Oil awaiting another rally after a small pullback. The price is now getting support from 20 day EVWMA. Lets see the upside or breakdown.
Remember, profits are made by reacting to the market not by anticipating it.
Gold pulled back from the July highs of ~1987, which represented like the C wave(corrective trend) in the 8 wave structure of Elliot. The downtrend was strongly established, but the price action had to face the demand zone around 1895-1885. The price has shown three green days(including today if the day closes positive).
Now the trend is in question as the C-wave...
What to expect from the US CPI event?
The US Consumer price Index data is one that the market has been eagerly waiting for since the past few days. The USDX has been rising on account of the deflating of China’s economy with significant pressure on consumer demand and the expectation of investors that if no further rate hikes are possible, the Federal Reserve may...
Update: Another breakdown! USDX gets hit by resistance again. This is beyond amazing as I drew this a week ago and the price action is respecting the arc resistance. However, note that today's CPI data will actually dictate whether the bearish sentiment will continue or a breakout will happen if the US CPI data hits a homerun!