Personally I think we are set to complete wave 2 of a 5 wave impulse north. My projected trajectory highlighted by the blue waves.
Majorly bulled up unless we break Jan'16 low 1.93. Currently on the hunt for long entry around these levels.
H1: we are indiside of an H1 demand zone
15MIN: there is 15min original demand zone for buying opportunities inside of an H1 demand zone
TP1: Just before H1 wick
TP2: Will be Trailing till just before the previous swing resistance
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Crude oil is a top asset.
Copper and Aussie have a strong correlation.
USOIL looks bottomed.
So then current weakness in Copper and AUDUSD is just a correction before a new impulse up.
Medium term still see prices heading higher but sat under trend line resistance this is a sensible shorting opportunity to test shoulders of inverse H&S.
Short at 2.270 SL 2.307 TP 2.037
Long term I'm bullish but if we can get a lift in USD and see metal take a dip we could be looking at a near term high. In an ideal world we bounce up to fill gap at 13 and then roll over and drop back to $5 levels. Tough to believe it could take such a battering but those gaps are there to be filled. One to watch this week.
Long term bullish gold... however useful short opportunity as we approach 1306 high. Will be looking to load up long if we get a decent dip.
Copper lead the sell off see "Copper Short"
Short at 1287, SL 1310, TP1 1183
Taken quite a few steps back to see where this metal has come from in the hopes of seeing where we likely to be heading in the future.
While in free fall we are sat on potential new TL currently.
Break that and we look like we're heading to 1.50.
Support around 1.40
As many will be well aware copper has confirmed a break of the descending triangle. A clear channel has also been playing out with the bottom of the channel still some 8% away.
Copper looks like dis-inflation (dare I say "deflation") is a real possibility. Global growth is often reflected in this industrial metal used in electronics to building construction. Multiple consolidation price patterns are forming and massive distribution has obviously taken place. This all happening while crude oil has fallen out of bed, global equities have...
