can also use the internal structure in the 1H chart to calculate the move higher, which is expected to take place as 7 swings double three structure looking to reach equal legs area $6837 – $7093 as long as it remain above $5101 low.

Consequently, Bitcoin shorter term cycles are still calling for more upside but the bulls needs to be careful about chasing the logn side here as the cycle is mature and can turn anytime soon after hitting the mentioned targets above.
Bitcoin Recap
The digital currency is entering an important extreme area around $6100 – $6800 which can produce at least 3 waves pullback before it can either resume the rally to reach $8000 or start a larger correction the can take it back lower toward $4000.

More insights about Bitcoin can be seen through our Free Cryptocurrencies page including other updates for Ethereum, Ripple and Litecoin. We are also covering it during our live session in Group 3 which you can gain access using our 14 days Trial.

Will Trump Really “Totally Destroy” North Korea?

US President, Donald Trump, threatened to “Totally Destroy” North Korea during his speech in United Nations assembly on 19th September 2017 and further added that “Rocket Man” is on a suicide mission for himself and for his regime. “The US has great strength and patience,” Trump said. But he added: “If it is forced to defend ourselves or our allies, we will have no choice but to totally destroy North Korea. He said the US was “ready, willing and able” to take military action, but said hopefully that would be unnecessary if the rest of the world stepped up its efforts to constrain the Pyongyang regime.
Trump speaks at UN Assembly

(Image taken from www.theguardian.com)
On 3rd September 2017, North Korea conducted it’s 6th Nuclear test which sent stock markets around the world tumbling lower but only to bounce back very strongly. We were quick to highlight in our article on 4th September 2017 that Nuclear tests posed little threat to Indices and rally should resume. Since then, we have seen US Indices extending their rallies to new highs and even Nikkei Index from Japan managed to break above 2015 peak to create an incomplete sequence from 2009 low. Today, we will revisit the long-term chart of $KOSPI-KOR which shows rally has extended since North Korea’s Nuclear test and we don’t think it’s due for a major correction any time soon. Of course, the rally will not be in a straight line and there will be pull backs in-between but those pull backs should be nothing more than a buying opportunity.
$KOSPI-KOR Long-term Elliott Wave View
Chart below shows that Index has made new highs and extended the rally since 3rd September 2017. Next level of interest is 2699.44 which is 161.8 extension of ((1))-((2)) where wave ((3)) is expected to complete. From that area, expect a pull back in wave ((4)) to develop to correct the cycle from 8.1.2015 (1800.75) low and extend higher again towards 2891 – 3365 area which is the 100 – 123.6 extension area of the first 3 waves rally from all time low.

In conclusion, $KOSPI-KOR suggests that Donald Trump’s threat to “Totally Destroy” North Korea and “Rocket Man” would remain just a threat for the near-future and at least until 2891 – 3365 area is seen. Market is technical and moves based on cycles and sequences, news and Geo-political tensions can change short-term path but don’t have the power to alter the underlying cycles and sequences of a given instrument.

FTSE Intra Day Elliott Wave Analysis

FTSE Elliott Wave view suggests that Primary wave ((4)) ended with the decline to 7199.5. Up from there, rally is unfolding as an impulse Elliott Wave structure where Minor wave 1 ended at 7327.5 and Minor wave 2 ended at 7289.75. Rally to 7494.34 ended Minor wave 3, and pullback to 7473.12 ended Minor wave 4. The last leg Minor wave 5 ended at 7565.11 and this also ended Intermediate wave (A) of a zigzag Elliott Wave structure from 9/15 low (7199.5).

Intermediate wave (B) is currently in progress as a double three Elliott Wave structure. From 7565.11 high, Minor wave W ended at 7485.42 and Minor wave X bounce ended at 7560.04. Near term, while bounces stay below 7565.11, expect the Index to turn lower towards 7431 - 7481 area to complete Intermediate wave (B). Afterwards, Index should resume the rally to new high or at least bounce in 3 waves. We don't like selling the proposed pullback.

FTSE 1 Hour Elliott Wave Analysis

Attached Image (click to enlarge)

Attached Image (click to enlarge)