Dow Jones daily chart on a log scale has been presented here today with potential wave counts. First, the drop between 29600 through 18200 is an impulse and hence labelled as a higher degree Wave (1). The drop not only breaks the trend line support since 2016 but also the December 2018 lows (Neck line) at 21600/700 levels. The drop begins the making of a potential...
GBPUSD is progressing in lower degree wave iii, within Wave 5 rally towards 1.3200 resistance. Looking into the wave counts since 1.1414, GBPUSD might have carved Waves 1, 2, 3 and 4 as labelled on chart here. Potential Wave 4 terminated around 1.2080, which is fibonacci 0.382 retracement of Wave 3. Since then, Wave 5 could be progressing and minimum expectations...
Brent Crude drop from $36.90 until yesterday seems to be a flat/corrective. Hence probability remains that there could be another high before Wave 5 terminates. As seen on the chart here, the fibonacci 0.618 extension of Waves 1 to 3 is seen around $38.99. The counts have been adjusted accordingly, leaving room for another push towards $38/39 levels before...
EURUSD is consolidating its recent gains and may drop to 1.0940 levels before resuming its rally. The structure till remains intact towards 1.1500 in the next few weeks. The recent boundary that is being worked upon could be between 1.0870 and 1.1035 respectively, The fibonacci 0.618 retracement is seen towards 1.0930, and a bullish reversal can be expected there....
SPX500 might have completed its counter trend rally at 3020/30 levels or is close to completing. Since past few weeks we have been bringing up a potential bearish reversal count in SPX500 and it looks to be mature now. The rally between 2200 and sub 3000 levels is just a counter trend and it would be a grave mistake to take this otherwise. According to the wave...
Gold weekly chart had produced a shooting star last week, after hitting $1765, indicating a potential bearish reversal ahead. The yellow metal is following up this week with an Evening Star candlestick pattern in the making. We have been calling for a potential larger degree bearish reversal sine last several weeks and a complete bearish pattern to end this week...
US dollar Index had dropped below the 99.00 handle leaving room for further drop. Minor pullback towards 99.20 levels today could be a lower degree wave iv, before the index resumes lower again towards 98.50. This could be achieved intraday, possibly during the New York Session. Overall wave structure for US Dollar Index remains bearish until prices stay below...
EURUSD had rallied closed to 1.1000 handle yesterday, before pulling back lower again. It is carving a lower degree wave iv at the moment, and is expected to terminate around 1.0945/50 before resuming higher again. The next short term target should be expected towards 1.1030 levels, could be achieved intraday. The overall wave structure remains constructive for...
Dow Jones finally reaches the 25000 mark that we have been expecting since last several trading sessions. There could be another push towards 25200/300 mark before the we witness a bearish bounce. The rally from sub 23000 through 25000 would be seen as a potential resumption of an uptrend by many traders. Believe it or not, it is just an extension of the counter...
Brent Crude might be preparing to unfold its corrective drop as a flat towards $29.00 levels at least. The commodity seems to have completed 5 waves rally between $15.75 and $36.90 respectively. During this rally, it has managed to take out a major resistance at $36.30 levels. It is now confirmed that bulls are in complete control and that the rally is not...
GBPUSD rallies past 1.2300 handle as we write this article and seems to have carved a higher low around 1.2160. We have been waiting for this rally to resume towards 1.2900 levels at least. High probability remains for a push towards 1.3200, which is a meaningful resistance, followed by 1.3500; the lower degree wave iv (not seen here). A break above 1.3500 handle...
EURUSD has rallied over 100 pips after carving lows at 1.0870 handle yesterday. Looking at the short term wave counts, Wave iii of 3 might be progressing since 1.0870, and minimum target could be 1.1250 levels, if it is not an extension. As discussed yesterday, the rally could be sharp and quick to break above 1.1150 interim resistance. EURUSD seems to have carved...
US Dollar Index might have completed its counter trend rally towards 100.00 and has resumed lower again. Today's intraday high was registered at 99.98, before the index reversed. Earlier, the US Dollar Index carved a bearish drop between 100.56 and 99.00 levels respectively. It has now managed to produce a counter trend rally towards fibonacci 0.618 of the above...
EURUSD might have completed the corrective drop that was expected after 1.1000 highs last week. It is always good to patiently wait until our potential entry triggers rather that rushing behind price action. EURUSD is seen to be producing a bullish Morning Star candlestick pattern right at the fibonacci 0.618 retracement(shy by 10 pips) of the recent upswing...
Gold has carved a shooting star candlestick pattern on the weekly chart after printing highs at $1765 last week. It might be the first potential indication for a bearish reversal ahead. Having said that, it could be too early to confirm at this point when the yellow metal is trading around $1727/28 levels. We need to see a clear break below $1690, previous lower...
Bitcoin had dropped to 8500 over the weekend before finding support again. Bulls might be determined to push higher towards 10500 resistance before giving in to bears, until prices stay above 8000 handle. A break above 10500 resistance would also confirm that trend has reversed since 3850 lows and it would continue further after a pause. Structurally, Bitcoin had...
SPX500 seems to be carving a classic Head and Shoulder reversal pattern since 3400 highs. We combine the Elliott Wave counts with Head and Shoulder reversal on the weekly chart presented here. The drop between 3400 and 2200 broke the rising trend line and support around 2345 (neck line) within the H&S reversal, Wave (1) on the chart. Head is marked at 3400, while...
We shall continue to present the weekly chart to keep in mind the larger wave structure, until Gold produces its first impulse wave lower. The larger structure remains unchanged after Gold had managed to break above $1747 and print fresh highs at $1765 early this week. The yellow metal seems to be in a corrective phase since $1920 highs in 2011. The corrective...