Chinese Juan Offshore Elliott Wave Review

Since there is always news about the Chinese Juan, I thought I would look up its chart on bigcharts.com. USDCNH is offshore money much like US dollars are offshore as Eurodollars. If we start back at the 2014 low we can see what looks like the start to a fantastic 5 wave impulse.  The Juan’s bullish phase that ended in late 2016 sure works well as what followed was 7 wave decline. I don’t have exact dates for each bottom but many tops and bottoms happen spring and fall as well.  The bottom in early 2018 produced another fairly clean set of 5 waves which can work as my first 1-2 wave set if wave 3 is going to extend. If and when we see two more sets of 1-2 wave structures then as sure as I’m typing this, a wave 3 extension will happen.

2017-2018 we now have a great looking double top which is an H&S double top as well. In a bull market, H&S patterns are extremely bullish, so I wouldn’t be thinking bearish thoughts here as the Juan still has a long bull market ahead.  Unless I’m far too early with the Minor degree wave 2 bottom.  We should find out in about 3-5 months as I fully expect the Juan to break out in 2019!

 

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