Price seems ready to break above the weekly (purple) bearish trendline now. See my related idea below as well, there is a wedge on the weekly chart.
Target would be earlier impulse wave 4's zone around 60
This in regard to a possible C corrective wave forming after breaking an upward 5 wave impulse pattern. The ABC corrective pattern seems so far to form as a typical 5-3-5 zig-zag pattern. Thanks for your support, and feel free to leave your opinions:)
There is strong resistance building below at around 2110 at fib 0.618 of last wave which I do not belive we will break
A daily close above 45,27 (fib 0.618 of last wave) will support the idea.
NOK is steady value with low volatility making it excellent to trade more or less solely based on the US economy fluctuations.
Examples of effectively using Bollinger Bands together with candlestick methodology.
Seems this bearish structure have more room to go. Waiting for correction to finish and a new impulsive wave downwards.
Seems to be too much resistance below current price for it to drop much more before an move upwards.
Recent correction migh soon be over as there is strong resistance around current price level which is 0.618 of prospected wave 1 on the chart. Expecting a new fifth impulsive wave to form and break out of the current ascensing triangle and head towards 2267 which is 1.618 of wave 3.
We seem to be in a ranged correction zone on the daily chart since Feb16. Nomatter how you count waves, we have an diagonal 5 wave upwards move that has been broken and made one correction (wave A), and I think we as long as the dotted upper blue line holds, we are in for a corrective wave C to unfold in a zig-zag corrective pattern.
Still waiting for a wave C correction upwards. Idea will stay valid as long as 41.80 holds.
Watch price the next days, if structure holds (blue big wedge), look for longs and another impulsive wave upwards.
Last days price increase will meet quite some resistance around 117 as shown on chart. I doubt it will break.
Gold is testing major resistance level at 1308. If it holds and keeps long term positive trend from Dec15 alive expect further move upwards withing the structure. If price moves out of this structure, look for correction, then further drop (pink arrows)
NFP tomorrow so volatility will be high, but looking at this structure it looks ready to drop, and follow negative trend which started early May16. Looking at this chart, it feel almost certain that we can expect a downwards movement sooner or later, on par with fundamentals telling us that FEDs sooner or later will have to increase the rent. So my advice for...
Price is not able to make higher highs atm. Expect short term lower price and watch price action on Friday. At some point soon I belive positive long term trend will turn back, keeping long term trend on par - no matter what NFP number shows on Friday, investors are starting to adapt to the fact that sonner than the FEDs need to turn up the rent again.