EURUSD has dropped lower in line with our expectations. The currency pair had earlier registered a high around 1.1019 levels before pulling back. A lower degree corrective Wave ii might be unfolding since 1.1019 highs, and is expected to terminate through 1.0830/40 levels before Wave iii resumes higher. Structurally EURUSD has managed to carve Wave 1 and 2 at...
US Dollar Index has retraced towards 99.50 handle as expected and discussed last week. High probability remains for a major top in place at 103.00 levels earlier, and the index is expected to drop towards 94.00 levels in the short term. The medium term wave counts indicate the following: The US Dollar Index has carved Wave 1 between 103.00 and 98.27 levels. A Wave...
EURUSD continues to remain in control of bulls and had cleared above 1.1000 handle last week. At the moment, EURUSD is pulling back / retracing lower and ideal support zone is towards 1.0800/35 levels, rectangle on the chart. Once the counter trend is complete EURUSD would provide another opportunity to initiate long positions with targets above 1.1500 levels.The...
We continue to present the weekly wave structure for Gold, until a clear impulse unfolds on lower time frames. Believe it or not, a high probability remains for a major top being formed around $1747 levels in the yellow metal. Even if it breaks higher, upside remains limited and a bearish reversal should materialize soon. Gold is trading around $1707.00 levels as...
Bitcoin remains broadly in control of bulls as they take out 9250 resistance with ease last week. It is seen to be pulling back as we write this article, while support is expected to come in around 8300/8400 levels. Bulls are looking poised to resume its rally from 8300 levels and push through the next in line resistance at 10500 respectively. Overall structure...
SPX500 (cash segment) has print 2954 before closing at 2912. After several days of the anticipated move, the indice finally hits resistance zone around 2900/30 levels. This is also fibonacci 0.618 retracement of Wave (1) on chart. In addition to this a Head and Shoulder pattern which was in the making since 2345 support was broken earlier, has now carved its Right...
We continue to present larger degree wave structure on the weekly chart for Gold. The yellow metal has been vulnerable to reversing lower since the highs at $1747 earlier, and a break below $1661 would be seen as constructive for bears. As regards to the patter, an Engulfing Bearish is underway on the Weekly Chart and a close around current levels ($1747) would...
US Dollar Index tests support at 98.80/81 levels before pulling back. It is displaying resilience around 98.80 handle, indicating a potential corrective rally could be possible towards 100.00 handle. If we look at the wave structure since 98.27 lows, the US Dollar Index has drifted sideways producing a barrier triangle (dropping resistance and constant support)....
EURUSD fell short by 30 pips and reversed from 1.0830 yesterday. It was well support by the resistance turned support trend line around 1.0830 handle. Immediate price resistance stands at 1.0990 and a break would be constructive for bulls. If Wave 2 has completed as a corrective flat around 1.0730 earlier, EURUSD should break above 1.0990 and continue to carve...
Brent Crude remains bullish as it terminated Wave 2, just ahead of 18.48 as highlighted in our previous discussions. The commodity is seen to be trading around 26.38 levels as we write this article and it is just a matter of time before bulls take out 29.00/30.00 resistance, Wave 3 on the chart here. Thereafter, we can expect a corrective drop as Wave 4, before...
Believe it or not, Dow Jones may be just one last leg away from reversing lower again. Futures have print highs at 24897 and it is possible that the indice pushes towards 25000/200 zone before giving in to bears. Having said that, it is not a mandatory condition to initiate short positions. A confluence of convergences is seen towards the 25000 mark: fibonacci...
GBPUSD bulls are poised to push through 1.3200 and 1.3500 resistance, in the short-medium term. It is still consolidating within a potential triangle since 1.2485 highs and might terminate Wave 4 around 1.2340/50 levels either today or tomorrow. Thereafter, the rally could resume towards 1.3200, which is immediate resistance. We have adjusted the trend based...
EURUSD hourly chart is again presented here for a short term view before the rally resumes towards 1.1500. The rally between 1.0730 through 1.0888/90 could still be marked as lower degree wave i on chart. EURO could still drop towards 1.0790, an expanded flat corrective structure to terminate wave ii. Also note a convergence of fibonacci 0.618 retracement along...
SPX500 rallied through 2920 levels yesterday before reversing sharply lower. We had been calling for a sharp bearish reaction around 2900/20 zone since last several trading sessions now and price action seem has now confirmed. Since the Dow Jones has not yet reached its expected reversal zone around 25000/200, we can expect yet another high in SPX500 today...
We continue to present weekly chart setup for Gold as lower time frames prepare to break below $1661 levels. The yellow metal is trading around $1709 at this moment and we expect further drop below $1692 in the short term. A multi-year corrective drop is underway at a larger degree since $1920 highs in 2011. Higher degree Waves (A) and (B) seem to be in place at...
US Dollar Index hourly chart has been presented here to have a clear picture of lower degree wave counts. Earlier, the US Dollar Index had carved a flat corrective Wave 2, and terminated around 100.87 levels. The drop since then has been an impulse (100.87 to 99.45), lower degree wave i on the chart. As we write this article a corrective zigzag rally is being...
EURUSD hourly chart has been presented today for potential intraday price action. EURUSD had dropped sharply after taking out resistance at 1.0888 levels as expected. The probable lower degree wave counts suggests, EURUSD bulls have carved wave i around 1.0888/90 and is correcting lower to terminate wave ii. A potential zigzag corrective wave might be underway...
Dow Jones continues to rally towards 25000/200 levels as anticipated over the last week. The indice is trading close to 24500 levels while we write this article and is expected to march higher. Earlier, Dow Jones had dropped lower from 29600 through 18200 levels sub dividing into 5 waves, Wave (1) on the chart. The counter trend rally since then has materialized...