Well... at least the downside risk is obvious. The price action around the trendline will be interesting
Near 105 $USDJPY will complete a daily bullish AB=CD pattern. As you can see above, the equal distance legs reach just above 105 and the Fib confluence zone that forms the PRZ is right near 105. Perfect PRZ for a daily AB=CD pattern right on top of the 200 weeks MA 107.5 (previous low) is the first target zone you should set if you wish to trade this potential...
Dollar index is back above 23.6% Fibo of Apr 2008 low-Dec 2015 rally. The hourly chart shows a breach of minor rising trend line, but also note a possible bullish crossover between 50-MA and 200-MA on hourly. But remember, we have non-farm payrolls due for release along with wage growth figures. Dollar revival would require scenario 1 as discussed here ...
Talking Points: GBPUSD Technical Strategy: Keeping Bearish view Elliottwave Count: ZigZag Correction will be our primary choice in count GBPUSD Start showing divergence on daily bearish trenline and 240min newly created bullish trendline. Current level 1.4650-1.4700 is 100% expansion of zigzag and also testing horizontal resistance. Long term trend...
Dollar index a bearish monthly close on Friday as it closed below 93.50, which is 23.6% fibonacci retracement level of rally seen from April 2008 low to Dec 2015 high. A look at monthly chart shows - Bearish 5-MA and 10-DMA monthly chart with a bearish close below 93.50 indicates bears in control and may be able to push the index down to 89.16 levels...
Watch the black line - it extends back to 1985. The DXY heading towards it means the market is questioning the entire breakout since 2015.
Hello Traders, Similar to my CL1! and USOIL charts I posted yesterday. Chesapeake Energy formed a very similar structure. I would be interested to see how well these 3 charts correlate with one another. The charts I am referring to are found below. Best, Chartistry
The bounce from the bottom is a bit weak and does not look impulsive at this point. However, a bounce is due. So a thrust down should be seen as a buying opportunity.
Hello Traders, Here is another short term demonstration for the Wolfe Wave. There is always a Wolfe Wave forming in the process of completion, or already completed in markets since it is a naturally occurring pattern. This post and my previous post on AUDUSD is a great example of that fact. Best, Chartistry
Hello Traders, A while back I posted a Bearish Wolfe Wave on the Dollar Index(Linked below). That is a weekly view of strength of the dollar. Zooming in we can see that the dollar is not quite ready to make a move to the downside. Here we have a perfect setup for a bullish move. 1. The larger Wolfe Completed at 5'. This give the Geo's Off-Set Rule @12211 as a...
The dollar index has plotted an interesting pattern after the weekly downtrend signal present in it since the first week of March ran out of time. It's possible to expect a fundamental catalyst that will propel the dollar into a rally from here onwards, in particular against the Euro, Swiss franc and British pound. The Yen remains a viable candidate for strength...
Hello Traders, There is a bearish Wolfe Wave, there is a possibility we will hit 5' so I would cautiously enter shorts in this trade. This also invalidates the previous Wolfe Wave chart I posted on CL1!. You can view that chart below.
Hello Traders, I spotted a Wolfe Wave already underway. We just retested the underbelly of the 2-4 line. This would be a good short at the current level. An exit at the 1-4 line would secure profits.