The weekly chart for Gold continues to remain bearish until prices stay below $1747 resistance. The yellow metal has tested resistance again around $1738 today before reversing lower. With all the fundamental story and greater optimism over Gold prices to reach $3000, it instills further confidence on the above bearish structure, that indicates a probability for a...
SPX500 seems to have resumed a larger degree Wave (3) lower towards 1750 since 2972 highs. The weekly chart displayed here shows the bigger picture and a potential Head and Shoulder reversal towards 1750 and lower. Earlier, SPX500 had broken below its neck line at 2345 and print lows around 2200 levels. The subsequent counter trend rally has also materialized as a...
US Dollar Index still probing a lower top to terminate Wave 2. If it is a triangle, prices should likely stay below 100.87 and in case of a flat it could reach up to 101.20, which is fibonacci 0.618 retracement of Wave 1 on the chart here. Either way, we favor a bearish count until it stays below 103.00 handle. Immediate support is @ 99.00, followed by 98.70, and...
The more time it takes consolidating, the more powerful would be its breakout. EURUSD continues its tight trading range and is just above 1.0800 handle as we publish. A break below 1.0730, which is fibonacci 0.786 support of Wave 1 on the chart, would threaten lower towards 1.0636. It could change the structure as EURO could drop further towards 10340 lows. At the...
Dow Jones slips after testing recent swing highs around 24400/500 levels on May 11, 2020. Dow Futures are trading close to 23000 handle, extremely close to initial support at 22917. High probability remains that the indice has carved a meaningful lower top around 24897 on April 30 and prices could be heading towards 18000 levels, going forward. Having said that,...
Brent crude is finally looking to rally towards the $38.00 handle as Wave 5 seems to be underway. Yesterday's low at $28.87 might have finally terminated the triangle count as Wave 4. If the above counts are correct, we should witness a Wave 5 rally unfolding towards fibonacci 0.618 extension marked on the chart here. Structurally Brent Crude seems to have carved...
Bitcoin bulls have managed to rally towards 10000 levels today, and high probability remains for a push towards 10500 mark before pulling back. A break above 10500 handle would confirm that bulls have registered themselves for a continued rally post a corrective drop. Structurally, Bitcoin remains bullish as long as prices stay above 3850 lows in the long run. A...
EURUSD continues to consolidate and might be looking to print a marginal low below 1.0766 before terminating Wave 2 triangle. It is seen to be trading around 1.0786 as we write this article and if a triangle is unfolding, a print below 10766 should complete the structure. A slip below 1.0730 and subsequently 1.0636 would trigger yet another round of sell off. We...
SPX500 weekly chart suggests that the indice might be ready to resume towards 1750 and beyond as Wave (3) unfolds. The indice had dropped over 2% yesterday from 2945 highs and this might be the resumption of the down trend. On the flip side, SPX500 may attempt a marginal high above 2954 levels, before giving in to bears. Either way, the indice is expected to...
Gold might be close to breaking out of the triangle consolidation since last 4 weeks! The weekly chart is again displayed here for a bigger picture and larger degree probable wave count. First let us review the short term price action since $1747 highs: The drop between $1747 and $1661 could be a lower degree impulse which is being retraced as a triangle...
US Dollar Index had rallied past 100.47 levels on May 11, 2020 before reversing lower. We have adjusted the triangle termination according to price action on the chart here. Earlier, the index had dropped from 103.00 through 98.27 levels, Wave 1 on the chart. Since then, a triangle structure has been unfolding, which completed around 100.47, Wave 2 on chart. If...
EURUSD had rallied over 100 pips after printing lows at 1.0784 levels yesterday. Possibility remains for yet another marginal high before retracing lower again. The fibonacci 0.618 retracement of recent upswing is seen towards 1.0825, and if EURUSD drops to those levels it'd be an opportunity to initiate long positions. The near term upside targets remain towards...
EURUSD intraday update is suggesting a push higher towards 1.0945 handle at least. The currency is trading 50 pips above yesterday's lows at 1.0788 and bulls might remain poised to continue higher as we enter the NY Trading Session in about an hour. A push above 1.0945 would encourage further towards the next fibonacci extension around 1.1055. Please note the...
Dow Jones might be ready to resume Wave (3) lower towards 18000 levels from current price (24165) or 25000/200 handle. The Dow is lagging behind SPX500 which touched resistance at 2954 on April 30, 2020. It would have been ideal if Dow Jones hit 25000/200 before reversing lower but nonetheless be prepared to watch a swift reversal soon. The indice had dropped...
Brent Crude might have terminated Wave 4 around 29.34 levels yesterday. As discussed earlier it has unfolded as a triangle consolidation after terminating Wave 3 around 32.00 levels. Brent Crude has been printing higher highs and higher lows since $15.97 lows on April 22, 2020. The wave counts are also pretty clear with 1, 2, 3, and 4 looking to be in place as...
GBPUSD had dropped to 1.2282 levels yesterday before finding support again. Bulls managed to gain control back just ahead of 1.2266 lows as they now remain poised to break above the trading range. Structure looks constructive for bulls since 1.1414 lows on March 19, 2020 as Waves 1, 2, 3 and 4 within an impulse look to be complete as labelled here. Wave 4 might...
EURUSD managed to find intraday support around 1.0788 levels, slight lower below 1.0800 as expected. It is seen to be trading around 1.0816 as we write this article and is expected to push above 1.0900 handle intraday. Ideally, prices should hold above 1.0730 but if a more complex structure is unfolding, EURUSD may test lower ahead of 1/0636 before reversing...
US Dollar Index might have finally terminated Wave 2 triangle at 100.40 handle last week. The index reversed sharply towards 99.10 levels before finding some support. At a lower degree, the US Dollar Index might have carved wave i at 99.10 and could be carving a potential wave ii around 100.00 levels as we write the article. If the short terms counts are correct,...