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Price has retraced 50% of the last up move. There is significant support just below the .618 level. If prices continues down to this level an inverse head and shoulders pattern may result, potentially signalling another solid move up.
If we are in an ABC correction and C extends to equal A then, according to my calculation, C should end at the purple line, which is the February high. A drop in price from there would leave a Head and Shoulders pattern.
This latest channel is clearly starting to lean, so I expect price to fall soon, however price could reach the purple line without necessarily ...
Price was rejected by resistance at the top of the channel. I anticipate a test of support along the lower trend line.
Price has retraced to the .618 level and is now below resistance. Barring any positive Brexit news, I anticipate a continuation short to test support at the bottom of its current channel.
Price has retraced 61.8 % of the previous move down and has twice been rejected at the upper trend line. With mid-term elections only days away, I anticipate a risk-off scenario. In addition, the DXY is below the daily pivot suggesting a dollar move lower. Therefore, I anticipate this pair continuing short within the channel to possibly test support at the 110.50 ...
Price appears to be turning upwards and has created an inverse head and shoulders. This, though, without having reached the 23,800 level which I identified as a possible completion of an ABC correction. In addition, price hasn't broken out of this recently formed channel and is also at resistance on the 4 hour chart and is testing the 200 dma. Unless price breaks ...
Price has retraced 50% of this recent move down. I am watching for a continuation short to complete the anticipated move either from this level or from the .618 level above around 24 700.
I have noticed that indices seem to be moving together quite a bit lately so am keeping a close eye on Hong Kong and Shanghai indices in particular because if they exhibit any ...
In my previous post on the Dow I projected a possible move down to the .786 retracement level of the final up move. Since then I have noticed three things.
First, price has stopped approximately 145 points below each retracement level in pink. If this pattern continues, price could be expected to stop just below the .786 level at 23,800.
The second thing I ...
One possible scenario. Perhaps complete on Monday before turn-around-Tuesday.
Price has reached support. If this level breaks we might expect price to continue down to around the 19 000 level.
Price has reached the .618 retracement of the last major move up to the top. Price might ordinarily bounce from here and potentially retest the 26 000 level. However, there currently appears to be an across the board weakness in indices so price may continue down to test the .786 level before any move up.
Priced has retraced to the .618 level of the recent down move. I anticipate a continuation down to the .618 level of the larger up move.
Price has returned inside the channel. I anticipate a test of the .618 retracement level before any significant movement north, if any. However I do see a possible short term move up to test the trend line at the 26 000 level, perhaps before that movement down. But let's see:)
Price may continue to drop lower to test the lower sloping trend line before bouncing - if it does. Alternatively price may retrace from here.
Price has dropped to the .382 retracement level. Possible small bounce if price doesn't continue to lower trend line.
Price has formed a nice structure as it descends towards the .236 retracement level.
Price continues to respect the channel so am short below resistance.
Price continued up past the .618 retracement level. With weakness expected in the dollar and potential risk off sentiment approaching I am watching for a rejection at the trend line.