The “Big One”, USD, GBP And The Euro Review

 

B6Y00-June-24-2016

 

This is the GBP which I see as a big triangle in Cycle degree, but what we are seeing is an “E” wave decline in Primary  degree, which contains three moves in intermediate degree.  Chances are good that our present “C” wave decline in the GBP is a diagonal pattern as well, so I will be talking about the diagonal for a long time to come.

E6Y00-June-25-2016

My Euro wave count is a work in progress and needs constant reviewing to figure out where we may be in the big picture. I have mentioned it may times with my wave counts that the Euro still has to decline and make new lows, below what looks like a 4th wave decline.  In the aftermath of Brexit, the only thing left for safe-haven may be gold. 

 

DXY00-2-June-24-2016

 

This US dollar is the key to what is going to happen to gold. It may be a safe-haven along with gold as the USD and gold spiked together.  It looks like an inverted zigzag is still to complete, but if this diagonal pattern is real with the US dollar, we should see that 92 price level broken.  The US dollar would have a battle if another huge leg to the upside were to occur, but this Brexit is also a currency battle as all currencies have been affected.

 Again, I would like to see more US dollar bearish evidence as that would support the new gold wave count perfectly.  I show an all time high as a Primary degree 4th wave top, so if this is true, then there may be a very good chance that the US dollar will see a major decline, but with diagonal waves being the dominate pattern.  Five waves down in Intermediate degree would be the technical description.

 

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