PerryWave

PerryWave

TECHNICALS: Uber has formed a bullish ascending triangle and is sitting at a very strong resistance level at around 28.50 (solid blue line). It is in breakout territory and if it passes this resistance it could mean a rally to test the 33.50 level then 40.50 A good risk/reward setup. FUNDAMENTALS: Yes, the underlying fundamentals are bleak at the moment...

PerryWave Updated 

The ominous swings of the delicate "safe-haven" asset will reside in the short term as gold approaches it's ultimate arch nemesis, the 1700 level. It will sneakily approach 1700 with few signs of deterrence and enter the 1700 arena like a lion stalking it's prey, waiting for the right moment to pounce. The fragile gazelle (1700 level) will soon realize the...

PerryWave Updated 

Double top at strong 1640 resistance level (dotted red line). High volume with no significant price change (circled in red). Prices stagnant over the last 24 hours. Bearish divergence on RSI (solid blue line). Consolidation triangle between solid black lines. Price level testing the 50 exponential moving average (solid purple line) and looking to drop...

PerryWave Updated 

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PerryWave Updated 

Strong underlying fundamentals could keep AMZN pumping during these times, especially with earnings coming out in just 2 weeks! It is sitting at a strong resistance level (around 2050) that if passed could mean a breakout. It has created higher highs and higher lows since it has previously sold off on the 2050 level, meaning a breakout is plausible. Earnings...

PerryWave Updated 

50 and 100 exponential moving averages are closing in on the 200 EMA, showing a consolidation in price and potential short term trend reversal to the upside. Looks like a potential triple bottom on a strong support at around 21, as shown by the solid blue line. Selling volume is decreasing, as shown by the red line. RSI line is coming off of oversold condition...

PerryWave Updated 

On the daily chart USOIL is coming off of oversold on both RSI and Stochastic. It is on the hourly chart it is as well (circled in red). MACD signal line is being crossed on both the daily and hourly chart also. Volume of selling is decreasing, as shown by the red line. USOIL is in a consolidation, as shown by the two blue lines. Gann Fan shows a...

PerryWave Updated 

EURCAD has hit a wall at a strong resistance level (purple rectangle) for the past 3 weeks. There is a bearish divergence on both MACD and RSI, as outlined by the solid black lines. Consolidation triangle forming, as shown by solid orange lines. Buy volume is also decreasing, outlined by solid blue line. Potentially a low risk, high reward setup taking...

PerryWave

As shown by the chart, I have projected 3 phases for OIL in the future. The biggest unknown is the time frame exactly each phase will take place. Phase 1: Oil has a massive short term increase in price due to OPEC+ coming together and agreeing on production cuts. Here's why I think that's going to happen: There is not a single oil producing nation that can...

PerryWave Updated 

The bears had their time over the last couple days with no significant drop . Gold bounced from some strong support levels, indicating the bulls are still in control. Price is currently in a consolidation zone between 1580-1640 and may stay within this range for some time before a breakout occurs. It will test the 1640 level next and if it breaks past, we could...

PerryWave Updated 

The rubber duck formation is a classic and widely used chart pattern for professional traders. Here we have a depiction of Moby Duck lost at sea, trying to stay afloat and out-swim the inevitable tsunami coming it's way. Will he out-weather the storm? Stay tuned and make sure to follow for important updates on Moby Duck's venture through the unknown.

PerryWave

Can't believe I almost missed this obvious chart pattern forming! The bar chart is clearly showing Donald Pump doing a curl with a $2 trillion dumbbell. I outlined it so it's easier to see. Will this be his final rep, or will he return to the arena to once again face-off his ultimate competitor, the US economy? Stay tuned and make sure to follow for updates!!!

PerryWave

With SPX currently trending up it has 3 strong resistance levels to test. I expect a rejection at one of these key levels: Resistance 1: 2650 (38% retracement) Resistance 2: 2800 (50% retracement) Resistance 3: 2935 (62% retracement) Many are trying to "buy the dip" in anticipation that the recent lows were the bottom. This bear market rally wont last as...

PerryWave

The next resistance is around 265 (dotted red line), then if passed, SPY could test a 50% fibonacci retracement back to near the 280 level (other dotted red line). SPY on the daily chart is looking strong with the Stochastic line coming off of oversold, the MACD signal line just being crossed, and it breaking from the previous downward channel. We are looking at...

PerryWave

R1: 585-590 represents the next resistance zone (lower dotted red line) R2: If a breakout from R1 it will likely go to the 660 price level, representing a 50% retracement from the lows (solid red line). R3: I do not expect it to pass 660, I expect it to break lower to retest the 350 support (solid black line). If it does pass 660 the next resistance would be 735...

PerryWave Updated 

TECHNICAL/CHART ANALYSIS: 1. As seen by the orange triangles, USOIL is currently in a short term consolidation on the hourly chart. 2. On the daily chart it is just coming off of the RSI oversold level, and the MACD signal line is being crossed (both typically bullish indicators). 3. It seems to have found an intermediate support at around the 20/21 price...

PerryWave

Here is a short term prediction for a short lived bull rally on SPY. It will bounce around the 220-240 levels for a week or so before breaking below and continuing lower to the downside. Short term good news on the economic stimulus package etc will give the market a slight boost, (many will be trying to "buy the dip" after the huge 4 week sell-off) although the...