Probable Elliott wave count on Copper counted as W-X-Y where X was a contracting triangle, and wave C of Y may be tracing an Expanding Diagonal. At 2.1475, wave W = Wave Y which is closely clustering with the 70.7% retracement level of 2.2135 of the entire rally post the 2009 bear market.
This is an update to my previous EURAUD chart, I was waiting for a long entry and it just presented itself to me. We have an hourly impulse forming, looks like a 5 wave advance, which could be the first of a new bullish cycle. The daily chart shows a strong mode has been formed and price is about to move above it, after producing a series of strong moves up...
After seeing The Working Trader's idea I figured I could attemp a pair trade in this pair, to take advantage of the interest rate differential in both EURUSD short and AUDUSD long. The entry will be a market order, but I'd have to see how the markets open tomorrow, I will update the chart by then. For now, keep in mind that for pair trades, I aim to open a big...
Watch this commodity, since it's very influential, showing a high positive correlation with the australian dollar. Right now I have a bullish weekly setup, aiming for the area depicted by the triangle, which happens to match two channels' resistance. Rgmov is advancing with price, and currently showing a 0.382 retracement after the recent bearish swing. Will this...
We have interesting evidence, suggesting AUDUSD might be ready for a reversal from this level. The selloff has been intense, but price only completed a 0.786 retracement of the advance, which matches the daily mode that originated said uptrend. The downtrend generated a 4 bar target that has reached and exceeded the projected level, and is flashing a buy signal...
Watching for potential move resumption of the bearish trend. If the target above isn't reached in time, or is reached ahead of time, we can consider taking a short entry under the highest low. Will update with an entry.
Ok, the correction seems complete, as many bright people pointed out. Now I'll try to get an entry short here. My last time at mode downtrend target has been reached ahead of time, which is typical behavior before a correction, so, the plan is to wait for said retracement to trigger a sell, probably by tomorrow morning, during the NY session. Initial target is a...
The levels on chart are very significant, as evidenced by the price action around them, and how the trend signals targets and timing of said trends respects time at mode guidelines. I identified the end of a quarterly downtrend, in time, byJune 30th, which isn't far ahead, and a new quarterly downtrend signal that points to further declines in the long term, with...
After analyzing the vixfix spikes and 75% retracement levels, and their effects on price when retesting said levels, and contrasting these to the time at mode signals on this chart I concluded that the downtrend in the Australian dollar might be short lived, althought potentially very steep. I projected two targets on chart, as well as the different potential...
This trade technically constitutes as calling a bottom (which I don't particularly like to do), although I have a few good reasons why I'll be taking this long trade. First and foremost, Copper is currently tuning away from the bottom of it's long term curved downtrend channel. Secondly, last week's candle was a fairly large hammer. Thirdly, Squeeze momentum is as...
Imo ... the top from 2006 was the end of impulse / supercycle /, and now we are in wave C correction - that increasingly looks like a Expanded Flat. thepatternsite.com
I am still bearish on the copper. Indicators suggest a continuation of downtrend. Only The People's Bank of China here maybe something change.
Analysis on chart + neowave wave chart (weekly plot) + a new indicator I coded. See related ideas for the code. Good luck! Ivan.
Ok, some traders noticed this vertical advance and want to short it. I do too, but not for now. I'll wait for confirmation before going short, but it looks like a potentially very good trade. It's reassuring that we are at the start of a new quarter, and many trends will start to reverse, and many pairs will come out of consolidation patterns as money managers...
Till now, we cant see any reason to believe Copper's uptrend at this moment. Prices fall down as a main trend although it may rebounce a little bit in some next trading sessions. Suggestion trading strategy: Long if touch 2.7050 again and keeping short position for next 2 weeks
Copper (19.05.2015) finally providing some directional momentum after spending more than 3 weeks in range. Now copper is trading around $2.8626 & as we can see on charts , after spending more than 10 trading session , finally copper providing a downside breakout with aggressive volume. The reversal coming in copper is from 61.8% fibonacci retracement level as...
Each sign of weakening of the Chinese economy has been interpreted as a high probability of falling demand for raw materials, with a consequent decline in the price of copper. The long-term copper has continued to fluctuate in a downward trend and is likely to values not exceeding $ 3 / ton at the short notice, or this price will serve like resistance. The support...
HISTORY: Southern Copper Corporation ("SCCO/NYSE") is one of the largest integrated copper producers in the world. They produce copper, molybdenum, zinc and silver. All of their mining, smelting and refining facilities are located in Peru and Mexico and they conduct exploration activities in those countries and in Argentina, Chile and Ecuador. Their operations...