The C-D leg of a bearish shark seems to be forming, presenting an excellent opportunity to long until ~1.4144, at which point one should observe how price responds to the PRZ. Note that the shark often precedes the 5-0 pattern, thus (at least partial) profit should be taken at the 50% C-D retracement, and longs for the 5-0 ideally opened at the 1.0 ABCD...
A bullish butterfly bounced from the potential reversal zone (fib confluence and ABCD). Partial profits should be secured at ~1800 (38.2% retracement of A-D) and ~1860 (%61.8 retracement of A-D). Profit targets can take 1 to 2 weeks to reach, since this pattern formed on the 4H/D timeframe. A move below $1700 an ounce invalidates this pattern.
1.15 (.5 fib) should prove to be the floor, based on the hammer that formed on the weekly. The target for this bounce should aim for 1.2 which would form a head and shoulders pattern on the weekly, a very bearish pattern. If 1.175 doesn't get taken early next week, expect further weakness with a retest of 1.15 and from there a drop all the way to 1.2 (.618 fib)
.382 fib at 1.3335 was retaken at the end of the week, ending the week with a hammer = floor for now. If we break below that --> 1.3 becomes a target. Above: 1.355 - 1.375 becomes the first resistance, a zone from where the bears may resume their selling.
USD/JPY appeared to be very bullish the last couple of sessions, but it came all down to holding above 110.5. It managed to do so for a couple of hours, but in the end couldn't hold on. Precious metals finished their retracement and went back up, and the dollar lost steam. This tells us the dollar is still in a downtrend, and the recent bullish moves were but a...
The chart shows a perfect example of a healthy fibonacci retracement. Price dipped below the 1H 100 EMA and started to recover. 980 remains solid support. To those looking for long positions: this might just be the moment you were waiting for.
1300 was major resistance, now turned into support. However, retracements are bound to happen. We have a gap around 1311, which is bound to get filled. A long entry just above the .38 Fib retracement would be a good opportunity. Watch out for FOMO, nothing goes up forever. Averaging down around the 1h 50/100 EMA is adviced. Buy the dips.
This market has been pretty straight forward over the last few weeks. Every 1.27 extension from the last wave down was hit, followed by small retracements. Based on the last leg down, which hit the extension at 110, I don't see this bull higher than 110.6, which is around the 1h 50 EMA and presents a nice short opportunity. Breaking 111 could signal a trend reversal.
The US dollar showed more weakness yesterday as it fell down towards our projected 1.27 Fibonacci extension (~112) from it's previous leg down (113.6 - 112.26) and managed to bounce back up from there towards the 0.38 Fibonacci retracement level, waiting for more downside as it couldn't break it.
Gold managed to break the 0.5 Fibonacci retracement (1205-1259) resistance and settles the day above it, but is due for a retracement. This market looks very strong and gold will find support not far below it's current price: at the 0.5 retracment (1225.5) and slightly below around the 1229 level. It's final support would be the 1225 level. I expect gold to...
NATGAS hit the 0.78 retracement, based on the June 29th high and July 5th low, and rolled over after failing to breach it on a second attempt. We're now looking for 2.887, a 1.27 Fib extension based off the previous move down, reminding you we're still in a bearmarket, supported by the 1D 50MA.