We have a corrective pattern forming this looks to be a contracting flat however cannot confirm this as of yet so will watch closely for confirmation, with this is mind will be looking for the third wave down to complete a 3 wave pattern using the 1hr 270 fib as a target profit at a price of 126.819..
Long Term Daily Uptrend (yellow box) , hit top of channel, created channel within channel with lower highs and lower lows, Weekly Impulse Bearish can formulate. Try to secure sells as high as possible this week.
I have labelled a five wave count and believe to be witnessing the unfolding of a C wave.
I do think the B wave may be a very short lived, shallow correction, almost a stall of price action before the C wave occurs.
RSI and MACD seems to be looking upside.
The moving average is approaching price action from below indicating upside also.
On this trade stops could...
It seems that DXY has been acting within this price range for some time and I have seen it as a more complex pattern.
This is the fist time I have posted a WXY formation so any guidance or pointers on these is appreciated, as with all trading knowledge.
I anticipate price to continue upwards and finish around the trendline.
If that is the end of the correction,...
Gold seems to have finished the 5 wave pattern which my other gold prediction covered.
The five wave cycle has finished and has formed an A wave, is currently in the B wave and I am looking at any break of the short term trendline.
This would confirm downside.
I would not be surprised if the correction did retrace to the 50-61.8% of wave A before wave B...
Expecting gold to form a short correction like that of wave two.
Expecting another impulse up after correction is broken.
If confirmed, fifth wave can be expected to go to the 38.2 extension, with unlikely possibility of reaching the 61.8
Never looked into gold, trying to apply my analysis to as wider range as possible. Any feedback appreciated.
• Currently ending consolidation wave 4 of larger cycle starting 6th Feb @ c.6000
• Wave 4 formed bullish symmetrical triangle and looks to be breaking out
• Entering fifth impulse wave of motive phase:
- Wave 1 to reach c.11,750 at historical support/resistance level
- Wave 2 to retrace to the 38.2% Fib, also a historical support/resistance...
The CAD is approaching its make or break day, an 80% chance of a rate hike has been priced in by the market, if that does not happen this trade is likely to get stopped out.
If it does happen expect them to extend lower possibly in an impulsive and sharp manner. As always the blue box is the area a turn lower for resumption of the major trend may occur and I...
during weekends i do usually take a look at the bigger timeframes, such as weekly and monthly charts. This time i thought i'd share my view on USDJPY 0.17% . As you can see it represents a classical example of impulse-consolidation pattern(flag,triangle, wedge )-impulse(my prediction) and it's a pattern that repeats itself over and over again in all...
Many Reasons i believe this pair will continue on the upwards trend.
- Impulse leg forming a flag, if we breakout of the flag then bulls will take over and push price up.
- Possible inverted head and shoulders pattern, if neckline is broken then we will see yet again another rally in price upwards.
- Key Daily Support Levels are being tested, and i believe we...