Copper, just like the rest of the metals (see analysis for gold below), completed a bullish pattern - Bullish AB=CD pattern. Unlike gold that rallied strongly following Friday's NFP numbers, Copper didn't make the breakout and still below its daily Fast SMA line. If Copper will break above 2.08, it could lead to a strong rally that can reach up to 2.2-2.25 -...
As Australia is a main exporter of Copper, there is a strong correlation between the metal and AUDUSD rate. Recently, there has been an ongoing divergence between these 2 instruments which usually move in tandem. While Aussie has been registering higher highs and higher lows, Copper has become under sever selling pressure and its August lows have been breached....
Probable Elliott wave count on Copper counted as W-X-Y where X was a contracting triangle, and wave C of Y may be tracing an Expanding Diagonal. At 2.1475, wave W = Wave Y which is closely clustering with the 70.7% retracement level of 2.2135 of the entire rally post the 2009 bear market.
This is an update to my previous EURAUD chart, I was waiting for a long entry and it just presented itself to me. We have an hourly impulse forming, looks like a 5 wave advance, which could be the first of a new bullish cycle. The daily chart shows a strong mode has been formed and price is about to move above it, after producing a series of strong moves up...
After seeing The Working Trader's idea I figured I could attemp a pair trade in this pair, to take advantage of the interest rate differential in both EURUSD short and AUDUSD long. The entry will be a market order, but I'd have to see how the markets open tomorrow, I will update the chart by then. For now, keep in mind that for pair trades, I aim to open a big...
Watch this commodity, since it's very influential, showing a high positive correlation with the australian dollar. Right now I have a bullish weekly setup, aiming for the area depicted by the triangle, which happens to match two channels' resistance. Rgmov is advancing with price, and currently showing a 0.382 retracement after the recent bearish swing. Will this...
We have interesting evidence, suggesting AUDUSD might be ready for a reversal from this level. The selloff has been intense, but price only completed a 0.786 retracement of the advance, which matches the daily mode that originated said uptrend. The downtrend generated a 4 bar target that has reached and exceeded the projected level, and is flashing a buy signal...
Watching for potential move resumption of the bearish trend. If the target above isn't reached in time, or is reached ahead of time, we can consider taking a short entry under the highest low. Will update with an entry.
Ok, the correction seems complete, as many bright people pointed out. Now I'll try to get an entry short here. My last time at mode downtrend target has been reached ahead of time, which is typical behavior before a correction, so, the plan is to wait for said retracement to trigger a sell, probably by tomorrow morning, during the NY session. Initial target is a...
The levels on chart are very significant, as evidenced by the price action around them, and how the trend signals targets and timing of said trends respects time at mode guidelines. I identified the end of a quarterly downtrend, in time, byJune 30th, which isn't far ahead, and a new quarterly downtrend signal that points to further declines in the long term, with...
After analyzing the vixfix spikes and 75% retracement levels, and their effects on price when retesting said levels, and contrasting these to the time at mode signals on this chart I concluded that the downtrend in the Australian dollar might be short lived, althought potentially very steep. I projected two targets on chart, as well as the different potential...
This trade technically constitutes as calling a bottom (which I don't particularly like to do), although I have a few good reasons why I'll be taking this long trade. First and foremost, Copper is currently tuning away from the bottom of it's long term curved downtrend channel. Secondly, last week's candle was a fairly large hammer. Thirdly, Squeeze momentum is as...
Imo ... the top from 2006 was the end of impulse / supercycle /, and now we are in wave C correction - that increasingly looks like a Expanded Flat. thepatternsite.com
I am still bearish on the copper. Indicators suggest a continuation of downtrend. Only The People's Bank of China here maybe something change.
Analysis on chart + neowave wave chart (weekly plot) + a new indicator I coded. See related ideas for the code. Good luck! Ivan.
Ok, some traders noticed this vertical advance and want to short it. I do too, but not for now. I'll wait for confirmation before going short, but it looks like a potentially very good trade. It's reassuring that we are at the start of a new quarter, and many trends will start to reverse, and many pairs will come out of consolidation patterns as money managers...