The counter trend rally that began from 21800 levels might be taking shape of a zigzag and could extend up to 24300 levels, before reversing lower again. Please note that structurally there is no change until 26000 resistance remains intact. Furthermore, we have altered the wave counts with a lower degree Wave ii termination in place at 24800 levels. The same...
Gold is seen to be testing $1298 levels at this point in time and if it manages to break higher, the next resistance could be at $1310/14 levels. Ideally, the metal should stay below $1365 levels to keep the triangle structure intact. It remains to be seen how prices react around $1314 levels which is fibonacci 0.786 resistance as presented on the daily chart view...
The Dow Jones inched higher to 24000 levels yesterday before closing at 23879 levels in the spot segment. If the earlier wave counts discussed were correct, the Wave iv projection stands invalid for now since prices penetrated Wave i termination at 23881 levels. As discussed yesterday, the structure still continues to remain bearish and in fact a lower degree wave...
The US Dollar Index is finally seen to be giving in to bears after consolidating for several trading sessions. It is seen to be trading around 95.12 levels for now after printing intraday lows at 95.03. Please note that immediate price resistance on the daily chart is now at 97.00, while support is seen at 94.87 levels respectively. Looking at the wave structure...
The EURUSD finally breaks resistance at 1.1500 levels, after consolidating for several trading sessions. Please note that immediate support on the daily chart is now 1.1306, while resistance is at 1.1620/30 levels respectively. Bulls maintain control for now and remain poised to take out resistances going forward. At a lower degree, a 5 wave rally might have...
The EURUSD has been drifting sideways at several degrees with prices at 1.1450 levels for now. Looking at a lower degree, after carving out a higher low at 1.1306 levels earlier, one can count 3 waves a potential 4th wave is in the making. If the above structure holds true, prices should hold above 1.1380 levels and drift higher towards at least 1.1500 levels,...
The US Dollar Index could be into potential Wave 3, with a higher degree Wave (C) structure since 97.71 highs. If the above structure should hold true, we should see prices staying below 97.00/10 levels and drop lower at least towards 94.00 or 93.65 levels, going forward. The higher degree wave structure is also suggesting that after having rallied 5 waves from...
Dow Jones remained just shy of the critical 23881 levels yesterday and reversed lower from 23864 levels respectively. Until spot prices remain below 23881 levels, we shall maintain a probable wave iv termination count as displayed on the daily chart here. Please note that even if Dow Jones manages to break above the wave i lows, the higher degree wave counts shall...
Gold has remained sideways since printing highs close to $1300 levels on January 04, 2019. The structure since then looks to be sideways until now, suggesting that there could be one more push higher towards $1310/14 levels, close to fibonacci 0.786 resistance of the earlier drop between $1365 and $1160 levels respectively. We have been suggesting potential short...
The Dow Jones managed to rally and close higher yesterday, making intraday highs at 23675 levels. It seems that the corrective rally (3 waves) that began from 21800 levels earlier might have terminated at 23675 levels, just ahead of 24000 as discussed earlier. We could still label this lower top as a potential Wave iv termination, and until prices remain below...
Gold might have potentially formed a meaningful top at $1298 levels or it could be very close to form one soon. The next level of resistance is seen towards $1310/14 levels, where a bearish reaction could be expected if prices manage to reach. Looking at the short term wave structure, the yellow metal could be preparing to drop towards $1255/60 levels at least in...
The US Dollar Index managed to test recent swing lows at 95.65 levels yesterday before pulling back. It is seen to be trading close to 96.00 levels for now and looking at the short term wave structure, it could produce a complex correction, rallying towards 97.00 levels before resuming lower again. The higher degree structure remains unchanged with resistance at...
The EURUSD failed to print above 1.1496 levels yesterday, leaving room for a flat corrective drop before resuming higher again. If bulls manage to break consistently above 1.1500 levels, it would confirm that a meaningful low is in place at 1.1306 levels. Looking at the higher degree wave structure, it is safe to remain long and also look to add on dips towards...
The US Dollar Index might produce surprise intraday rally but that should be considered as opportunities to go short again. The index might have carved a lower high at 97.00 levels on Friday and ideally prices may remain below that, going forward. At the moment, it is seen to be trading around 96.00 levels and is expected to be capped below 97.00 in case of an...
Looking at the wave structure, it could be possible that a higher low might be in place close to 1.1300 levels and that prices should ideally stay above that, going forward. Also please note that 1.1213 levels should remain intact for bulls to be in control. The EURUSD might retrace lower intraday, but ideally prices could remain capped ahead of 1.1300 levels. The...
The Dow Jones is seen carving out Wave iv at a lower degree with Wave (3) as labelled on the daily chart view here. Believe it or not, the rally on Friday which saw Dow Jones closing on a higher note at 23430 levels, should not be considered as a change in trend. It could still be carving out a wave iv, as a potential zigzag and resume lower anytime soon. If the...
Gold prices reversed sharply on Friday after printing highs close to $1300 levels. Please note that intraday low was $1278, breaking below $1280 support. Gold is seen to be trading around $1286 levels at this point and could continue dropping lower, going ahead. A potential top could be already in place around $1300 levels for now and if it holds, bears could...
The EURUSD corrected sharply lower yesterday from sub 1.1500 levels, and went on to print lows at 1.1306 levels, dropping more than 1%. The single currency is seen to be trading around 1.1365 levels at this point in writing, looking to resume its uptrend soon. Please note that the wave structure of the drop looks to be corrective in nature and that bulls are...