An hourly chart of Brent Crude has been presented here, in continuation to what was discussed last time. After having produced an impulse wave between 15.00 and 22.50 on April 22, 2020; we were expecting a corrective drop towards 18.00/19.00 levels. Today, Brent has formed a low at 18.71 levels before turning higher again. Wave 2, remained shy of fibonacci 0.618...
GBPUSD might have terminated Wave 4 around 1.2247 levels and is progressing in Wave 5 higher towards 1.2900, 1.3200 and 1.3500 respectively. Alternately, Wave 4 is unfolding as a triangle and might drop lower towards 1.2300/30 before turning higher again. Either way, GBPUSD bulls are in control and should be targeting above 1.2900 levels. Strong resistance is seen...
EURUSD has now pushed through initial resistance around 1.0887/90 levels while we write this article. On the hourly chart, a leading diagonal could be completing between 1.0730 and 1.0887 respectively. As expected and discussed yesterday, a break above 1.0887 confirms a meaningful bottom in place at 1.0730. Furthermore, it also confirms Wave 3 is underway and...
Bitcoin is heading steadily towards 10500 resistance marked X on chart. The crypto may produce short term intraday pullback as prices face interim resistance around 8000 levels, which is fibonacci 0.618 retracement of recent drop between 10500 and 3850 respectively. It could find support around 6200/500 levels before the rally resumes towards resistance at 10500,...
Gold weekly chart has been again presented here as we await a bearish chart pattern since last 2 weeks. The yellow metal has pulled back over fibonacci 0.786% retracement of the drop between $1747 and $1661 earlier. A bearish reversal remains high probability as Gold trades around $1720 levels for now. Also note that price break above $1747 should be short lived...
US Dollar Index might have carved Wave 2 as flat a-b-c, at 100.87 levels on Friday. An engulfing bearish candlestick pattern was formed after hitting 100.87 and price action followed lower since then. It is trading around 99.90 levels at this point in writing, and we expect further drop to 99.60 as immediate short term target. The wave counts suggest that the US...
EURUSD finally terminates Wave 2 at 1.0727 last Friday. It is trading above 1.0850 handle for now and the next immediate target is 1.00880/96 resistance. The wave counts are clear with Wave 1 and 2 in place at 1.1150 and 1.0730 respectively. Ideally, Wave 3 is underway and potential target remains above 1.1500/1.1600 in the next few weeks. We can expect EURUSD to...
SPX500 weekly chart has been again presented to have a bigger picture for wave structure. The entire drop between 3400 and 2200 had unfolded as an impulse, Wave (1) on he chart here. Rally since 2200 is just a counter trend, potential Wave (2), and is expected to face strong resistance around 2900 levels. A host of convergences are seen around 2900 levels;...
Gold has pulled back up to fibonacci 0.786 retracement, of the entire drop between $1747 and $1661 levels, and a bearish reversal remains high probability now. We have again presented the weekly chart for a larger picture of the wave counts. The yellow metal seems to be producing a larger degree corrective phase since $1920 highs. Wave ( A) has been labelled at...
US Dollar Index seems to have completed its corrective phase as a (running) flat around 100.87 levels today, against the triangle count presented earlier. Wave c of the corrective structure came close to Wave a and terminated just 6 pips shy at 100.87. A push through 101.20, the fibonacci 0.618 retracement of Wave 1 also remains possible though. An engulfing...
EURUSD triangle count was ruled out yesterday after prices dropped below 1.0768 mark. Bulls had managed to rally through 1.0840 levels before reversing lower again. Today, it seems to have completed its corrective phase that had begun from 1.1150 highs. Please note that the a-b-c drop terminated just below fibonacci 0.786 retracement of Wave 1, which is seen...
GBPUSD continues to unfold Wave 4 as an expanded flat corrective structure since 1.2485 highs. The 3-3-5 structure is expected to terminate around 1.2100/50 levels as Wave 4, before turning higher again. The fibonacci 0.382 retracement of Wave 3 is also seen towards 1.2090 levels, potential termination for Wave 4. If the above counts hold well, GBPUSD should be...
EURUSD price action today has eliminated a triangle correction for Wave 2. It has dropped below 1.0768 by just 1 pip until now, and potential remains for a test of 1.0745 levels, which is fibonacci 0.786 retracement. Corrective waves reveal themselves when they are behind us and potential now remains for a flat (or combination) as Wave 2 still unfolds. Bottom...
Dow Jones is inching closer to completing its counter trend rally around 25300 handle. The earlier drop between 29600 and 18200 was an impulse, Wave (1) on charts here. Since then, the indice has managed to produce a potential zigzag corrective wave A-B-C, which is likely to terminate around 25300. The fibonacci 0.618 retracement of Wave (1) is seen to converge...
Brent Crude hourly chart has been presented here to have a closer look at potential wave counts since 15.00 lows. It is too early to confirm a major bottom at 15.00 but certainly a potential impulse wave might be underway. A break above 36.30 would be considered as reasonable confirmation that the trend has revered for good. At this point, Brent Crude might have...
SPX500 has either reversed from 2880 levels, or is expected to reverse from 2900/30 levels. Aggressive traders might want to remain partially short and add further if bulls manage to produce last leg rally towards 2900. Please note the fibonacci 0.618 retracement would be reached around 2900 and a bearish reversal would remain high probability. The weekly chart...
US dollar Index has been quiet, trading within a potential contracting bearish triangle since 100.93 highs. It might have carved wave c within the triangle structure around 100.48 and could be underway towards terminating wave d at this point in writing. We might then witness a final rally towards 100.00 levels as wave e of triangle terminates. Alternately, the US...
EURUSD continues its sideways contracting triangle and is expected to terminate Wave d around 1.0940/50 levels. Believe it or not, contracting triangle may be testing patience, but a powerful breakout awaits as Wave e terminates around 1.0880/1.0900 levels. In the medium to long run, structure remains constructive for bulls as long as prices stay above 1.0636. The...