MU has been channeling up since 3/2013 in a wedge that is due to correct by falling to the bull trend line. There have been 3 pushes, and it looks like the correction is taking on an ABC pattern. You could short now or short 1 tick below last week's low.
There is a bit of a trend reversal seen in all USD crosses. I do not think the overall trend is reversing but there definitely seem to be a corection on the way. USDJPY short here targeting 103.02 level Cheers
USDCHF has completed 5 waves up and has started its correction which might go upto 50 to 61.8% retracement of previous move. The details are shown on the chart. However, on a short term perspective we can enter short at 0.9160 with stoploss at 0.9190 and targets at 0.9060. Its a nice risk reward trade based on Elliott Wave principles. Happy Trading..
Tesla, aka the "stock of 2014" looks like its wild drive might be coming to a temporary end. As much as I love this company, I see us at a temporary top, and I am looking for a shorting opportunity in the 265-275 zone. Wave properties since March suggest we are in a corrective ABC flat, and are close to the B "top". Other indicators such as RSI and declining...
Lets look forward for the producer price index. In my opinion the price is oversold and we need a correction.
This mini chart is about how not to measure XABCD formations. The simple basic approach is to remember that BC is the biggest correction, is a mnemotechnic way to remember it. If there is another bigger correction like EC you should not classify pattern as an XABCD or you should draw pattern differently using bigger correction as a BC leg. In this chart we can...
I do not trade this pair, but as a educational purpose I see this pair going down in upcoming weeks. I can be of course wrong, but even that if I have to trade it I would consider only to trade it by going to the lower time frames and looking for opportunity to sell. On the chart we have cluster from Fibonacci lines and also we have similar corrections. There is...
The last time ADR peaked above 3.5x was followed by 11% drop by S&P500. Most recent ADR peak stood at 7.38x registered last month. That is double the 3.5x extreme level, which suggests extreme overoptimism for stocks. Usually, as history shows, it is followed by at least 10% correction. ADR proved to be extremely useful market peak spotting tool. For...
Just to note at start, that's obvious COUNTER trend scenario and it's considered to only be an corective move towards critical ressistances that lay around 1,349-1,351 levels. As long as 1,342 level holds we might be able to enter an long trade from current levels with 1,347-8 as an possible target just below the critical downtrend ressistance zone. As the main...
Today DAX is back arround the 2013 uptrendline. If DAX break also 9580 zone, there is more potential for a correction . 9400 and 9000 is a supportzone. 9000 giving DAX a 10 % correction. 9000 is bottom for SHS pattern.
Bitcoin can go both ways - bounce of $600 again or finally make a larger correction and go below $600 US Dollar. Thereby creating the sell pressure to dive down further before it then bounces of somewhere between $585 to $525. Here are my thoughts how the bounce might look like, if Bitcoin makes a large pullback and bounces of $525 and then resumes the uptrend in...
In this chart i have contrasted 2 ways to count the recent gold's decline. In blue there is the wave count expressed by the EWI, that went open public in a video released the last week. In black is my view of the wave count (I hold from at least since year or so that this decline have a very significant 3)rd wave extension) Both wave counts have the their's weak...
Dow is running weak with a rising wedge pattern. From 2008/ 09 lows inverted FIB 1.414 around 17400 would be a resistance. Considering this rally as a Wave B correction rally from 2008 Lows we can expect a big crash going to as low as 11300 on DOW. The short term correction would occur till 16300. Trade with Caution. Take partial profits on your portfolios. Good...
------------------------------- UPDATE (August 24) ------------------------------- Here is what happened so far this since my "Bitcoin is facing a larger correction" forecast 1 month ago. Since I said "I was bullish on Bitcoin until we breached the 610 US Dollar price area" Bitcoin fell down to $442. My short target was...
The trend is down. We're approaching the first potential sell entry area. Wait for a test of the upper median line parallel or even I'd allow for a small trend line break. The EUR continues being very weak and the GBP - relatively strong. ----------- Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability...
Sometimes it's good to take a bigger look. At the 1W view we see still an uptrend from 2011. But MACD is showing divergence. This was also in 2008 and 2011 before a crash. Higher DAX lower MACD at second top. Fibo's showing 10012 level for an importend level from the 2008 crash. Important levels to watch. 9917 : first support line ( today) . Break this level...
The EURCAD has been trending very nicely recently and it seems like this trend is never going to stop. However, as this market is approaching the 1.45 level the bearish power seems to wane. The bulls may feel support coming from the lows to the left and the large-scale bull trend line. The new lows are timid, the volatility dwindles, the bear trend line has been...