DXY, EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CAD
ISHARES MSCI EMERGING INDEX FUND, SPDR S&P 500, GENERAL ELECTRIC COMPANY, PACIFIC GAS & ELECTRIC CO., ADVANCED MICRO DEVICES, INC., SPDR SELECT SECTOR FUND - FINANCIAL
S&P 500, Nasdaq Composite, Dow 30, Nikkei 225, DAX Index, FTSE 100
Gold, Silver, Crude Oil, Natural Gas, Corn, Bitcoin
BTC/USD, ETH/USD, BCH/USD, XRP/USD, LTC/USD, ETC/USD
US 10Y, Euro Bund, Germany 10Y, Japan 10Y Yield, UK 10Y, India 10Y
Gold, Brent Oil, Crude Oil, CFDs on Natural Gas, Palladium, Silver
iron ore 62% china
This is used as confirmation that there is less of a link between chinese collateral with other metals.
3 scenarios: 2 bull 1 bear.
1. Bullish upper trend-line break from first wave leading diagonal (T1 equal to or greater than $106 and T2 ~$139),
2. ABC correction (blue) following extended correction - we are currently in wave B triangle (T1 $106 for 1:1 wave A),
3. Downward breakout for additional corrective retrace.
At this stage scenario 2 looks the more ...
Ascendivg triangle at wave 4 Elliott
I know it should not matter but it does.
I believe Iron Ore bottomed late 2015.
Since then we have had impulsive move up followed by a correction.
If prices reject support in a change of polarity then prices should continue higher.
Iron weekly is intermediate bearish. See if it breaks down below the uptrend momentum support to the lower technical support support.
This zone will decide the fate of this commodity. A clear break on a monthly basis will signal the end of this 4-years down trend and is bullish for AUD.
Ali Sharifazadeh, CFTe
As $ITI has not exhibited an upward EW pattern before, all we have to go off for a fractal match is to overlay the first and second waves. This gives us a pullback from the current position back the to 61.8% fib (around USD64) and then a further run up to a high of USD96 before falling back again.
Of course, as always this depends on the Chinese economy, and now ...
We do see a strong inverse head and shoulder breakout on the weekly chart, however, still it is premature to say that a major trend reversal has happened.
This is because the descending trend line drawn from the Feb 2013 and Dec 2013 high is yet to be breached. Once breached on the weekly chart, the bulls could call a long-term trend reversal.
Note – Failure ...
The weekly chart of the Nymex Iron Ore futures shows a bullish inverse head and shoulder breakout. This is a clear reversal pattern…especially since the inverse head and shoulder has appeared at the bottom of the 5-year long downtrend.
The bullish break is good news for the Australian dollar (AUD) given the close correlation between the two.
Increased odds of ...