As was expected , we are seeing a correction up for all the Risk to form the wave 4 up before we go on the last wave 5 of the major wave 3 , yesterday we have seen the New Home sales report coming out negative and that gave some momentum for the correction to begin , I m watching this correction through 3 Currencies AUD NZD EUR to spot the best selling Opportunity , although I m convinced of this correction to get up to this levels I m showing on the chart but I don't recommend taking long positions in this down trend as they always say ( don’t fight the trend ) , better wait for the correction to end and put a shorting position in the direction of the major trend down .
during the holidays and through the next week we going to notice thin liquidity which might limit the market movement a bit but I expect next week to see the Risk completing its rally against the USD to finish up this correction , I m watching this levels to short at ( NZD 7150 , AUD 8900-50 , EUR 1.4520 ) even if the trend goes up furthur across this points I wont be bothered cause it ll pick my position down on the way down and it would be a good start for the year if we can place this trade successfully
gold found the proper support I mentioned in my last post at 1070 and it rebounded to over 1100 , I would say that this rebound will continue but it ll be limited though
last thing I would like to mention that starting next week , I ll post my morning analysis and during the day I ll be posting only charts with enough explanations on it for the market directions and that will be better as a fast communication channel with my followers rather than 1 analysis a day
happy holidays everyone
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