Silver is putting wedge resistance & 200 daily MA under pressure, after posting 3 consecutive higher lows.
Looking for a breakout to the upside as it has finished A-B-C (5-3-5) wave II from February.
Ultimately expecting to resume the underlying uptrend from November 2018 and to reach 16.83 target at least.
Summer across the board, making all kinds of fake moves possible. Oil is not an exception, having hard times deciding what to do next. Time to focus on a big picture.
It looks like on Tuesday, August 1st folks were reestablishing their short positions, which were closed at the end of the month, the day before. Hopefully it was a "technical" move and we will...
Crude may bounce if a probe below yesterday's low will fail to follow through
Bullish Butterfly Pattern in December Crude contract:
1.27*XA @ 42.85
2*BC Projection @ 42.90
1.27*AB=CD @ 42.98
<- Structure on the left
Primary targets @ 48.83 & 52.50
USDCAD is trading in wave 5 of C which is ending diagonal.
A lot of confluence just above 1.3800 level:
A = 1.618 C @ 1.3804 of expanded flat wave Z
wave A (Q1 2016) 0.618 retracement @ 1.3835
smaller tf fibo projections
I anticipate a little push higher to complete wave 5 of a diagonal before it reverse
Either way the triangle is complete. It may be a wave B of an A-B-C up move, or (B) of B, in which case we are going to 49.5 at least. I think the odds are in favour of long now. The unsecured high @ 54.19 on an intraday and daily basis suggests it would be revisited or repaired. Also we've seen a lot of buying tails on a weekly basis from 50-51 area. I will...
Following fifth extended wave, the ensuing correction can find support at wave 2 of extended (5)th @ 1177.x
1177 is also a target for (c) = 1.618 (a)
Another reversal zone might be @ 1170.x - head and shoulders target and low of wave (4), but I think it is less probable.
I think the most probable scenario for oil in the first half of 2017 is to complete wave C in some motive but choppy fashion. Ending diagonal is a perfect candidate for this move. As it totally reflects the fundamental idea of two battling forces. On one hand we have rhetorics and measures from OPEC plus seasonality in first half of the year pushing crude oil...
Buy FX:USDCAD into potential wave C to complete triple three correction and form a three drives pattern @ 1.3830. Still, might not complete this one as it looks too perfect to materialize :)
Wave count suggest NYMEX:CLG2017 is consolidating within 50.5 - 55.5 range in wave IV.
We might see a little push up to 54.8 tomorrow. Invalidation level for this trade is 53.18 level. We might see a 53.4, during asian or european session, but I don't think we will go down further.
As Crude will complete a zigzag in wave B into a major confluence level @ 54.8 I...
It has been a pretty deep six month correction in OANDA:XAUUSD. The only valid interpretation of this corrective move in accordance with Elliott theory appears to be a double zigzag W-X-Y.
This double zigzag subdivides into two actionary zigzag waves A-B-C intervened by simple reactionary X, which is a corrective wave itself.
According to an introduced count, we...
We are in a 5th leg of last impulse wave (C) of Bull market flat (5-3-5) Irregular correction. This type of correction, where wave B exceeds the top of A and wave C violates the bottom of A, imply the length of C wave to be 1.618 A wave length, which has already been reached @ 48.1x, where we tagged 200 MA at 4h TF and 0.382 retracement of impulse wave (3) from...