The Indian stock market is not one I usually see talked about on Tradingview. However, it has been ripening for a short over the last few weeks. Markets decide their own course. Generally though the India50 appears to be weakening.
In this screencast I say that the recent weekly price action in Wall Street is a correction in a bear market. Price has moved into a critical zone and is struggling to stay afloat. This does not mean that it is bound to collapse. It means that price can probably move south.
Friday the 15th saw GBPUSD push higher up into resistance just below the 1.29000 level. I have marked on the chart a possible 5 wave move which would indicate Monday the 18th should see some retracement back to the 1.28600 level (wave 4) before moving higher again to retest resistance at 1.29000 before moving higher to complete wave 5.
Stochastic has been in...
I'm being asked by people (I didn't say on Tradingview), "Where is the pound going?" This is the wrong question and I explain why. 'The pound (sterling)' is not simply GBPUSD. In the screencast I show opportunities on different time frames.
Overall I conclude that (at this point in time), most significant trends are pointing for the south. That doesn't mean that...
Here we have a beautiful trade setup for USDCAD.
Since our last call price has declined by 160 pips, breaking the small trend channel formed during the ABC correction.
We've seen price pull back to retest the bottom line of the channel & it is now trapped beneath the 0.382 fib retracement level.
Strong upside rejections supports the likelihood of bearish...
USDCHF coming into a range at the current market level. Parity level 1.000 remains the target for the bulls, double top currently present at 4hr with a triple top formation potentially taking place.. will be going short from there all the way to the supports located 0.994 and further down to 0.9900.
If the hourly trend line is broken to the downside, then there will be a short opportunity
Weekly RSI overbought
Key resistance that has held since July 2014 @ 1350
Possible there will be an exhaustion push to around 1340-1350 off the trend line.
TP 1 - 1320
TP2 - 1315
However, a break of 1400 will mean an upside target of 1550
EURUSD has been trading in a descending channel formation which began on the 8th of this month. Today saw a retest of the upper channel which held again and we then saw a retracement back to the 38.2% level of the move up from Fridays low. Towards the later part of this week we are looking for a retest of the lower channel line. I have drawn a confirmed trendline...