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I think that current pullback is still in progress.
The wave C is pending and here I would like to focus your attention on the yellow trendline,
which acted as a support and now turned to be a resistance.
The wave A of a pullback reversed right at the trendline.
So the wave C could also retest this trendline and hit between 61.8 and 78.6 Fibonacci ...
Gold was falling for a long time without a good pullback.
Now we are in that very corrective move as metal rebounded strongly from the 1180 area.
C=A around the area of the earlier low (1237), this is how amazingly the simple geometry works.
Tabloids and analysts call for $100 amid Iran fallout of supply chain.
This simple chart confirms this fear as the contact area within a possible large triangle
sits right between 95 and 98 levels.
It looks like all 5 waves are in place within a triangular consolidation mapped earlier (see related).
The structure was completed faster than expected.
Another drop of lira is ahead to hit the minimum target above the 7 handle.
Gold drops below the triangular consolidation.
Target 1123 (just above earlier low)
Stop 1212 (just above wave E)
Entry 1196 (current)
This idea correlates with my earlier EEM idea (related).
Lira could drop after finishing triangular correction to hit at least the earlier top at the 7.08
The idea is that the complex correction could unfold lower to hit 61.8-78.6% Fibonacci of the previous large impulse.
The last leg of the linking correction ABC looks done.
Target 1.1446 (although it could drop much lower if second leg will exceed by size the earlier one)
Right shoulder could be in progress.
The last sideways consolidation shaped the notorious Triangle pattern in wave B as a junction of waves A and C of this big correction.
The drop could hit the area of 6.73 as market thinks about the deeper retracement lately.
Its all about the uncertainty of US-China relations and players tread the water to take their time.
This pair has a very clean structure of 5 waves down and I spotted my favorite triangle pattern in wave 4.
All five waves A-B-C-D-E unfolded and we got a first move down already and retracement.
Fibonacci based target set in the blue box between 0.9737 and 0.8847. Many miles to go.
Invalidation above 1.1290.
Its a MONTHLY chart.
We are possibly in the last leg of a large correction.
C=A around 1.78
Fibonacci retracement should guide us also within the blue rectangle.
This pair was in the pullback after a breakout of the corrective structure.
Now it is breaking it up and then should retest the former top at the 6.9590
The pair is in the possible triangular consolidation.
The spike higher is expected to hit 71 area
We could be in the last leg of correction,which should be very fast to hit the former top at 1.5586.
The pair broke out of the small consolidation highlighted with yellow circle.
EUR is strong across the FX market.
Stop below today's low (0.6593)
Target between 1--1.272--1.618 Fibonacci multiplier of wave A in wave C. (0.6769-0.6818-0.6879)
Risk/Reward almost 1:8!
Iceland people deserve good words as they could manage the strong financial crisis and an awful devaluation of krona in 2008 (>160%).
Since then the ISK won back the most of the loss against the dollar almost hitting the 61.8% Fibonacci.
In spite of this, the structure of the chart calls for another rise of USDISK at least to the former top beyond 150 ...
Entry current (1.1663)
Take profit 1.1845
Risk/reward = 6.45.