I believe Oil has finished its long upmove from the 2016 lows ans is now headed substantially lower medium/longer term.
S/T there is a confluence of support in the 58-60$ area to provide a bounce back to mid 60s before another longer leg lower.
Copper has had a capitulation type sell off today to reach the 2.54 medium term target for the Double Top formation.
May get some kind of bounce from here. Could test small long at 2.55 with a stop below 2.50 for a bounce. Personally I have no position as if risk off in markets really takes hold we could see more pressure....
Although over coming days/weeks I think we see lower levels as wave five plays out following triangle (4th wave) breakdown (to 1.1350 zone) very short term there may be a long trade set up as we could see a wave c of mini second wave back up to 1.1640 ish
So trade would be buy 1.1560 with stop at 1.1540 (20 ticks) with a target 80 ticks higher for 4/1 rtn/risk...
DAX - about to tumble? There are 3 sets of Head and Shoulders top formations I can see at different timeframes.
Hourly - since start of Aug. 4Hourly - since early July. Daily/Weekly - since April 2017.
Can try shorts with stop loss levels appropriate to your trading TF.
As per the last Tweet on Oil a day or two ago, imo OIL is set up nicely for a potentially large bearish move. Short 69.50 with stop at 70.50 looking for minimum move to $63 and maybe a lot lower in coming weeks.
Triangle wave 4 has played out and 1.1750 zone can be used as a back stop for any short positions.
Looks like we are about to embark on a wave 5 lower to around 1.1350 zone where a med term low may look to form for possible long side plays for 5%-6% upside.
We may have a set up for a MAJOR top in GOOGL.
Possible completed v) of 5 waves up (EW count)
Potential Island Top formation.
Can sell against recent highs with lots of downside possible from here for v good rtn/risk tradeoff.
Approx 32% of XLY is tow stocks AMZN (24%+) and HomeDepot (7%+).
Given AMZN has been a skyrocket (about to run out of rocket fuel) and US housing looking like it might be about to hit the rails (bad for HD) and what looks like to be a completed Ewave count I am shorting XLY 111.50 with stop 113.50 and a target of at least 10% lower (5/1 return/risk) in coming weeks.
Potential nice short set-up in EXPEDIA.
From an Elliott Wave perspective it looks to have formed a nice 5 wave decline from the TOP in wave 1 (or A) followed by an a-b-c in wave 2 (or B) to a Fib 50% retracement level.
Would watch now for a potentail sharp decline in wave 3 below s/term uptrend.