QMM9 – Elliott shows that “Zig-Zag” (ZZ) 2nd wave is not done. This wave is way beyond it’s likely timeframe of April 9th but price wise has lots of room to go to the range of 56.47 – 91.74.
Short term, market has kept going up, so the same like last week, the market is in the process of FL 2nd wave down that has yet to finish it’s 2nd wave up. Little confusing, I know, but if you follow the colors, it becomes clear.
* Click on chart to view larger image and print.
Zig-Zag is a three wave pattern, where 1st and 3nd wave is Impulse and the 2nd wave is corrective in nature.
Gold – Not much has changed here. Elliott shows that market is in the process of “Flat” (FL) 3rd wave in the range of 423.49 – 727.89 between May 14th and October 14th.
Market move above 1000 signals that FL 2nd wave is not done yet or we have a completely new pattern all together.
Flat is a three wave pattern, where 1st and 2nd wave are corrective in nature and 3rd, the last wave, impulsive in nature.
GBPUSD –For longer term, Elliott shows that, market might be in the process “Double Zig-Zag” (DZ) 2nd wave in the range of 1.6141 – 1.8886 between April 13th and November 17th.
Shorter term, the DZ 2nd wave in process is “Flat” (FL) doing it’s last wave that is way in its time region but price wise has plenty of room to go, especially if this ends up the only wave for the DZ 2nd wave.
Market move below January low, signals that move down is in full force.
Double Zig-Zag is a three wave pattern, where 1st and 3nd wave is Zig-Zag and the 2nd wave is corrective in nature.
EURUSD – Looking at the shorter term pattern, Elliott shows that market is in the process of “Zig-Zag” (ZZ) in the range of 1.3748 – 1.5205 between May 7th and June 29th. Market move below 1.3000 signals the possibility of yet another pattern in works.
Zig-Zag is a three wave pattern, where 1st and 3nd wave is Impulse and the 2nd wave is corrective in nature.
May 12, 2009 9:28 pm | 
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