1. Market Top - the Nasdaq 100 reached a market top in mid November 2021.
2. Distributive Consolidation - for a period of 7 weeks into early Jan 2022
3. Downtrend - with 3 LH and 3 LL which took place over most of 2022. The index entered a bear market in March 2022. A bull trap was executed in early August 2022
with the index momentarily moving out of bear...
On the HTF charts we can see gold has move around $ 200 for the prior 3 legs down.
So , with a similar movement down in the current leg , a price target of $ 1530 is reasonable.
The next weekly support level comes in at $1450.
With an extremely bullish Fed , and skyrocketing US Dollar, Gold is on the slide.
EURUSD has been within RANGE , printed a False Breakout
and has solidly moved out of Supply and back into the Range.
The Bias continues to be Strong USD and Weak EURO.
A short trade is on chart looking for a test of FRESH SUPPLY.
The target is the underlying Demand Zone.
USDJPY is clearly in a BULL Market .
Price is in a current Supply Zone.
A double top may be in the making.
Furthermore price movement since the break of Daily Structural Resistance now turned support
has not been tested.
Yesterdays strong inflation figures certainly contributed to the large bullish candle driving price into the Supply Zone.
This may create...
Oil has recently broken support at 85.00.
Looking for a retest of this are now as Resistance.
The short trade is on chart.
1. Entry - near 85.00
2. Stop - above resistance zone by 1 atr around 88.00
3. Target - the 1.41 fib extension of prior swing
RR = 3+
Suggestion for a potential reversal in Cable .
There may be an Inverse H&S forming. So far a left shoulder and head are present.
Price needs to get into the termination zone highlighted to consider an Inverse H&S formed.
Long Trade suggestion
1. Entry - conditions for an Inverse H&S must be in place. Trigger would be a bullish candle .
2. Stop below the...
EURUSD potentially making a Double Top at the most recent intraday Supply Zone.
A short trade is on chart.
1. Entry - selling pressure confirmation subsequent to the 1hr pinbar ie. Close below low bearish candle.
2. Stop - 1atr beyond the double top swing high , and beyond the Supply Zone.
3. Target - the immediate demand zone below.
RR at 2+
Silver has retraced to structure now which is a Resistance Zone.
On the hourly chart a Double Top has formed. Wait for a confirmation of selling pressure , with a bearish candle formation.
Possible short on Chart
Entry - on close of bearish candle
Stop - above double top swing high by 1 atr.
Target - current swing low
RR = 2.5
On the Intraday Chart EURJPY is between identified Support and Resistance structures.
Support was tested on 3 occasions in late August , before moving up.
Price has been meandering around the 50 EMA which is steadily rising.
The present retracement has broken the prior swing resistance and consideration is given to
the prior swing low to act as an...
Oil has been in Compression in a Downtrending Channel .
Price broken the Channel and has since printed a False Break.
With this a New Supply Zone was created.
With this price action a short side consideration is on chart.
IF we look at the Supply and Demand for the Aussie, we can see a stack of Sell Side between .70 and .75.
Looking down there seems to be only 2 Demand Zones below.
Once the buy orders are eliminated from the .66 level,
it will likely be a quick ride to .60 level , because in the past .60 -.66 was a compression zone.
This area leaves very little demand...