Yesterday's drop towards 24900 levels might not be the beginning of wave iii yet, and there could be a surprise rally in store. We have added lower degree waves a-b-c, potentially unfolding as wave ii of a higher degree, which could still terminate around 25500/600 levels before wave iii of (3) begins is descent lower. Please note that counter trends might be...
Gold remains bullish above $1195/96 levels, with immediate price resistance seen towards $1235 levels. Bulls could be looking to push through $1235/36 levels, before producing a meaningful retracement lower. Please note that the metal should remain above immediate price support at $1195/96 levels going forward and a safe trading strategy could be to buy on dips...
The Dow Jones seems to be working on a lower degree wave ii, within the expected wave (3) of a higher degree as labelled on the chart here. The wave structure remains unchanged with an impulse drop that terminated around 24100 levels, followed by a corrective rally that terminated at 26300 levels earlier, labelled as Waves (1) and (2) respectively. Furthermore,...
Gold continues to print higher highs and higher lows since $1195 levels earlier. Please note that the metal had bounced off trend line support and also around fibonacci 0.618 support at $1195/96 levels earlier. Bulls should remain in control till prices stay above $1196 levels and push through $1250/70 levels at least, before deciding further course. Looking at...
The EURUSD bulls seem to be in control for now and also remain poised to push higher towards 1.1500 levels at least. After having rallied almost 200 pips from last weeks' low, EURUSD is trading above 1.1400 levels for now, very close to the trend line resistance seen on the chart here. Please note, that a push through the resistance line could be encouraging for...
The US Dollar Index structure remains more or less unchanged from what we had discussed last week. It is seen to be trading around 96.50 levels at this point in writing and is expected to drop lower at least towards 95.65/70 going forward. Looking into the wave structure, we have presented a potential ending diagonal for the (5) th wave of the impulse rally that...
The US Dollar Index might have formed a meaningful top around 97.70 levels as we have been discussing earlier. Please note that the ending diagonal structure for (5) th wave proposed here would remain valid till the US Dollar Index stays below 98.10/15 levels. Looking at the lower degree waves unfolding since 97.70 levels, a potential 3rd wave (lower degree not...
EURUSD potential ending diagonal structure for the (5) wave, discussed earlier remains valid till prices stay above 1.1216 and broadly above 1.1172 levels. Please note that if prices were to drop below 1.1172 levels, the proposed ending diagonal wave structure would turn invalid and further bearishness could continue. Looking into the short term wave structure,...
Gold prices rallied post higher lows formed at $1196.00 levels earlier. Please note that the metal found support at a convergence of fibonacci 0.618 and trend line support earlier. Furthermore, the subsequent rally has taken out interim resistance around $1212 levels, keeping bulls in control. The metal could retrace lower from here before resuming its potential...
The story for Dow Jones remains unchanged for now with bears in control and printing yet another low around 24800 levels yesterday before pulling back. Looking at the wave structure, a potential wave (3) seems to be unfolding since 26300 levels last week. Within the larger wave (3), a lower degree wave 1 could have been complete at 24800 levels and a 3 wave...
The Dow Jones seem to be in complete control of bears, since it carved a lower top around 26300 levels earlier. Please note that we had discussed this drop around those levels and that the previous rally could just be a bull trap. Looking at the wave structure, it is quite clear that Dow Jones had dropped in an impulse earlier between 26950 and 24100 levels...
Finally, Gold bulls seem to be in control after producing a complex corrective drop since $1245 levels earlier. The yellow metal has managed to take out initial resistance at $1212 levels and print a higher high around $1215/16 levels as seen here on the charts. The metal is seen to be trading around $1209 levels at this point in writing and could continue...
The US Dollar Index might have formed a potential top around 97.70 levels earlier and might be looking to resume lower. It is too early to confirm the same at this point in time but a break below 95.65/70 levels would certainly be encouraging for bears, also a confirmation that trend has turned lower. Looking at the wave structure, a potential 5 waves impulse...
The 4H chart for EURUSD is suggesting that the pair might have formed a meaningful bottom at 1.1216 levels. It has managed to push through 1.1350 levels and is seen to be trading around 1.1325 levels at this point in writing. It could be too early to confirm a bottom but a push through 1.1500 levels would certainly be encouraging for bulls and also a confirmation...
The US Dollar Index 4H chart view might be suggesting that 97.70 could be a meaningful top formed yesterday. Please note that the index could have unfolded into 5 waves from 97.70 levels, at a lower degree; and if it holds true, prices would ideally remain below 97.70 levels and push towards 95.70 levels going forward. Immediate price resistance could be seen at...
The 4H chart for EURUSD has been displayed here to have a lower degree wave count. As discussed yesterday, if the proposed ending diagonal count for (5) th wave holds to be true, prices should ideally stay above 1.1172 levels going forward. Please also note that a lower degree wave count (1H) might have unfolded into an impulse from 1.1216 levels. If this holds to...
The 4H chart for Dow Jones seems to have completed its first leg down (wave 1), within wave(3), that began from around 26300 levels earlier. The indice has already dropped more than 1000 points since last week and could be producing a pullback rally, before resuming its drop. Looking at the wave structure again, the Dow Jones had dropped lower, unfolding into 5...
Gold has tested its counter trend line support at $1196/97 levels yesterday before bouncing back. The yellow metal is see to be trading around $1202 levels at this point in writing, expected to continue pushing higher again. As discussed yesterday, the bounce is still within the convergence support zone of trend line and fibonacci 0.618 as seen here. Furthermore,...