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I'm watching two important levels. 96.00 and 93.50
Well... at least the downside risk is obvious. The price action around the trendline will be interesting
I saw this squeeze going on and thought... This might be where the turn happens... BAM! One of the nicest trades I've ever made. Trading is 1 part analysis, 1 part money management and 1 part luck. I like it when I pay attention and get lucky. The real luck here is that I went to bed was not tempted to close it early had I stayed up watching it. (I'm sure you all ...
The Bears seemed to win this one... for now. It demonstrates how much pent-up energy there is in this pair. When it finally breaks to the upside, it will be a run. Again.. watch OIL for a temporary top. If it breaks back above 1.2660 it could rocket.
Two well-defined inflection points for next move
That's quite the engulfing candle following the Crude Inventories News. A turn back down here would be a total surprise. Look up for a while on this pair... I think,
Crude inventories news release causesOIL to turn hard from its 6 month high. This could be the tempory top for now and should cause the USDCAD to at leats correct for a few days or weeks.
If Gold is in a triangle formation it should go down from here
It will be interesting to see if a new low here causes a turn
Just for fun I measured the longest uninterrupted move on the CAD from 2008. We are about 3/4 of the way there. I am watching closely for a bounce but I bet it still won't be much. As long as OIL is strong... so will go the CAD. Will history say that 1.46 was a long term top?
The bounce from the bottom is a bit weak and does not look impulsive at this point. However, a bounce is due. So a thrust down should be seen as a buying opportunity.
The daily candle chart is showing a potential key reversal. A break above 114.00 would cement the case. I would expect some resistance in the zone from 111 to 115.
There is always the chance of a final wave down after one of these ending diagonals... but it means the low is either in place or very close.
The structure is good if B wave ended at 1.41 as a triangle. Only time will tell. I guess the trade is above 1.4445
Still playing out as expected.
I'm always blown away by how the waves repeat in fractals. Mind blowing. The chart on the left is the monthly from 2009 @672 and the one on the right is the most recent wave up from Jan 2012 @1807. Suggestive of a forming top
The GBPUSD seems to be doing nothing but ABC patterns. This usually indicates some sort to corrective triangle forming. This one looks like a B position corrected wave. But I am not really that confident about it. What I do know however is that I should wait until it breaks 1.4460 before I buy.... cause it could turn around here.
Where is the USDCAD going to finally bounce? This also begs the question: Is $1.45 a long term top? Could the CAD be heading back towards PAR again with the USD? In the first 3.5 months of this year, the CAD has gained 20 cents. (If I had just left my short alone... LOL). I am watching OIL for a bigger correction to give a little relief here. But I think I will ...