Gimme those *thumbies* or comment below if you disagree.
There are some good notes in the chart, but the biggest discussion point will be if we maintain sideways action until the US Rates increase or do we fall to the .618 Fib Line? What do you think?
Other than the guessing of price action leading up to the US Rates change I believe this is an accurate outlook for 2017 which could be slightly less YUGE if the US Fed and BOJ work together to coincide rate changes together.
This might lead to a more gradual increase rather than a true rocket launch like we can see here back in 2014.
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I have revised the Fib Time Lines in the below chart with more accurate dates for the Fib timing. The tool I was using I don't believe had the Fibonacci numbers correctly.
The biggest change is the time of when we should see a large turn up in price which is now end of December rather than end of November which better correlates with the expected rate increases in December.
Here is an updated screen shot for a new-ish daily candle. We seem to be seeing some down movement from a head and shoulders formation on the 4hr chart.
The scary thing is it falls right in line with the Fibonacci Time Lines I posted above. We are now at the 0.382 line. The next line is at 0.618 somewhere near December 28th. Looks like we may have a Happy New Year if you are a UJ Bull.