Bought NJ since the beginning of the 2nd wave which was a very successful long trade shooting from a major support. The ABCD retracement indicates us there is a 5th wave coming after the breakout of the bullish flag.
In theory, the wave should reach the 1.272 Fib extension, 73.60, but I'm keeping my first target at the same level as the last high, 72.95.
After completing the 5 Elliot Waves, EG has formed a double top on the 4h chart.
Looks like the super bull run has finally stopped: if we zoom out to the weekly chart we will see a weekly trend line which looks like the price is respecting.
I'm currently waiting for my 8 and 18 EMAs to cross eachother on the 4h chart and we will probably see a breakout of the...
After the bullish over-extended run, the pair has finally met the daily trendline. The divergency on the RSI suggests that the pair will drop and retrace towards the 61.8 Fibonacci level.
However, I will personally go short once the price has fallen below 0.88700 and not earlier, as I see a little S/R level on the 1h chart on that area. Breakout of this region...
The pair can't break one of the lowest S/R levels (Grey area), giving us a nice divergency in the RSI.
That pullback after the harmonic pattern and the strong rejections (see the daily candlestick wicks), suggests me the pair will climb to 61.8 fib, where the weekly trendline is located.
Australian Dollar bullish overall.
After the massive spike on the pair, Gold has found resistance at the 1345 price region. Market pushed up again but breakout of this region wasn't successful, giving us a nice divergency on the RSI indicating a possible bearish market coming in. However, I won't personally go short on this pair until it drops below 1337$. Breakout of this price also means breakout...
EURUSD broke important levels and is now running inside a bearish channel . Looks like the pair is heading towards our upper trendline where we have 3 possible scenarios as you can see on the chart.
Since the trendline has been tested several times, we could see a breakout and a transition into a bullish market. In case it doesn't, the bearish market will...
NZDUSD is currently in a strong bearish market, however, I'm expecting a transition to a bullish market once the price reaches the next support, where the rally of the previous bullish trend started.
Once that price is reached, the RSI should be in the oversold area as well, which will indicate us the market will be pushed upwards.
AU is currently sitting on a major weekly support plus it's respecting our downtrend structure (bounced in the lower trendline). Stochastics are signaling a nice buy very soon towards 0.7050, our next S/R level
After breaking our previous trendline on the 3rd touch and dropping heavy, our pair is currently sitting on a S/R level where we could see a possible bounce as we spotted divergence in the Stochastics. I will personally go Long once Stochastics cross the Lower Band.