I believe that Silver has continued it's trend downwards (as I have mentioned in my earlier idea just the update section). Right now, after the recent price consolidation, we can formulate a clear risk-reward for this trade. Note that my ideas have a central theme: LONG USD. What this means is that you can Long USDJPY, Short AUDUSD, EURUSD, GBPUSD, CL and it...
Over the weekends I have been looking at the USDJPY chart and wondering if I should shift the 4th wave back to an earlier position. What that means is that the ending diagonal actually started with a strong wave down before the other 3-3-3-3. That could be a possibility given that Fibonacci analysis shows the low made was, in fact, a Fibonacci extension...
With the increased coverage of TSLA in the media, I decided to look into the chart. Even though TSLA had already fallen quite a lot, my analysis told me that it still has a bit more to go, with a target of 232.30 based on Fibonacci extension level. However, note that it may retrace a bit first for a 4th wave before a final leg down to the target. However, note...
I believe that a few days back, Copper has completed it's FLAT formation and has been a long for some time. Is it still a long today? Even though price has already gotten up, I believe that if you are looking more towards the long-term, you will want to long this. If you are able to split your size, I suggest entering a portion first in case you miss the boat.
ES (S&P E-mini futures) is projected to fall to 2530. This is based on Elliott Wave Counts and also Horizontal Support. Also note that my analysis of a few of the more prominent stocks also haven't reached their downside targets.
Crude Oil (CL) has formed a double top formation and the recent upswing seems to be a W-X-Y formation. The stop is set above the most recent support and resistance level (see where the tails of the 2 circled candles end). This could be a third wave down (but I do expect upswings as it goes down) and thus the first target is an obvious support zone.
As with GC, SI is now oversold. While I still think that longer-term it will still be down, I think the risk-reward is now better on the long side.
I have previously done an Elliott Wave Count for Bitcoin stating that it might become worthless but state that the more realistic target for this crypto will be around $6219. Since then, the Bitcoin chart has unfolded in such a way that right now, it is actually more of a long than a short. Furthermore, I can see a candlestick reversal over the weekends that seems...
I am putting a case across where I think that Gold is currently oversold (technically). The RSI is now at 12 and we are at a strong support zone (see the 3 arrows). At least in the short-term, Gold should find some support.
I have updated my wave counts to shift wave 4 earlier and to cater for what I see as a potential 3-3-3-3-3 ending diagonal for USDJPY. The target is a simple Fibonacci measurement.
USDSGD seems to have completed a wave C that completes a wave 2. This means that with the other currencies, it is time to LONG USD. USDSGD provides a good indication that today is the turning point with the Tom Demark Setup at the 9th count.
There is no obvious support for FB at the last close price. I expect it will continue falling till the next support. This analysis will be in line with my S&P analysis in which I expect the market to still have some downside left.
There is no obvious support for AMZN at the last close price. I believe there is still some room for it to fall. The top horizontal line shows where you will place a stop for shorting. The reason for that stop price is really because we do not want to see a bullish engulfing pattern to complete a candlestick reversal pattern.
This will be an aggressive call to short AAPL. Not because it has been a favored kid on the block for many years, but really because the major support is really quite far down at around $150. Place your stop above $170, in which event, price will form a candlestick reversal pattern.
NFLX has 2 potential support points (located where the blue arrows are) around 284.30. Personally, I do not think that they are very strong supports. But then for the short-term, they should serve as a potential take profit point. Place your stops above the high of the last candle, in which event, price would form a candlestick reversal pattern.
There is no clear support for GOOG at the last close price. The most obvious major support is around 994.27.
According to my Elliott Wave counts, EURUSD has already completed a 5-waves up and a 3-waves down. I expect that the last wave up as an "X" combining another 5 waves down for a "Y" wave.
My current count for AUDUSD is that it has completed an irregular flat and should be going for a strong 3rd wave down. The stop should be placed above 0.79164 which is the high of the last wave of wave 2. I have also charted out the expected 3rd wave ending which is at a strong support point (as shown by the 2 arrows) and coincidentally also a point at the...