The US Dollar Index rally yesterday might have surprised quite a bit of traders but this pullback was more than due before resuming lower again. Please note that the earlier drop last week had taken out a major support at 95.69 levels and yesterday's pullback could be seen as a reaction to that. The pullback managed to reach 96.96 levels which is fibonacci 0.618...
The Dow Jones Industrial Average has seen one of the worst drop after 1931, around last week December 2018 and it could still produce one more bearish swing lower before pulling back. Looking at the wave structure, a higher degree wave (3) seems to be in progress since 26000 levels printed on December 03, 2018. We can count 4 wave at a lower degree since then, and...
Gold prices continued to rally yesterday while the US Dollar gained across the board, which is normally unusual. The yellow metal has now touched $1289 levels, which is the past support turned resistance zone as presented on the daily chart here. Further please note that the rally which began from $1160 levels earlier, has crossed the 61.8% of Wave ((C)) within...
We have been calling off to refrain from holding long positions in Gold since target hit at $1270 levels earlier. The yellow metal since then has been extending its gains which normally is the case of 5th wave extension. In this structure, it could be a possible wave v extension within Wave C, of the A-B-C corrective rally that had begun from $1160 levels earlier....
The Dow Jones produced an intraday rally towards 23327 levels yesterday but it still remains vulnerable to turn lower one more time and print below 21400 levels. Looking at the wave counts, the Dow Jones seems to have completed Waves (1) and (2) at 24120 and 26000 levels respectively. Since then Wave (3) has been in progress lower and has produced 4 waves. The 4th...
The US Dollar Index dropped to 96.65 levels yesterday while action was lacking in the currency segment. The index has now taken out initial price support at 95.65 levels and is pulling back higher, trading back higher towards 96.20 levels. The presented wave counts are indicating that the US Dollar Index could be preparing to drop lower towards 94.00 levels...
The EURUSD rally should continue higher through 1.1800/20 levels from here, before any meaningful retracement could take place. Looking at the wave structure, a potential expanded flat (A)-(B)-(C) could be unfolding since 1.1300 lows earlier. More specifically, Wave (C) could be underway from 1.1270 levels and ideally should produce a 5 wave rally at least towards...
The AUDUSD printed lows just below 0.7020 levels last week before turning higher again. As presented here on the hourly chart, the AUDUSD has broken above its immediate resistance trend line and is seen to be trading around 0.7062 levels. Please note that immediate price resistance is seen at 0.7077/80 levels, followed by 0.7148 levels, while immediate price...
The Dow Jones is progressing well into its Wave (3) at a higher degree as labelled here. Within the 3rd wave, a lower degree wave iv was unfolding last week and we had discussed the possibility of its termination around 23200/300 levels. Last Friday, Dow Jones managed to hit 23365 levels intraday and closed around 23000 levels as seen on the chart displayed here....
The EURUSD structure remains unchanged for now, and as discussed last week the bulls are looking to be poised to push through 1.1800/20 levels at least from here. It seems like a meaningful bottom could be in place at 1.1213 levels and that prices should stay above that, going forward. Also note that a higher low at 1.1270 levels also seems likely in place last...
The US Dollar Index has managed to raise through 97.10 levels, as expect ed and discussed earlier. Believe it or not, the minimum expectations of price action looks to be complete, and the US Dollar Index could resume its drop any time now. Also note that 97.10 is fibonacci 0.618 resistance of the entire drop between 97.71 and 96.20 levels earlier. A bearish...
The EURUSD finally dropped as expected and discussed earlier towards 1.1350 levels, to test fibonacci 0.618 support, before bouncing back. It is trading at 1.1380/85 levels at this point in writing, and could be preparing to push higher any time soon. Please note that immediate support could be noted as today's intraday low at 1.1342, followed by 1.1270 and 1.1213...
Gold prices managed to hit above the 100% fibonacci extension of Wave A ($1277), at $1280 levels yesterday. Please note that the lower degree wave counts with Wave C were pointing towards $1270 levels and we have been neutral since then. Also note that we can count 5 waves within Wave C as well, with larger degree fibonacci extension met at $1280 levels. If the...
The Dow Jones bounced back sharply on market open yesterday and managed to close around 22900 levels. Looking at the higher degree wave counts, the structure remains same with waves (1) and (2) in place already and Wave (3) in progress. Please note that Wave (2) termination was at 26000 levels hence prices should stay below that, going forward. The lower degree...
The Dow Jones plunged over the last 2-3 trading sessions as expected and has almost hit the Wave iii potential target around 21800 levels (the 1.618 extension is pointing towards 21500 levels). The wave structure is looking intact with Waves (1), (2) complete and Wave (3) in progression towards the potential target at 21500 levels as presented on the daily chart...
Gold prices exceeded the projected extensions today by pushing above $1270 mark. It is seen to be trading around $1274 levels at this point in time and is expected to find resistance any time soon. Please note that the corrective rally (A-B-C), that had begun from $1160 levels seems to be now complete with Wave C hitting potential targets above $1274 levels. Also...
The US Dollar Index is seen to be trading around 96.62 levels at this point in writing and could still push a bit higher towards 97.10/30 levels before reversing lower again. Please note that 97.10/30 levels is fibonacci .618 resistance zone for the recent drop between 97.71 and 96.20 levels respectively. Looking at the recent wave structure, the US Dollar Index...
With volumes dropping around these times, EURUSD remains more or less unchanged for now and is seen to be trading close to 1.1400 levels. Please note that probability remains for a drop towards 1.1350/60 levels before resuming rally. The lower degree wave counts remain the same with wave iii unfolding since 1.1270 levels. If the above structure holds to be true,...