One of my favourite short trade ideas currently. Am short GBP/JPY 152.40 with a stop at 154.00 and profit target sub 145.00. Weakening GBP fundamentals and Brexit worries to increasingly weigh. USD strength to hit GBP hardest in coming weeks on widening rate forward path. Dont believe JPY will weaken so much versus USD if there is also a risk off environment as rates rise.
Wave analysis suggests may be bottoming around 119 in the futures having nearly met 2.618 extension target. Probably going to bounce around between 119-119.5 in the coming few sessions before another attempt lower in early May where we could see a more significant low in the 117.5-118.5 zone for a med term BUY opportunity.
Potential massive H+S top pattern with right shoulder formed/forming. Short at 164 with a stop above 170 and possible target around 134 in coming months. 5/1 rtn/risk.
Took profit on short term trade, short at 1.24, too profit 1.23. Now long at 1.2260 on potentially completed e wave of larger 4th wave triangle. Stop 1.2210. Looking for 1.2600 in coming days/weeks before a bigger EUR set back and USD upmove over several months.
May have just finished wave d (up) within larger wave 4 triangle. Expect three legged setback in coming days to 1.2260-1.2300 zone to complete final wave of the triangle (e) before an impulsive wave 5 higher to test 1.2600+. After that expecting a much larger setback in the EUR (USD strength for weeks/months)
Whilst 11900 longer term uptrend holds on a closing basis then market remains neutral/positive but if that level gives way not much by way of next level support until perhaps 10600
Shaping up for a 5th wave lower. Short FACEBOOK at 165, stop 170, target 145.
Another example of triangles cropping up all over markets currently. Sell GOOGL at 1030 with stop at 1063, profit target 930 once triangle and 9 year uptrend and 200DMA breaks.
Triangles occurring in similar positions in XAU/USD 1.00% , EUR/USD 0.19% , DXY -0.14% .....potentially with Syria/Russia conflict or China trade war fundamental factors exacerbating. 4th wave triangle looking to break higher. Need probably one more leg (e wave) lower to finish triangle consolidation pattern before a thrust higher. Potential 4:1 reward/risk. BUY...
Triangles occurring in similar positions in XAU/USD, EUR/USD, DXY.....potentially with Syria/Russia conflict or China trade war fundamental factors exacerbating. 4th wave triangle looking to break higher. Need probably one more leg (e wave) lower to finish triangle consolidation pattern before a thrust higher. Potential 7:1 reward/risk. BUY at 1330, stop 1320,...
I know the haters will jump on this one. Everyone's favourite (including Cramer) bull market stock Nvidia. Looks to have broken 2017 uptrend and also breaking below Cloud and potential double top/triple top pattern on negative divergence. Given the huge run up in the stock I think 190 is on the cards with potential for significantly lower if the overall market...
Intel chart looks like more downside. Potential H+S top pattern. Below $47 suggest $43.
FB still looks to have more room to the downside with at least one more leg lower to come (fifth) to low 140s before a potential bounce.
Remaining short. XLF looks like it is heading lower still. Break of trend and 200DMA support suggests $25 on a close below $27. FED continuing to raise rates with no meaningful inflation reinforces US curve flattening, and damping loan demand, negative for banks.
Took profit and reversed to a short position at 8.45 with a stop at 8.60 looking for 8.15 area in a b wave correction lower before another leg higher in a c wave to 8.65-8.80
GOOGL is the key to the overall market direction near term. Yes it is still holding inside the 9 year uptrend since the 2009 post crisis lows and yes it is still holding the 200DMA. But imo this is still looking likely to crack sometime soon and we should see 10% downside (920) minimum.