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GLD broke through support today. if it can't close above it today/tomorrow, the support has truly been broken and next level of support is down around 116
Gold has broken through the 120-121 level and looks to be heading higher. could see resistance around 124, then the next resistance would be around 128.50
we have two different Fibonacci patterns aligning showing that GLD should be heading up in the 121-122 range.
Gold looks like it's ready for a little pop up to the 121-122 range. would like to see it go above 116 and stay above for a day or two as confirmation.
Another beautiful little Fib setup. if you measure the distance of AB, that distance will equal what I drew as CD. This is what you are looking for. The level here at D ($11.30-$11.40) is also the 50% rertracement from the drop at the end of last year.
I always like to use the 1.618 extension, however, JCP retraced to the 50% level (not the 38.2% level) in this ...
If EURUSD can break below 1.3330 level, then look for a drop down to 1.3200, which is 1.618 extension of the drop we had from May-June.
JCP has a few things going for it. We have a nice Fib setup, if we can see some stability above 9.20, We could see the price jump up to 10.35. Also, this same level is the high from back in December. I usually love the 1.618 extension, but with so much resistance coming at the 1.27, i would be leary of pushing to hard for more money.
Also earnings come out ...
CCI is almost -200. i like to see it fall below -200 and then aboce -100 for confirmation that the price should be rising. We also see RSI very low (under 28). I know the ECB news yesterday is the major driver in the current fall in EURUSD, but this sudden drop has caused oversold conditions and warrants a pullback (might have to wait until monday/tuesday ...
We have a fib setup from about 1.2000 to 1.3700. I'm reluctant to say it will go all the way to 1.4700 as it retraced between 50-60%. The 1.4700-1.4800 level is a high from 2012 that should provide some price resistance though.
market should find resistance at this 1.4000 level. if we do not see a retracement or a pullback here, we could see it shoot up to 1.4025. if it does, we usually see an immediate retracement back down to the 1.618 retracement (price of 1.4000)
I see 3 different fib patterns. The light blue completed when usd/cad reached 108.75 last night. this setup the next leg (dark blue fib), which would give us a price target of 108.00. If you look back further we will see a longer term fib move (light green). the 108.60-90 is a key area. if it breaks below, we have room for this to drop all the way down to 106.00
S&P recently hit the 1.618 fib level that started back in 2009. This same level is also inverse of the 1.27 from a prior move, that started in 2007, making this a key price level. holding true, then our next target level will be just slightly above 2100. this is definitely a long term move as you can see this has already taken a few years to build up.
If we ...
we have a nive run up since Q3 of last year, with 38% retracement during Q1 this year. Once price broke above it's high of 575 or so, we should look at the price to move up to the 1.618 extension. I don't like price gaps, but they're part of everyday life in equities. If the market drops $20 or so, look for a little more slide to follow, to fill in the recent ...
As always, I love price breakouts and using Fib levels to understand where the market should head to next. If we can see USDJPY break above this downward trendline, (which will then become support) and if we can see a little price action remaining above it, we should look at this continuation of the ABCD pattern.
However, we have to be aware of this new downward ...
USDJPY retraced to the .382 and not heading back down.
Also, did we just break the bullish trend and now forming a new bearish trend?
EURUSD just dropped down to a support level that i have pointed out. we might see a little rise and bounce of 38% retracement. Then is it headed down to the 1.618 (price 1.3770) which is close to same value as FIB drawn from yesterday.
News just came out making EURUSD drop. If we see this climb up a little, some profit taking, we could see resistance at 38% retracement and then drop down to the 1.3770 level. which is also close to same value applied from yesterday.
price and short term EMA just moved above my long term EMA. We might see some price pull back to the long term EMA, which now should become our support. I would like to see the mid-term EMA rise above the long term, and then we can start following more momentum moves up.