5 Wave impulse to the upside, double zig zag correction bullish reversal off the .618 retacement of wave 1
5 WAVE IMPULSE WOLFE WAVE REGRESSION .618 RETRACEMENT PHI MACD DIVERGENCE DOUBLE ZIG ZAG
Wedge Break Wolfe Wave Support Macd Divergence 119.00 Resistance
Inverted head and shoulders fake out, overbought RSI, Trend line Resistance
US employment data is do today at 8:30 along with inflation numbers. Given the data dependency mandated by the fed any drop in inflationary expectations would be dovish for the feds future actions push those dots plots even further back than they currently sit which is mid 2015, current 5 year tips or (treasury inflation protected securities) sit at 1.5% which .5...
SPX Completed a bearish butterfly harmonic at the open gaping down and finding support at X of the butterfly harmonic, looking for a .50-.786 retracement off support of previous move down to fill a short position.
COMPLETED 5 WAVE IMPULSE TO THE DOWNSIDE CONFIRMED MACD DIVERGENCE,INVERTED HEAD AND SHOULDERS POSSIBLE BUTTERFLY HARMONIC.
USDJPY is showing signs of price exhaustion, trading constricted into a converging wedge which was broke in UK trading hours. MACD is confirming divergence as prices make higher highs and the MACD is making lower lows. Stops are currently sitting at 117.00 and we could see trading into 115.50 area or below into 114.00. With such a large run up in the last weeks...
AUDUSD is at a critical level as Monetary Policy Meeting Minutes are due tonite at 7:30. Prices pulled off the .618 Retracement of wave 5 and parrallel channel resistance. Any pull back below .8600 would be a cause for concern yet any trading above the parallel trend resistance line would surely provide a catalyst for more upside. All being said trading confirmed...
Volatility to come when fed chair yellen speaks today, currently prices have constricted forming a pennant if prices break the upper trendline i will be long if price break the lower trendline i will be short prices are at a CRITICAL juncture right now and there will be large swings.
AUDUSD Continues to show evidence of further upside. Price action constricted to form a converging wedge which is a bullish continuation pattern. AUDUSD formed a corrective 3 wave sub pattern throughout Asian trading yesterday which was overtaken in UK trading hours. AUDUSD could pull back to .8650 area yet there still is more upside into the .8800 or above any...
BEARISH GARTLEY. INVERTED HEAD AND SHOULDERS. MACD DIVERGENCE. DOJI CANDLE. RESISTENCE