Crude so bullish it doesn't matter what level to buy at.
Finally gold has come to a fork. The dollar on the other hand also reached its long term, major resistance level. Though anything can happen at this point, one thing I know for sure is 'Trend' is your friend. Happy Trading, folks! Cheers!
DXY bulls have been driving the dollar up and up. Whether it breaks higher or reversing its course will be the story for next week... Happy Trading, folks! Cheers!
Just a quick look on the USDCAD and we can see that price formed an ascending wedge pattern. There are some important levels marked on the chart which would complete the ABCD swing, but that remains to be seen. Happy Trading, folks! Cheers!
2 Weeks ago we've identified a strong level of support for the EUR/USD at 1.1725 level. It's confirmed that this level held and therefore expecting a bounce back to 1.20 level. Happy Trading, folks! Cheers!
There isn't a lot to say here but based on MY Count, we could see EUR/USD heading lower for a final push to complete wave 5. Feel free to comment below and let me know your thoughts.
A glance at the EUR/USD chart and notice this pair had broken below channel support line. If you're a fan of Elliot Wave, then this move down could end with 5th wave reaching 1.1705 level. That is my idea and I'm sticking to it. Happy Trading, folks! Cheers.
You can bet against the trend and lose your money. Or you can bet on the algorithm and make money. Today we look at the Crude Oil's future, literally. At $70 per gallon, crude seems way overpriced - at least to my estimated value which in my opinion should be right around $60, if not less. Let's watch what the market do.
1400 I think is a sweet spot for Gold. This and USD analysis are very much similar in terms of a near trend reversal. At least for a nice pull back slash correction. Happy Trading, folks! Cheers.
Nothing other than strong level of confluence and support. Keep an eye on 87.20 - 87.50 support level. Something interesting going to happen when DXY reaches that level. :) Happy trading, folks! Cheers.
Today's GDP didn't surprise the market, if any at all. Perhaps weak US data for the past few days has finally balanced itself with today's GDP report. Looking ahead towards a new month, what's in store may confirm a dollar reversal with upcoming NFP to start the month of October. Until then, it's a short all the way until "CPI" ticks back up. Cheers, and Happy Trading.
Whether risk is to the upside or downside, technically it's overbought. A minor corrective move followed by major ABCD move to resume downtrend.
Despite a slight weaker data from the Eurozone, Angela Merkel winning the election, and Federal Reserve looking for ways to raise interest rates once again, Big players found a perfect excuse to take profits amidst of it all. A quick look at tomorrow's economic calendar as consumer confidence for the U.S. should give us a bit of an insight into labor force sector...
Will keep this one short and sweet. Downtrend line had been tested multiple times, will it break on the 7th attempt? Time will tell. Cheers, and happy trading folks.
Elliot Wave Analysis is by far popular across wide variety of trading instruments; S&P 500 is no different. Keeping it short and simple, let's talk charts. Based on my count, S&P returning to test support coincide with fib level at 2460.00 before resuming its course up for wave 5.
A quick add on to a longer term GOLD picture but on a smaller time frame.
Or let's say bad for USD. History repeats itself with Republicans in office :D Good time to buy gold? As long as support holds at 1280 level, we could see another rally to 1400. Which means USD heading lower to the 80s.
Hidden Divergence on RSI suggests upside continuation; However, the question is how far will it reach before heading south. Based on Fibonacci golden ratio of 61.8, it may reach supply area @ 0.7375.