GBPUSD might have completed its impulse rally that began from 1.1414 around 1.2813, Wave (1) on the chart. The single currency has also unfolded a potential Wave A within the corrective drop A-B-C towards 1.1900/1.2000 handle. If the above counts are correct, GBPUSD should produce a counter trend rally towards 1.2500/1.2600 handle to terminate Wave B before...
EURUSD seems to have carved a potential top around 1.1422 as the US Dollar Index might have carved a bottom around 95.80 respectively. The currency pair faces immediate resistance around 1.1348 and might test the same before reversing lower. The drop from 1.1422 through 1.1167 could be a lower degree Wave 1, which is followed by a corrective rally through 1.1348,...
Bitcoin is preparing to drop lower towards 6370, which is fibonacci 0.618 support of the previous rally between 3850 and 10500 respectively. The rally from 3850 through 10500 was an impulse, Wave 1 on the chart. It should ideally be followed by a corrective drop a-b-c, Wave 2 on the chart. Thereafter we can expect a Wave 3 rally towards 10500 and 13800 levels to...
Gold is seen to be trading around $1772 after finding support from $1747 levels last week. Please note that fibonacci 1.618 extension of the counter trend rally is pointing towards $1798 levels. Probability remains but not mandatory for prices to rally past $1798 before reversing lower again. Bottom line: A break below $1670 support would confirm a bearish...
US Dollar Index might remain in control of bulls until prices stay above 95.80 levels. We are presenting a potential alternate count, which is US Dollar bullish. Please note the drop between 103.00 and 95.80 is in 3 waves until now, hence corrective. Unless the US Dollar Index breaks below 95.80 and completes a 5 wave structure, a bullish reversal remains...
EURUSD might have carved an intermediary high around 1.1422 handle. The currency pair is approaching intraday resistance around 1.1275/85, which is the fibonacci 0.618 retracement of the recent drop between 1.1348 and 1.1190 respectively. High probability remains for a 5 wave drop towards 1.0930 handle, before deciding further direction. Intermediary resistance is...
SPX500 overall structure remains clear for a Wave (3) to resume lower towards 2200 and beyond. In the short term though, the indice could produce a rally towards 3150/60 levels, before giving in to bears. It is not mandatory and hence one should prepare to sell on rallies or hold existing short positions. The larger degree wave structure remains very clear ad as...
Gold has taken our stops out at $1765 but still remains vulnerable for a bearish reversal. The larger degree wave structure presented here is enough proof for the yellow metal being very close to a meaningful top. In the short term, immediate support lies at $1670 and a break lower would confirm a potential trend reversal. At a larger degree, Gold seems to be...
US Dollar Index might be attempting to push higher and a break above 97.80 would add further confidence. The structure from 103.00 highs is as follows. The drop from 103.00 through 98.27 was an impulse, Wave 1 on chart. The subsequent sideways movement turned out to be a triangle, terminating at 100.56, Wave 2 on the chart. Since then, Wave 3 is progressing...
EURUSD has remained in control of bulls since 1.0636 lows. The wave structure since then could be as follows: The rally from 1.0636 through 1.1150 was an impulse, Wave 1. the sideways consolidation turned out to be a triangle Wave 2, terminating around 1.0775. Since then, Wave 3 has been progressing higher towards 1.1500. Within Wave 3, EURUSD might have carved...
Dow Jones might have carved a lower high around 27600/700 levels and ideally prices should stay below that handle. Structurally, Dow Jones has produced a classic Elliott Wave pattern 5-3 since 29600 highs. The drop from 29600 through 18200 was in 5 waves, Wave (1) on the chart here. The subsequent rally was corrective (3 waves) and potentially terminated around...
Brent Crude has carved a potential top around $44.00 handle. The commodity has dropped lower below $40.00 as we prepare to publish this article. The entire rally between $15.75 and $44.00 seems to have unfolded in 3 waves until now. If a triangle is unfolding, we would witness another 3 waves drop towards $26.00 (fibonacci 0.618 of the previous rally). If an...
Bitcoin has dropped sharply towards 9000 levels before pulling back. The crypto is seen to be trading around 9170 levels for now and is expected to rally towards 9500 handle before reversing lower again. After taking out resistance at 10500 earlier, Bitcoin has been working on a corrective wave lower towards 6300 levels. A standard flat seems to be in the making...
EURUSD might have found support around 1.1240 today. The currency was pulling back from 1.1350 highs and the drop looks corrective for now. A rally past 1.1300 would confirm a meaningful bottom in place at 1.1240. Alternately, an impulse drop from 1.1350 would change the structure and we might consider reversing our positions. For now, we favor a bullish count,...
SPX500 sport should ideally remain below 3233, the June 09, lower top. The recent pullback rally from 2965 lows also looks to be complete at 3153, or might print another high, staying below 3233. Either way, high probability remains for a sharp reversal lower towards 2200 and 1750 in the next few weeks to come. Structurally, SPX500 has carved an impulse drop,...
Gold has broken past $1765 resistance yesterday defying all gravity it seems. Nonetheless, we strongly refrain from taking long positions for now. It is rather good to stay aside and wait for a clear formation on the shorter time frames to initiate short positions again. The larger degree wave structure still remains unchanged. The yellow metal still remains in a...
US Dollar Index is pulling back at the moment retracing its drop from 97.75 through 96.40 yesterday. It remains possible for the index to rally towards 97.20/30 handle, which is also the fibonacci 0.618 retracement of the above drop, before reversing lower again. The next wave could potentially drag the US Dollar Index lower towards 94.65 and further. Alternately,...
EURUSD had cleared past another intermediary resistance at 1.1350 yesterday, before pulling back lower again. The recent boundary which is being retraced is between 1.1167 and 1.1350. The recent drop is expected to find support around 1.1235/40 handle, which is also the fibonacci 0.618 retracement of the above rally. A bullish turn around 1.1235/40 would then...