Trendsharks

Trendsharks

Amazon is set to report quarterly earnings on Thursday after the market close. The EPS data could catalyse another bullish upswing into uncharted territory, given the recent behaviour of the price action. The price action is currently attempting to consolidate above the major resistance-turned-support level at 3562.78. The latter's prominence also stems from...

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The pair appears to be developing a massive 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory. The current correction could potentially bottom out around the 38.2 per cent Fibonacci retracement level at 1.23670 before the bullish momentum is resumed.

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The price action consolidated above the 50-day MA (in green) and then broke out above the 23.6 per cent Fibonacci retracement level at 0.75508. After the AUDUSD jumped past that crucial threshold, it also probed the 100-day MA (in blue). Presently, the bullish momentum appears to be waning just below the Distribution area (in red). Notice that the 38.2 per cent...

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The AUDCAD established a Descending Wedge pattern, which in itself is demonstrative of a potential bullish rebound from its lower end. The likelihood of such a rebound taking place is bolstered by the fact that the Wedge appears to be bottoming out at the major support level at 0.92650. Moreover, bullish pressure appears to be rising now that the price action...

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Bitcoin is still recuperating after having temporarily sunken below the psychologically significant 30000.00 threshold last week. The price of Bitcoin continues to rise in an effort to break out above the major Distribution range. The current structure of the price action resembles a Wyckoff Cycle, given the recent consolidation within said Distribution. The...

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The pair started developing a new Markup, as we forecasted last time (see link below). This happened after the price managed to break out above the Accumulation range, as postulated by the Wyckoff Method. Due to the strengthening of the dollar, the price is likely to continue appreciating in the near future, though the correction could fall as low as the 61.8...

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The price action is behaving as per the expectations of the Wyckoff Cycle method in the short term. The EURUSD consolidates in an Accumulation range, following the completion of the preceding Markdown. The consolidation range spans between the major support at 1.18550 and the 23.6 per cent Fibonacci retracement level at 1.19181. If the price manages to break out...

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Due to the top-tier events in the UK and the EU (BOE Rate Decision and German Services Numbers), the EURGBP pair is likely to register the biggest price swings this week. Its price action has already started to appreciate in a new upswing. Following the successful breakout above the Falling Wedge pattern, the EURGBP went on to consolidate above the 100-day MA...

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The transition from the preceding Distribution range, as postulated by the Wyckoff Cycle Theory, into a new Markdown was initiated this week. The catalysis was FED's June meeting and FOMC's decision to adopt a slightly more hawkish policy stance. After the decision was announced, the price action was able to break down below the psychologically significant...

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The price of gold is currently consolidating below the 23.6 per cent Fibonacci retracement level at 1858.07, in anticipation of future price depreciation. These expectations are substantiated by the fact that the consolidation is taking the form of a Bearish Triangle, which is typically taken to represent a downtrend continuation pattern. In other words,...

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As was projected by our last analysis of the USDCAD (link below), the price established a throwback to the upper boundary of the Accumulation at 1.21350. The subsequent rebound from it confirmed the new uptrend. The price is thus extremely likely to continue rising. This is further supported by the current reading of the MACD indicator. Therefore, the SL can be...

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The S&P 500 index is currently developing a Bearish Crab pattern, which represents a classic reversal pattern. Bears can sell at the peak of the pattern in anticipation of a correction to one of the three Fibonacci retracement levels.

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The current ranging environment is demonstrated by the ADX indicator, which has been threading below the 25-point benchmark since the 24th of May. The development of a descending channel elucidates the gradual transition from one market stage into another. The recent reversal from the channel's upper boundary, which also represented a reversal from the 100-day...

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Last week, the USDCAD was finally able to break out above the upper boundary of a massive Accumulation range. This happened after a prolonged period of consolidation above the 100-day MA (in blue), underpinning the steadily rising bullish bias. The breakout above 1.21350 and the 200-day MA (in orange) implies that the USDCAD may finally commence establishing a...

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Tesla's shares are currently consolidating above the 38.2 per cent Fibonacci retracement level at 581.75. Given the expectations of the Elliott Wave Theory, the price action could establish another upswing towards the descending trend line (in red). This would represent the second retracement leg (3-4) of the broader pattern. A potential reversal from the...

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GBBJPY's last uptrend finally looks completed, which means that a massive new bearish reversal is probably ready to develop next. Following the completion of the Pennant, which was outlined by our last analysis of the pair (link below), the price peaked soon afterwards. This underscores the completion of the last uptrend. This can also be inferred from the fact...

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ETHUSD continues to consolidate below the 38.2 per cent Fibonacci retracement at 2844.95, which has turned into a major retracement level. This persistent inability of the price action to break out above this critical threshold, exemplified by the three distinct tests of the resistance, illustrates mounting bearish pressure. This is so in spite of the fact that...

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The Nasdaq closed below the psychological resistance level at 14000.00, while completing a major 1-5 impulse wave pattern. Given that the market is range-trading at present, this seems like a good time to use intraday contrarian strategies. The bearish correction is expected to reach the 23.6 per cent Fibonacci, potentially even the 38.2 per cent Fibonacci.