In log scale chart you can see that gold has came down and stopped at around 50% fib retracement
And when we look at the elliott wave structure from 2070
Gold came down as 3 wave which I labeled WXY
After that we had a month long triangle formation which send price down to 1848...
I think S&P500 has completed the correction 4th wave of a 3rd or (1) wave of 3rd (purple) wave
When you zoom in you will see a complete structure WXY
If 3200 holds, I think next target would be around 3800 to 4200
After broken down from the triangle, price has moved violently down to 1882 and came back to retest the lower boundary of triangle
Now i think if the price cannot close above 1920 we should see gold move even lower with price target around 1790-1800 or, in my opinion, even lower to...
Now look at the trend line connecting both price and momentum
After we broke out of almost 2 years falling wedge, we should move up from now.
Look from elliott wave point of view,
this could be starting of wave 5, or better yet, even like this
Now we are obviously in the 4th wave
Not sure if the correction is over, either way, we should see come correction before moving higher with target of 600+
If the correction is not over, we will see a support around 280 and 230.
If this is truly a descending triangle, we should a big move lower to 1800 or lower before making another leg up
Look at fibo of E wave, now price are under the .618 level, so it is very likely that E wave is completed
Let's see if we can break 1900 to confirm this pattern
I think now we are seeing the start of wave 4
The worst for bull case is we will go to around 190-ish and consolidate before another push higher.
I don't like how RSI is never bought...
Let's see what's coming for NASDAQ:MSFT this month
I think $DXY is going down in WXY pattern. Now we are in an X sort of triangle
If I'm right, we should see a break down from here toward 90.xx or 88.xx
Then, we would see a potential double top pattern and see $DXY go way way down
Let's see how it unfold
*If price go above 94 my idea...
I think we are in the last leg of wave 5 in ending diagonal
Confirmed by seeing red bearish candle in Daily TF at either 1800 or 1870
I think we will go to 1870
Then, we will see big retracement down to at least 1600
BTC/USD had an impressive move recently, but now it has reached 2.618 fibonacci extension of Jan 2019 decline
I saw similar finding on EUR/USD
I expect the same thing to happen here.
I will looking for buying opportunity again around 4200
April 2019 is coming to an end so I want to sum up the current market situation so far.
From the 4 assets classes chart below...
Two asset classes are approaching resistance.
The currency TVC:DXY has rally last week and now is approaching the resistance.
Also, AMEX:SPY is almost at its all time high and long term...
After price broke down the neck line of head and shoulder at 1290, theoretically we would move down about 60 points which give us target around 1228-1230.
The question is... Are we going reach there in one go? or Will we see the retracement back to test the neck line at 1290?
It's very obvious here from the chart and...
Monthly overview, we are on the middle of the range here with support at 123.8-9. Price had bounced there twice last week and is now consolidated in vague descending triangle pattern with height of 1000 points.
if it breaks 123.9 we would see price go down to 122.8-123.0,