A bullish hikkake pattern formed in both DJIA and S&P 500 on the 9th of June. the Level in the DJIA that the pattern formed is significant resistance turned support opening the door for fresh new all-time highs.
I placed my stop below the low of the false break and place a stop order to enter at the opening price on the 10th. This order was filled overnight.
On the intra-day Charts, I have recognized a potential Wyckoff Spring set up that may serve as a short term continuation. This set has formed at the lower boundary of a much larger Wyckoff base that could be forming on the daily/ weekly.
On the Weekly chart of the USDOLLAR index, I have plotted the components of a Wyckoff Distribution pattern.
IF the analysis is correct, then the US Dollar is about to enter a mark-down phase that should last many months and pull it down to at least the 72.00 level (1.618 Fib extension).
Long term, my analysis would classify me as a bear.
technically I'm looking at a 5 wave move down 3 up, then 3 down. now any follower of Elliot knows that a flat corrective pattern is 3-3-5 wave move.
IF the analysis is correct THEN we are in wave 1 of C. that should move DJI Futures to 26400 level, before wave 3 down.
Within the context of a much larger accumulation patter dating back to 2012 (6 years) EURNZD, I believe had good odds for a mark up (up-trend) over the next 3-6 months. as mentioned previously the 1.7000, I believe is key. This week we have seen the marked test and rebound. Until we get a closing high, then a test and then a new closing high > 1.7200 I'll remain...
Hi please find a bullish interpretation of the USD ZAR market place.
The strong automatic reaction of the 12.5000 level in March 2017 is a clue that buying interests came in.
The drop below 12.5000 in january 2018 has cycled back and here we are to day back at 12.5000 looks to me like a major bear trap/ manipulation by strong hands.
The route to higher prices...
Gday, i would like to put forward the case that big players the ‘smart money’ manipulated the market at the 6000 level to off load huge quantities of stock ahead of an anticipated down trend.the chart annotated shows what I think may have happened.
I hope that my analysis provides some help in playing the game in EUR/NZD. Fot me the chart attached outlines a plan that may take at least 12 months to play out. I am a buyer of weakness and bear traps in this market moving forward. I reserve the right to change my opinion and positoining at any time.
I believe this market is at the end of an extended 5th wave. Behaviour following fifth wave extension is typically sharp and will find support at the level of the low of wave 2 in the wave 5 extension. In the case of Brinks CO expect the correction to end around $26. If my analysis is correct the RR is asymmetric.