IanColeman

IanColeman

Buyers emerged at $1,924 and the subsequent strong bullish momentum resulted in all the initial daily losses being recaptured. This has resulted in a bullish Hammer formation being posted on the daily chart. This pattern is often seen at the end of a trend and the start of a new upward bias. Keeping our attention on the daily chart, we could be forming a slightly...

IanColeman

NASDAQ 100 - if stocks manage to pull back aggressively today, I have a strong confluence support zone. The 61.8% pullback level is located at 14556. Bespoke support is located at 14550 and 14546. I would look for the selloff to stall at this area.

IanColeman

The index looks to have completed a bullish Elliott Wave count (5 waves). The move lower from yesterday's swing high is mixed, common in corrective formations. Bespoke support today is located at 16,081. This is also the previous swing low from Tuesday the 13th of June. A projected support level from a cypher pattern known as a Bat formation, is seen at 16,087....

IanColeman

The measured move target of 34,259 was achieved on Tuesday. The intraday chart would highlight this as the completion of a bullish five-wave count. With bespoke support located at 33,697 today, I would look for losses to be limited. The previous swing high from Friday the 19th of May is located at 33,657. What was resistance now, becomes support. I would expect...

IanColeman

Selling pressure from $1,960 overturned all the initial daily gains. This downward pressure has continued overnight. Although we have reacted higher from the $1,933 and $1,930 Fibonacci support zone, with the Crab formation not completing until $1,919, we would look for further downside movement. It should be noted that the speed of the sell-off resulted in...

IanColeman

Yesterday's corrective rally resulted in the gap open from Sunday night at $70.40 being closed. This was also close to bespoke resistance of $70.62. The medium-term focus remains on the downside: • The monthly chart highlights a projected Fibonacci support level at $62.60. A rejection of this support will form the BC leg in a Bat formation. • Looking at shorter...

IanColeman

The weekly chart highlights the index trading within the BC leg of a large Gartley formation. A common retracement level is the 88.6% pullback of the last decline. This is located at 16,059. On an intraday outlook, we have bespoke support located at 14,509-14,468. With this being close to the 61.8% pullback level of 14,512, we would look for dips in this area to...

IanColeman

Although US inflation figures came in as expected yesterday, and the initial drive was for lower levels in DXY, the dip was bought. This resulted in rallies in EUR/USD being sold into. This evening we have Fed. This will be the driving force for the next move. From a technical perspective, we are expecting further upward pressure in DXY and downward pressure in...

IanColeman

Sellers emerged at the first bespoke resistance level of 0.6807. The subsequent downside selling pressure has resulted in a bearish Outside Candle being seen on the 8-hour chart. The daily chart highlights most of the initial gains being overturned. This candle formation could be seen as an Inverted Hammer. Both formations are often seen at the top of a trend and...

IanColeman

All trade setups are high risk before major economic releases. DXY has a mild bullish bias. This could indicate that the US inflation data comes in higher than expected. If that occurs, we expect to see a downside correction in stock indices with the Fed likely to continue their tightening cycle. The DAX looks to have completed a slightly disjointed bearish...

IanColeman

Like most yen crosses, we need to look out to the higher time frames to analyse price action. The weekly chart highlights AUD/JPY is in the bullish BC leg of a Gartley formation. It is common practice for this pattern to retrace 88.6% of the last decline. This upside target/barrier is located at 97.09. The daily chart highlights an inside Bat formation...

IanColeman

The eight-hour chart highlights the completion of a bearish Elliott Wave count within our support zone of 1.4282-1.4250. This would suggest that we are now in the corrective formation higher. It is common to see a reverse Head and Shoulders pattern as the trend changes from bearish to bullish. This will often form the first corrective ABC leg. On a break of the...

IanColeman

The sell-off in Crude Oil has stalled close to the previous swing low of $67.08. This afternoon's US inflation figures could offer some respite for traders who are bullish on the commodity. However, I would look for corrective rallies to find resistance. We have a bespoke barrier located at $70.57. We have the gap open from Sunday the 11th of June at $70.40. I...

IanColeman

The index has posted four straight weeks of net gains. This has resulted in signals for sentiment being overbought extremes. Looking at the weekly chart and we have clearly pushed through the 61.8% pullback level of 4,310. The next projected barrier is 4,451. The speed and scope of the rally has resulted in bespoke support levels being at lower levels. This...

IanColeman

GBP/USD had strong selling pressure after reaching the minimum bearish Gartley requirement at 1.2600 yesterday. This resulted in a bearish Outside Candle being posted on the daily chart. Although this candle formation often highlights the top of a trend and the start of a new downward bias, with the DXY still pushing lower toward its support level, we must...

IanColeman

NZD/USD broke out of the channel formation to the upside. The measured move target for an AB=CD formation is located at 0.6156. The ‘inside legs’ have three and five waves. This is common in corrective formations. Looking out at the four-hour chart and we have bespoke resistance located at 0.6180 and 0.6181. When these levels collide, it offers more weight to...

IanColeman

The four-hour chart highlights USD/CHF trading within an Expanding Wedge formation. The trend of lower lows is located at 0.8962. This formation has an eventual bias to break to the upside. Moving out to the daily chart and we have a projected support level from a cypher pattern known as a Bat formation located at 0.8967. Although the expected move higher from...

IanColeman

The cross completed a bullish Elliott Wave count at the swing high of 1.5113. We are now assessed as being in the corrective A leg, of the ABC correction. It is common for this leg to trade within five waves. We can clearly see this formation on the 8-hour chart. We posted a bullish Outside Day on Thursday the 8th of June. This candle is often seen at the end of...