Shares of Intel Corp. (INTC) are breaking out of a triple top on the weekly chart going back to the end of 2014. Potential upside targets are around $41.5 in the near-term and $46 in longer-term when using the 127.2% and 161.8% extensions, respectively. Support around $38 needs to hold to confirm the breakout.
The iShares ETF that tracks more risky micro-cap stocks - IWC - reached an important 161.8% extension of a prior move. I think we could see a pullback from here to re-test the breakout level around $90. If appetite for risk stays strong, it could be a short-lived pullback, or if investors reduce risk, this could suffer more than the main indices and their ETFs.
Taking a look back at previous Elliot Wave pattern of EMC2:
1. Wave 3 Extended to 2.272 Fib Extension Perfectly
2 Wave 5 Extended to 2.272 Fib Extension Perfectly
So If this latest impulse is a Wave 1 (not yet complete) it could give some excellent price targets based on historical price action.
I am very much new to this TA game so any feedback, constructive ...
USD/JPY has been correcting in wave 2 since the 118.67 high in mid-December 2016. This wave 2 correction completed at 107.30, just above the 61.8% corrective target at 106.85.
Wave 3 higher is now developing and should continue to higher towards at least 126.41 and more likely extend higher to the 161.8% extension-target of wave 1, which is seen at 138.23. Third ...
Looking at the 4H and D charts we can see this pair is in a Bullish Trend. With this in mind, i'm looking for a potential entry to the upside. Here we have a prior consolidation zone acting as possible Support. We also have some Fib Confluence at this level with the .786 and .886 retracement. As well as the 1.272 and 1.414 extensions.
Looks like this pair could come down and test a Major Support Level @112.500 (last touched June 14 2017). Not only is this a Major Support Level but it is also a Psychological Level. We also have some Confluence with the 1.414 Extension as well.
R:R 1.65 and 2.57
Cypher pattern at market.
I've entered lower than 0.786 retracement so that I meet my maximum stop loss limit (100pips)
SL 1.13 fib inversion
Targets 0.382, 0.618
I'm looking at Fib Confluence at the .618 Retracement and 1.618 Extension. As you can see there is also some Bullish Support to go along with an Oversold RSI that may give this trade some steam.
Give me your thoughts!
Entry: ~.73454
TP1: ~.73871
TP2: ~.74420
R:R 1.14
WAIT FOR COMBACK TO RISING TREND LINE , THEN AGRESSIVLY LONG AT 110 AREA -OUR PRZ
TARGET 114,4 AREA
REVISITING ON 2,24 AND 3,14 EXT- CUMULATION AT THAT REGION
Last week we took a look at a potential bullish Head & Shoulders pattern setting up on Gold. The market proceeded to fulfill that prediction so of course the question now is "What's Next?"
COUNTERTREND TRADERS
I would look for a push up into a next level of previous structure resistance as that looks to be the next place in which the buying pressure may run out ...
last week we fired off a long opportunity here on the GBPUSD at the 1.3060's level looking to capture initial profits at a retest of the previous structure highs. Now that we've reached those highs, the market is going to offer us another "decision point"
A break above close above at this decision point would tell me to expect another extension higher where ...
Gold/US Dollar is another pair that has broken a significant level of structure today completing a Head & Shoulders pattern by breaking the neck line. For me all signs point towards a move higher and there looks to be a lot of opportunity.
Like the other pairs discussed today, I like to buy on dips, so a pullback to or into the neckline/right shoulder is the ...
Today's $USD weakness has pushed the $USDCAD below previous structure lows, opening up the opportunity for yet another extension lower.
I don't know what type of relief that we'll see with price (when do we ever KNOW what the market will do), but I will be eying up a few different levels for my next opportunity to get short over the upcoming days/weeks.
Akil
The CADJPY is not a pair that's in my trading portfolio, but I just took a look at it for training purposes. A breakout from this level will offer a lot of potential movement to the upside and is certainly a pair that should be kept on the radar.
Akil Stokes
So tonight I wanted to revisit a pair that we looked at this weekend, but first of all congrats to anybody that was able to catch all or part of the painless 100+ pip drop!! (RING THE REGISTER!) Now the question is what's next? and my answer may not be what you're expecting.
Despite price pulling back into our previous level of structure, I still have a higher ...
Possible set up in EUR/CAD for reversal. It has been bouncing off this trend line, The 161.8 extension lines up close to the trend line. Take profits early. I will not enter this trade until it hits the 61.6 retracement. We shall see what happens
Here we have a possible Extension to the 1.272 from the .786 Retracement. I will not take the trade until I see it come back up and test the .786 retracement and there is obvious TDI divergence. We shall see what happens after Monday. I wouldnt be surprised if Monday the market rallies up a bit to trap more buyers, then drop it quickly in London. ...
