Using a Schiff Pitchfork to describe the larger market vibration we find that price has reached the upper trigger line and is retracing. Currently, low volume interest is shown. The retrace should continue for the week to come. The following week we can look for volume increases to show buying interest returning to go long.
The trading range has been set in phase A of the redistribution (using Wycoff theory) with a selling climax (SC), preliminary support (PS), automatic reaction (AR), secondary test (ST) . Also notice the volume spike at the SC and at the top of the trading range and low volume test of the bottom of the range. We can now expect the corrective structure to develop. I...
I am amazed but after nearly 2 months the ABCD count has held. The corrective structure has nearly completed and we are now looking for the final move to point E. After the middle of September we could see the start of the next impulse move and the end of this ABCD count. Price has reached some key resistance and I will be looking to go long this week. Notice the...
With Gold showing some correction after a bullish move and a strong NFP one would have expected the rand to also have a good sized correction in price. However, the rand has strengthened and supported with some volume returning. The municipal elections have gone down with little incident and with some vote shifts shows that largely the democratic system is in...
Yesterdays trade idea worked out really well even though sellers came in earlier than expected. The impulsive moves are getting weaker and volatility is increasing so I do not expect the next possible sell-off to be as strong. Still, we should make it down to the 100-area before more buyers step in.
Wait for price action for bearish reversal near 0.95500 - 0.96500.
Tight corrective structure after strong sell-off indicating the sellers are still highly present with low levels of profit taking. Resistance zone between 102.70-103.30. If that area manages to hold as resistance next targets are most likely 101.25 and 100.20.
If the resistance around 136.00 attracts new sellers, primary target is 133.30. If 133.30 folds 130.00 would most likely be next.
Similar to my other setups today. Corrective structure after strong move suggesting bears still present. Primary target 1.8310.
The corrective structure that has formed after the last strong sell-off suggests further downside. Primary target around 8.5350. If that level folds 8.40 would be a plausible next target.
Price action supports a short term bearish trade towards the bottom of the bullish channel, best seen on the daily chart. Primary target around 1.30.
Since Brexit, there are 2 instances of rejection of this zone, the 3rd one was just happening last friday. Expect price to move lower to range 1.10500 - 1.09600.
As with all the other us energy stocks we have been following they're all in a corrective structure. Like all the others Sunoco is currently in a corrective structure. One option is to sell off the bounce of the top of the triangle. Alternatively we will be waiting for a break of the lower trend line. Once it breaks we will be watching on a lower time frame...
Price has made a deep retracement and if the Brexit low is broken this ABCD count that has been progressing for some weeks would be over. However, there is little volume support for this move and I expect the pair to go long next week. But let first see if the trend holds.
If this corrective structure holds I anticipate an initial move down towards 0.7580 and if the sellers manage to push through that level 0,750 could be up next.
Same setup as on the AUD/USD: www.tradingview.com First target around 1.3150 and second target around 1.2990 My personal entry has been triggered around 1.3245.
PCLN is in corrective structure from 2014 and will remain in correction for some time.
I have been following the corrective pattern on the EURUSD chart for some time. I still have the view that this pattern is playing out. We have a deep retrace of a smaller BC leg (grey ABCD) which could reach the 70% retrace of the AB leg by the 20th. After this we could expect the CD to complete at a 127% extension at the beginning of August. For the larger ABCD...