Wheat, on an 8H chart, has broken through key short term resistance last week. Beginning 9/12, ADX had signaled a period of price consolidation which has lasted until 10/13 when price broke through resistance. This price action and ADX consolidation is reflected on the daily chart too. It is possible that price may have more upside potential before a pullback...
My current plan is for crude oil to complete a 1-2-3-4-5 (c) wave before moving down later this year. as of now, it looks like it has completed wave 3 and setting up to move down to wave 4. I'm watching 4H chart for averages on price to move down and for ADX to remain below 20 for price to consolidate some more. Should price continue its consolidation and...
Silver failed to move up in what i though was an impulse wave to new highs. Current price action on weekly/daily leads me to believe that action from low is now a corrective wave with (a) complete and (b) in progress. Current price can still drop more with a target of 16.4x. should this play out, i still believe price can go higher but will probably not see...
Friday's action in price has kept my long term plan in tact. Waiting for verification before taking a short position to capture (4).
It may be a bit of a stretch but watching price to see if it can pull back to 46.6x. If so, this may be a good spot to go long (looking at clz16 call). Need to have TSI remain above trends, RSI to push back toward 80, and +DMI push toward 40 should price move us oof of support. Give it 8 hrs to see what it does.
The ADX on 1H chart for XAGUSD has dropped below 20 signaling a period of consolidation may be starting for silver. If price consolidates over a period of 10 - 20 hours, a breakout to the upside could be the event that starts daily/weekly moving up again to considerable new highs. I'll be watching this and a breakout to upside and if so will be looking for siz16...
Silver is heading into key support. If (E) on chart holds, this could be the beginning of a big up move based on weekly chart's price action.
After months of consolidation, crude oil may be entering a key, short term turning point. If (5) holds on chart, then potential up move could take out existing resistance and move up to 49.
Weekly: Correction from 4/25/2011 high ended 12/14/2015. From this bottom, price has moved up and is now staged to drive considerably higher. Using fib scale, targets have been noted on chart. DMI - The -DMI put in with the 12/14/2105 low has been taken out by the +DMI of price action in April 2016. This indicates that the trend has changed and that...