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Gold remains vulnerable to extend losses below $1640 levels in near term. For the long term, a meaningful top might be in place around $1747 and the yellow metal might be preparing to turn bearish at a larger degree. It is too early to predict at this point in time as we need to see a break below $1450, critical support. Having said that, initial bearish signs...

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GBPUSD might be unfolding its Wave 4 as an expanded flat, and is expected to re-test the 1.2100/1.2200 zone before terminating. This was discussed as an alternate count earlier. The overall structure still remains constructive for bulls as Wave 5 is expected to resume from the above levels. Potential for Wave 5 rally remains above 1.2900 handle and it could also...

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EURUSD is seen to be trading around 1.0830 levels for now and is expected to push higher towards 1.0940/50 levels as potential wave d within the contracting triangle. Alternately, a drop below 1.0768 would eliminate the triangle probabilities we have been discussing since several days. As long as 1.0768 holds, it is good to expect wave d rally towards 1.0940 and...

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Dow Jones seems to have carved a meaningful top at 24400 levels earlier. At the moment it is seen to be breaking below its Elliott Channel support and trading lower around 23150. Earlier, we had marked potential reversal zone between 24000 and 25300 (fibonacci 0.618 retracement of entire drop between 29600 and 18200) levels. Since the indice is now breaking the...

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Brent Crude might have found interim support just ahead 17.75 levels. Since WTI Crude prints 0.01 yesterday, there is only one technical level to be cleared and it is 29.11. Another benchmark for Oil is Brent Crude and we have presented a monthly log chart. Structurally Brent Crude has been in a multi-year corrective wave since 147/50 in July 2008. An A-B-C...

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Bitcoin remains constructive for bulls as it might have resumed Wave (3) higher towards 13800 since 3850 lows. After terminating a higher degree Wave ((4)) at 3100 levels in December 2018, Bitcoin has managed to carve Waves (1) and (2) as labelled on the daily chart presented here. If the crypto holds above 3100 going forward, bulls shall remain in control and...

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Gold has produced a shooting star candlestick pattern on the weekly charts after reversing from $1747 highs. The yellow metal might have carved a meaningful top at $1747 last week that could last for several weeks and months. On lower time frames, we are yet to see an impulse drop to gain further confidence on potential bearish reversal. Yet high probabilities...

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US Dollar Index structure and price action remains constructive for bears since 103.00 highs. After dropping lower to 98.27 levels, Wave 1 on the chart; the index has remained within a trading range. Corrective waves are at times trick to be identified early on, and can take various forms. A probable wave structure could be that of a contracting triangle unfolding...

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EURUSD continues to drift within the triangle structure since 1.1150 highs. Structurally the currency pair has carved Wave 1 between 1.0630 and 1.1150 levels. Since then, a contracting triangle might be unfolding as potential Wave 2. Within the triangle, waves a, b, and c are in place as labelled on the hourly chart here. At the moment wave d might be underway...

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US Dollar Index outlook remains bearish against 103.00 levels in the long run. The indice seems to be consolidating (potential triangle) since earlier drop between 103.00 and 98.27, Wave 1 on chart. It has been producing 3 wave movements since 98.27 lows, raising probabilities of a triangle for Wave 2. Alternately, it could rally towards 101.20 levels carving a...

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SPX500 weekly chart presented here indicates a resumption of down trend that had begun from 3400 levels in February 2020. The counter trend rally from sub 2000 levels might be close to terminating around 2900 levels. It is also close to fibonacci 0.618 retracement of the earlier drop Wave (1) on the chart. Also note that a Head & Shoulder reversal pattern is also...

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Gold has dropped below the $1700 handle and is seen to be trading around $1685 levels at this point in writing. High probability remains for a meaningful top in place around $1747 levels as discussed earlier. The yellow metal has found resistance around fibonacci 0.786 retracement of the earlier drop between $1920 and $1046 respectively. A drop below $1640 would...

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EURUSD Wave 2 is most likely to be unfolding as a contracting triangle as seen on the hourly chart updated. The adjusted counts presented here are indicating that Waves a, b, and c are likely in place at 1.0768, 1.0986 and 1.0810/20. If the triangle count holds, Wave d should be underway soon towards 1.0940/50, followed by wave e towards 1.0870 respectively....

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EURUSD corrective Wave 2 might still be in progress, and could be unfolding as a triangle before pushing higher towards 1.1500, as Wave 3 unfolds. As mentioned earlier, corrective waves can take several forms unlike impulse waves, which are quite straight forward. If Wave 2 is unfolding as a triangle, EURUSD might still remain confined within a trading range....

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Dow Jones might be inching closer to terminating Wave C towards 25300 levels before reversing lower again. The indices had dropped between 29600 and 18200, sub dividing into 5 waves, Wave (1) on chart. The subsequent counter trend rally looks to be a zigzag (A-B-C), expected to terminate around 25300. The lower degree counts within Wave C also suggest there could...

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Bitcoin bulls remain under control as the crypto carves yet another higher low around 6472 levels yesterday. The larger degree counts are clearly suggesting a rally beyond 13800, until prices hold above 3850 lows. Also note that Bitcoin might be progressing into Wave ((5)) rally since 3100 lows in December 2018. Furthermore, a lower degree Wave (3) seems to be in...

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WTI Crude log chart suggests that a major bottom might have formed around 19.00 handle or could be close to forming. Larger degree wave structure forming a classic Elliott Wave Pattern (5 waves up followed by 3 waves down), and might have terminated around 19.00. If the log scale chart presented here remains valid, a swift rally could be seen, pushing prices...

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EURUSD seems to be carving a triangle as Wave 2 since 1.1150 highs. The initial rally between 1.0636 and 1.1150 could be Wave 1 (impulse). The subsequent drop towards 1.0768 was corrective A-B-C, potential Wave 2. As per recent price action, the rally between 1.0786 and 1.0990 seems to be corrective, hence potential remains for a running flat or a triangle. Either...