The week ahead 16th of June by KnightsBridge Trading Academy
GOLD/XAU
Gold topped out at a wave 5 on Friday and began selling off sharply. We see this as a correction before another move higher in wave 2 on the larger degree. As we write this price is still selling off this evening in a possible wave 'a' of (ii). With wave 'b' and 'c' expected to create a three-wave correction over the coming week. The initial target for wave (ii) lies at 1319.
Monday; Wave (ii) should complete by the end of next week,
And that should create a further opportunity to go long into the rally in wave (iii) of [iii].
Watch for wave 'b' to create a lower high below 1357 on Monday evening.
Cable sold off sharply on Friday which has saved the current short term count from invalidation.
The wave '2' high came close to breaking the resistance,
but wave '3' of 'v' is now well underway and heading towards the target area at 1.2477.
A break of that level would signal that the larger wave [iii] green has begun.
for the moment wave (iii) needs one more low to complete a five wave structure.
Monday; Watch for wave 'v' to continue lower and break initial support at 1.2556 at a minimum.
EURUSD
is moved lower in quite an impulsive fashion on Friday.
The decline is labelled wave '3' of 'i' of (iii) So if this wave count is correct,
this decline is should continue for quite a while as wave (iii) gets into full swing over the coming weeks. In order for that to happen,
we need a five wave decline in wave 'i' red to continue next week.
A break of support at 1.1106 would signal that wave (iii) is underway.
Monday; watch for wave 'i' to continue lower towards 1.1106 in five waves.
Wave 'ii' should then correct higher in three waves to create a bearish impulse wave to begin wave (iii)
USDJPY
The Pair is inching higher off a further higher low in wave 'ii' pink.
The wave count calls for a rally in wave 'iii' to drag us out of the correction mode and back into the larger trend wave '3'. If we see a break above 109.93 again next week,
that will confirm the turn is in place. For the moment the alternate count still hangs over out heads,
and that count allows for a drop back into 107.27 again to complete a larger five wave structure.
Monday; Watch for wave 'iii' up to break 109.00 again and rule out the alternate count.
107.81 must hold.
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