CodeAndQuant

CodeAndQuant

Not a difficult call to make given current fundamentals and price action. $75,300 is the 1.618 Fib extension of the corrective move we saw to the $60,000 (marked as "a" and "b"). No real view on time to target level. Its 50/50 whether price action during the move will be direct or choppy. Any retracements greater than 50% negate the above.

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Straight-forward 5 wave formation. Happy to be wrong on this one. In the event I am right you heard it here first. With the apparent Tether manipulation, indications long term holders sold and endless forks of BTC and other coins the crypto space of today is very different from the crypto space 18 - 24 months ago.

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This is a correction of a previous idea posted on 7 March 2018. In error Donald Trumps election win was plotted against Nov 2017 instead of 2016. The chart has been corrected and is re-posted here

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Technical play based on fundamentals. Trump impeachment or resignation negates. On the weekly we have seen a 76% retracement of the 1st wave correction from 286 to 253. At the same time tax cut euphoria has passed and Trump policies finally starting to affect the markets negatively. The SPY at Trump's election was +/-266 making it a level to watch Playbook is...

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Brent looks bullish based on confluence/alignment of 3 technical methods. 1) Elliot Waves - a 5 waves down and a simple ABC correction (with equal length A and C legs for a conservative target) gives C at $65.50. If C is equal to the high of the 4th wave the target is $69.60 2) Inverted Head & Shoulders gives a target of $78.65 3) The candles at 50% of the 3rd...

CodeAndQuant

Rand strength has seen USDZAR on the backfoot lately. Of interest is the failure to break above 12.50. So looking at the weekly there are two ways to read this. 1) We have seen an equal legs ABC correction into the 12.38 level. Problem with this is the absence of a pin bar at the lows of end Dec 2017 and the first week of Jan 2018 2) We have a head and...

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Lewglasgow identified a 5-0 pattern on Cable (kept the points marked in black). A less sophisticated look would be a Elliott Wave 5 waves down and 3 wave correction. With that in mind sell current levels (1.2330) and higher at 1.2450 if seen. TP1 1.2200 TP2 1.2090 3x reversal at 1.2440 for break even or profits on potential moves into 1.2675 Once the 5th...

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Expecting and range of 1.25-22 on the wide. Neutral on direction Expect tests to the upside first. Breaks below 1.2380 confirm moves to the downside

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The range is likely 1.1450 - 1.0500 on the very wide. A less dramatic view is that 1.12 caps the upside for moves into stops on the downside into 1.0870 or 1.0850.

CodeAndQuant Updated 

Fundamentally Bearish ZAR, Bullish USD (see realted idea ) However, we have a rencent lower low and what looks to be a USD bearish 5th wave. Therefore, its a 13.81 sell for - TP1 13.40 - TP2 13.25 - TP3 13.00 3x reversal above 14.10 forbreakeven and profits into 14.30

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Buy Sterling with a Take Profit target in the Brexit ICT Liquidity Zone Entries - Buy 1.3260 and TP 1.3600 (Reward:Risk of 2.38:1) - Buy 1.3255 and TP 1.3600 (Reward:Risk of 3.2:1) Intermediate targets would be 1.3345 and 1.3410 Look to phase in a 3x reversal below 1.3115 Rationale; 1. Elliott wave setup as per chart 2. Support/Resistance Flip ties in nicely...

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15th August bias was for moves to 13.60 while 13.20 held. (See Related Idea - Link Below)

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- 14.00 is a significant technical level - post Brexit, Emerging Markets are relatively more attractive destinations opening the way for $/ZAR weakness into 13.00, 12.50 and 12.30 With this is mind; Buy 14.20 and 14.05 TP1 - 15.40 TP2 - 15.75 In reversal look to enter 2x short below 13.70. Targets 13.00 and 12.30 in extension

CodeAndQuant Updated 

Heading into BOE later today we favor selling 1.3230 or better for 1.3010 TP 3x reversal @ 1.3285 for Break Even or profits into 1.3420 Setup matches up nicely with orderbooks at the London Open.

CodeAndQuant

GBPUSD gains capped by offers at 1.3280 For choice would favor moves into 1.31 and 1.3030 BOE later today. Hawkish comments will see Sterling higher

CodeAndQuant Updated 

May see moves higher into 1.3330 and 1.3400 but the book looks offered with heavy stop losses at 1.31

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Overall bias is for a move higher. Lack of stops above 1.1150 means a likely dip to 1.1100 stop losses before moving higher. Heavy bidding interest at 1.1100 and very heavy interest at 1.1000 LEGEND Purple - Limit Orders Red - Stop Loss Orders Dark yellow - Stop Loss Orders (secondary source - less reliable)

CodeAndQuant

Looks like we test 1.31 or 1.3450 Price normally moves towards stops. Lack of upside stops "usually" implies a move lower. As abnormal as things are, we don't expect a breach of 1.35 today.