The zone around 1830 appears to offer (temporary) support based on an innovative pitchfork arrangement, constructed with the aid of a declining trend line(1). Will a reaction towards (the cloud) 1970 ensue prior to further declining motion (for instance 1700) or the Schiff pitchfork guide values lower ?
A Schiff pitchfork envelops adequately the XAUUSD price oscillations since December 2015. Will the current wave 3 rise end at ~1145 ? (upper pitchfork boundary line). The potential pullback intensity will distinguish whether a new XAUUSD rising B-cycle has started or the A-cycle correction since 2011 will end instead of 1048 at levels at and/or below 1000.
A head and shoulders pattern enclosed within a resistance curve is leading GDX prices towards the major support of 13. A break may result into an ultimate target of 9 (13-"dome height of 4").
A rounding support curve may evolve into a cup & handle pattern with a probability of leading DXY prices decisively above 100.
Recent gold price action has tested the upper boundary line of a declining pitchfork. If not positively broken, then there is a high probability of reaching a target value of 960 in the near future (as part of a 5 wave correction).
This particular very informative (EMA cluster type) indicator, can also be adopted in longer term planning. For instance, the February 2015 sell signal has not been negated so far in the daily chart, which has additionally formed a head & shoulders pattern within a broadening wedge (megaphone).
The stochastic (14,3,3) with boundaries(90,10) has given us a reliable sell signal, in addition to level R2 acting as resistance to further upward price movement. This could be the beginnings of a minor c-wave that may lead below 1000 (for instance 960 ultimate target).
Possible C.z wave targets are: (1) B-wave 1.618 extension level of 30 (also S2) & (2) Support S3 of 26 relative to pivot.
Two EURUSD dominant patterns have emerged since March 2015, a completed bullish cypher and a potential bearish bat. The latter could define the following sequence of targets, first 1.06 and next 1.14.
AAPL in all probability (due to bullish butterfly apparent completeness & positive divergences) has ended the b sub-wave of (B) and is about to initiate the c-minor development, which could retest previous highs (potential Eve-Adam double top).
The DJI index motion since August 2015 can be classified as 1-2-3 (upward corrective), of which the 3rd wave may be sub-divided into a(done)-b(w-x-y-x-z(current))-c(pending). 16400 is anticipated to represent the termination of the z sub-wave, unless b is of the w-x-y form and the consolidation lower boundary acts as support. In this case the last 2 sub-waves...
By this scenario, the 2011-2015 gold price decline is considered as wave A, with wave B-reaction (due to Wolfe wave) covering approximately 1 year up to ~1410, being followed next by the final C-wave lasting for 6 years with a target of ~630 (76.4% Fibonacci overall correction). Basic assumption is that the rise & fall durations are balanced (cyclic motion).
Provided the rising channel is not broken down and by considering the completeness of the bullish butterfly pattern, an attempt at overcoming the cloud resistance is anticipated to take place within a week. Primary target 130.
GDX is consolidating for six months under a "dome" (resistance curve). Resolution time is approaching, negative due to a head & shoulders pattern and positive due to an elaborate W-support formation (double Eve).
Purely on a technical basis and by assuming that C-wave is close to completion, the rising pitchfork and 1.618 C-wave Fibonacci extension lead to a value of 169 by April 2024. The most valuable commodity in the world deserves our outmost respect (it's production takes great effort, and is not always met with success; furthermore there is a finite amount of natural...
A major rising price action is taking place, whereby a descending wedge has been upwardly broken in the process. This move was also heralded by a bullish 3 drives pattern. Some resistance (small due to narrow width) may be encountered at the Ichimoku cloud and any pullback is a buying opportunity (particularly around 8). Primary target is 14, which represents the...
The seemingly endless decline of natural gas may find an ultimate (bear market low) value around 1.640, which represents the extended 1.618 Fibonacci level with respect to the last rising x-wave.
Although the trend is negatively inclined, natural gas prices are approaching the critical level of 2.078, which is part of a pennant and a slightly ascending channel. Break down could lead values below 2, whereas a rebound might follow the outlines of a crab pattern.