We have a very interesting setup derived from the spread between oil and copper, also present in CADUSD and AUDUSD, due to the correlations with these instruments. You can enter longs in AUDCAD and FCX, and short oil (be it CFDs, futures, ETFs, take your pick). You could replace by copper CFDs or futures as well, but FCX just happens to have a nicer looking chart. We discussed this setup in the KHL chatroom earlier today.
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Cheers!
Ivan Labrie
Link to Tim West's chatroom: tradingview.com/chat/ We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance0.57% on such information.
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AUDCAD, dip bought, moving smoothly so far.
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This is a longer term position, let's wait and see.
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FCX looks good.
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CAD and oil are acting quite strongly, might send AUDCAD and the FCX/OIL pairs sideways for a while. (or oil/copper)
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Good progress, AUD is acting really strong due to copper. Perfect really, I added to all trades.
Glad that you see it the same way. Very good analysis.
IvanLabrie
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Thanks Hamed. Good luck!
bracken
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I actually have the same count for HG and usoil but for one difference. Instead of a regular flat (right shoulder) I have an irregular flat failure (running flat)
IvanLabrie
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Hi, you mean that a terminal ended at the bottom?
bracken
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Well yes and no. The abcde in the chart is an old (interim) count. If you label the inv H&S as abcde with present c as the a, you will also get a five wave structure consisting of only corrective waves ==> terminal impuls (but not the same as in the chart as originally presented)
IvanLabrie
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I see, I can see where you're coming from. I was under a similar impression with copper and AUDUSD, regarding the long term wave count.