Employment Change Data 23:45 - More upside expected with positive figures
More upside expected
Is Copper ready to break onto the 3rd wave to the higher cycle?..............Is the ABC move complete with C wave truncation to the lower cycle?.........Break for 3rd wave..strong moves expected with the break.
Daily chart analysis - Just sitting above major trend line support and trading within a falling wedge structure. Indicators show a rising RSI with MACD diverging to price. Favourable R/R trade with 1st target price 2490
Yesterday I posted the Copper daily chart showing how the back of the bear was broken with the strong looking MACD divergence with a rising RSI to price. The above chart shows how I think we could well be into the start of wave B
Confirmation today with a positive close to the day.
Target from inverse Head & Shoulders 175 - 210. Ex Div 10th May. Div 8.4p
INCH has formed a 'Wolfe Wave' at trend line support. A close above 696 now needed for a 123 low. MACD also diverging to price.........Target 840
Looking at the daily chart we have two interesting formations that could indicate a short term upswing. Indicators also seem to be slightly diverging to price. We have a potential 'Wolfe Wave' and Cypher pattern. Wolfe wave price target of around 420 with projection time being Ex-Div date. The cypher target would be 395.
Inchcape has a previous proven history with the 'Wolfe Wave'. Target from the current formation would be 840, a 16% gain from Fridays close price.
A very simple trade here. MACD & RSI diverging at support. Good R/R ratio with stops @ 180.5 and 1st target @ 219
When I gave my analysis early on in the year for Vedanta, I gave my projection of 540-570 for the bottom of higher degree wave 2. Are we now into the 3rd wave? I think we are. Discussions most welcome.
Wolfe wave with MACD & RSI diverging to price. Price target of 664. Nice risk reward trade with stops below recent low.
(Update) Vedanta Resources finally looks to be breaking from consolidation to potentially reach target area
This has completed an ABCD move at the 61.8 Fibonacci retrace. MACD & RSI diverging to price.