The bad news is that even a strong support (2008 support line indicated in green band on the chart) did not slow down the oil drop. The good news is that we are reaching the end of a 1-5 minute wave formation and the physiological 30$ level. Will Oil bounce back from there? Who knows. We'll keep on watching the waves and strong bullish signs in order to make some...
This could be the beginning of a 3rd wave down. I have a detailed long term SP500 chart indicating long term waves. Some counts indicate that all 5th ways up are complete. I will post it later. Personally, I would keep away from SP500 for a while until I see strong bull signs. Good trades.
Today I was closely watching EURO and after the initial drop, we had a fast up move but then a very sharp drop (see the bars in the box). There is a weakness in Euro, which I cannot define. I was hoping a strong move to 1.15-1.17, but it may not happen very soon. As this example shows, your convictions aside, you have to constantly watch the market mood and I see...
Hi Folks I wanted to post this idea yesterday, when I bought a good chunk of Euro. However there was a technical problem to post my comments. I am using Mozilla Firefox. When I switched to Chrome the problem seems to be solved. Anyhow, as can be seen on the chart the ABC formations are usually very potent. The developping wave could be a 3rd wave which may bring...
Seems like all wave counts are complete and price resting at significant (2008) support. No reason not to shoot up...Or? Good Trades
1-Wave counts (as on chart) seems to be complete 2- almost 50% Fibonacci reached 3- Price at important Resistance (violet line) 4-No Thrust yet
Clearly trend is broken. Got already out with a nice profit. H&S formations are especially important to measure market strength. If there is one statistics shows that the ensuing correction is a good deal stronger. Will definately go back to Euro, as I think that there is a huge potential there. Will wait for a good bottom point to establish itself. Good trades.
I guess that's the sentiment. On Wednesday the important FED announcement is coming and Oil shows signs of resurrection. Bunch of traders are still in the USD just because of the very strong performance for the past year. Technically speaking we already hit the quite important trend channel upper line. Purely, from a technical point of view, we shall see a...
Still early to say, but this thrust is encouraging. We need more evidence and a strong base (in technical terms).. One thing is sure that the 2008 support area is in the works. For portfolio managers (like myself), I would wait a bit more before allocating some Oils into my portfolio. We are on the right track, I guess. Good Trades.
Target estimate 1.11 on short term and 1.12 on the longer run. (Those areas are important trendline and Resistance line extensions shown in cyan and red on the chart). Lets wait how it will play out. Good trades.
As a Canadian myself, I think it may be a good choice. EURO is strong!
We are currently at a weekly important 2008 support level. Significant trend lines and Support lines have been violated due to the extreme weakness of Oil (check out red trend and support lines at the red circle area on the chart). Will this very important 2008 support will hold? Personally I think yes. All the wave counts seem to be complete.. I expect a bounce...
I believe Oil will start it's long ascend from this point on. Do not personally think that we will see a huge drop below 40$. I may be wrong of course, but technical odds strongly favor a recovery from this point on. So will Canadian dollar recover as well. EURO is another fantastic currency to buy at this moment (refer to my chart).
Check out today's action. A rush in the bull and then a fast bear drop. Those are volatile moves folks and volatility may indicate market tops. This is a very important rule that many people ignore. Thanks god, I made some pips today on the long side by jumping early in. My exit was a bit lowsy, but nevertheless I did not lose. Remember in the game of trading the...
I was expecting a bounce-back, but had reserved a bit more room in the down side. Now with the announcement of European Central Bank's Draghi, the momentum has been given. The larger trend undoubtedly has started in the bull direction. Personally I will wait for a good retrace once the initial exitement dries out and I will jump into Euro with some portion of my...
NOW WE ARE IN THE MAKING OF A 5 WAVE MINOR ELLIOTT FORMATION. OIL IN GENERAL IS STILL WEAK AND I EXPECT A RETRACE BACK. HOWEVER, WHETHER THE AREA (MARKET WITH A CIRCLE) IS SIGNIFICANT HAS BEEN PROVEN BEYOND DOUBT. THESE MOVES ARE THE BEGINNING OF A MUCH LARGER TREND IN THE UP DIRECTION, TO A LEVEL AT LEAST 70$ A BARREL. TIME TO THINK ABOUT OIL TRADE ON THE LONG...
WILL PRICE REACH TO THE UPPER CHANNEL (1.36?) OR DO WE HAVE A COMPLETED 5TH WAVE ALREADY? This is the million dollar question. Following suggests it is NOT yet: 1- Everyone expects a rate hike in USD in December 2- There is still some juice left in USDCAD pair to go up, judging from strength indicators. The following suggests that the Time is up and UASCAD shall...