SPX500 has formed a major top at 3400 levels, and a larger degree Head and Shoulder might be in the making already. A decade old trend line support was broken earlier when SPX500 dropped from 3400 to 2191, Wave (1) on chart. The subsequent rally has been sharp but it is nothing but a counter trend, which could terminate around 2850/2930 zone, Wave (2) on chart....
Gold has rallied past $1703 taking stops out but upside potential remains limited. The weekly chart presented here indicates of a larger degree corrective drop unfolding since $1920 highs in 2011. The yellow metal could be producing a zigzag corrective wave (A)-(B)-(C) lower from $1920. Within the corrective drop Wave (A) seems to be in place at $1046 in December...
The US Dollar Index seems to have carved a meaningful top at 103.00 levels earlier. It had dropped from 103.00 to 98.25 levels in an impulse, Wave 1 on the chart here. The subsequent rally was corrective and had rallied close to 101.00 levels before reversing lower again. It could be potential Wave 2 and managed to reverse from just below fibonacci 0.618...
EURUSD bulls seem to be under control since 1.0936 lows as they managed to rally towards 1.1150 levels earlier, Wave 1 on charts. The drop towards 1.0768 was corrective and has been labelled as potential Wave 2. Having said that, potential remains for Wave 2 to unfold as a triangle before Wave 3 resumes higher. Either way, EURO bulls remain poised to push higher...
Dow Jones remains bearish against 29600 levels in the long run and the recent counter trend rally should not be mistaken as an uptrend. The earlier drop between 29600 and 18200 was an impulse, labelled as Wave (1) or (A). Ideally, a 5 wave move is followed by a corrective 3 waves in the opposite direction. The rally since 18200 lows is corrective, A-B-C and has...
WTI Crude [price action since 19.25 lows could be seen a a classic example of the Wave Principle. The rally between 19.25 and 29.11 was in 5 waves, Wave (1) on charts. The subsequent drop has been corrective flat (3-3-5), labelled as A-B-C. Also, the correction looks to be complete at 21.64, Wave (2) on charts. A break above the 24.00 handle would be encouraging...
GBPUSD continues to steadily progress higher and is expected to terminate Wave 5 above the 1.2900 handle. This would complete the first impulse rally since GBPUSD print multi-year low at 1.1414, on March 19, 2020. At the moment, a lower degree wave iii might be unfolding within the 5th wave. Alternately, Wave 4 might unfold as an expanded flat and re-test 1.2150...
Bitcoin daily structure remain bullish against 3850. The rally between 3100 and 13800 was as impulse, Wave (1). Subsequent drop might have unfolded as a combination W-X-Y, and terminated Wave (2) at 3850 levels. Ideally the 5-3 pattern should be followed by another 5 waves towards the direction of the larger trend. Bitcoin should be heading above 13800, until 3850...
A potential wave count for Gold has been presented on 1H time frame. Please note the drop between $1703 and $1450 can be sub divided into 5 waves, labelled as Wave (1) of one larger degree. The subsequent rally looks corrective 3-3-5, labelled as A-B-C here terminating as potential Wave (2) around $1690. Please note Wave C sub divides into 5 waves between $1455...
US Dollar Index had dropped between 103.00 and 98.29 subdividing into 5 waves, hence labelled as Wave 1. The subsequent rally was corrective and found resistance around fibonacci 50% retracement (100.93), potential Wave 2. Sine then, Wave 3 could be underway towards 94.65 and lower. A drop below 98.90 would confirm the above. Alternately, Wave 2 could be still...
EURUSD medium to long term structure remains bullish against 1.0636. A probable wave count indicates that Wave 1 and 2 are already in place at 1.1150 and 1.0768 respectively. Wave 2 had retraced just over fibonacci 0.618 levels before finding support at 1.0768. If the labeled counts are correct, EURUSD Wave 3 should be underway from 1.0768, and target potential...
US Dollar Index might have carved a meaningful top around 103.00 levels as presented earlier. Continuing further, the counts are suggesting that Wave 3 lower is in progress since 100.93 on April 06, 2020. The counter trend line support has been broken and 99.34 support has just been tested yesterday. If Wave 2 is in place already, the index would stay below 100.93...
WTI Crude hourly chart has been presented today, after looking at the Monthly setup last time. The following facts are noteworthy here: 1. The rally between 19.25 and 29.11 is in 5 waves, labelled as Wave (1) of a larger degree. 2. The drop from 29.11 to 22.50 is corrective A-B-C, labelled as potential Wave (2). 3. Wave 2 termination is just around the fibonacci...
GBPUSD might be preparing to break above 1.2500 handle after having print lows at 1.2163 levels earlier. The wave counts might be suggesting a potential Wave 4 in place at 1.2163 and that Wave 5 is underway towards 1.2900 and higher. For the above structure to remain valid, prices should stay above 1.1950 (Wave 1). Another count also remains valid for Wave 4 as a...
Gold had rallied through $1690 yesterday before pulling back. The overall daily wave structure continues to remain bearish against $1703 resistance. Let us re-look at potential wave counts since recent swing highs. The drop between $1703 and $1450 was an impulse Wave 1, which has been retraced up to 88%. At times, Wave 2 may go deep and close to beginning of Wave...
In continuation to what was displayed yesterday, the Dow Jones has now managed to hit 23700 resistance as expected. The indice trades lower around 23300 levels at this point in writing and has produces a Spinning Top candlestick pattern on the 4H time frame. This could be potential bearish reversal and resumption of down trend. A convergence of price action,...
Bitcoin potential wave counts since December 2018 is presented here. Looking at the counts, the crypto had rallied in 5 waves between 3122 and 13800 levels. It has been marked as Wave (1), within Wave ((5)) of a larger degree (not seen here). The drop between 13800 and 3850 seems to have unfolded as a combination, and seems to have terminated Wave (2). The larger...
USDJPY had reversed sharply from 112.22 handle earlier, and reached 101.18 levels before pulling back. The pullback rally seems to be corrective A-B-C, and might have terminated around the 111.75 levels. We can expect a 5 wave drop from 111.75, until USDJPY holds 112.22 resistance. The lower degree wave count reveal that USDJPY might have carved Wave 1 and 2 at...