OP247

OP247

Now i'm not normally one for crypto, but a wedge is forming on this 'major' crypto pair.

OP247

The MACD, RSI and CCI are all showing downtrends at the same time, the last time this happened in June 2017, it led to a downtrend from around 2956 to 1920 (around 35%). I would look for a larger decrease this time, one to around 29870 (-29%) or for a further decrease to around 2390 (-40%). I am looking at these specific areas as they look like have been both...

OP247

YTD wedge forming on the SPX. Taking into account the news coming out of the US, with back and forth going between the North Korea and Trump and the rallies around racism and increased volatility, a downturn seems likely. There is also rising P/E multiples which are being called unsustainable by many people in the industry, and even the famed 'FANG' stocks are...

OP247

USDCAD has hit the upward diagonal trend line and kicked off the 5th stretch of the 1-5 Elliot Wave Pattern. When it reaches around 1.4 I would look for a downtrend through 1.39 to signal an ABC downward trend. The CCI is showing upward momentum as is the RSI and I would also look for the MACD to cross to further reiterate this long.

OP247

Elliot Wave Theory looks to suggest a drop to around 9.36 in the near future - 1 day chart.

OP247

Alphabet is showing us a number of technical patterns and is indicating that it is looking to go short in the near future. Not only is it reaching all time highs, it also looks to be in the last leg of an elliot wave pattern that has already seen a 1-5 upward cycle and the first 2 cycles of the 3 step downtrend. There is also a recent trend where in the middle...

OP247

Oil looks to be forming a wedge shape on the daily chart, which looks to indicate that USOIL will go up towards 55, before shooting back down to around 43. Looking away from the chart, the macro outlook here is uncertain. There are some concerns around the supply in the market, and a lack of buy-in from non-OPEC countries in terms of a deal.

OP247

There is a short bat pattern forming for EURJPY on the 4 hour chart, indicating a short-term decline. I would look for this to go down to around 119.42, which is the 0.382 fib retracement. We can see that RSI is close to indicating overbought, so this may rise slightly before we see the drop. CCI is also looking like it will dip below indicating momentum...

OP247

DXY is following an Elliot Wave Pattern which indicates that it will go up to around 101.8 before dropping back down to 99.5. MACD is supporting the up trend, as is CCI.

OP247

Downtrend showing on CCI, MACD and RSI. Also Elliot wave theory suggests a 5 stage pattern has been completed in both longer term (1-5) and shorter term (A-E)

OP247

EURNOK has hit a resistance level at around 8.929 and I would look for a rebound upwards. There is also a wedge forming which further emphasises the long recommendation. We can also see an uptrend on CCI and RSI was close to being oversold before it showed some momentum upwards. I would look for a return to the diagonal trendline as a first target, and a return...

OP247

There has been a clear support forming for EURAUD which has been hit 5 time starting in mid-October 2016. There has historically been another resistance line at fib 0.236 which has been broken late 2016/early 2017 but we have returned to the support. Looking at this pattern I would predict a trend upwards to hit the previous resistance around 1.447. We can also...

OP247

USDZAR is forming a wedge on the daily chart and I would look for there to be a jump upwards in the near future. I would look for this to reach around 14.38 which is an area of previous resistance.

OP247

Looking at the EURSEK we can see that it is coming to an important level where there has been some support and resistance in the past. I would expect this to rebound and head towards around 9.6. RSI is indicating that this is close to being oversold and CCI is also indicating that there is some momentum upwards. If this line is broken on the downside I would look...

OP247

I am moving up my take profit to 3.7889, or fib 0.618; I am keeping my original take profit as a secondary target. The reason that I have moved this is that on second review; there is some volatility around this price area previously and it has served as a support and resistance in the past

OP247

There is a wedge forming for USDILS which indicating that the currency will start on a downtrend in around March 2017. I believe that the currency will go down to around 3.72 which was a previous low in April 2016. We can also see a downtrend showing on the RSI and CCI which further supports the ideology that a downtrend is likely to take place.

OP247

Looking at the daily chart, we can see that Gold has hit a 2016 support line around 1208 (which is also the Fibonacci 0.5 marker using the 1 year high and low). We can also see that a crab pattern has been completed, signalling a bullish reversal. A wedge is also in the early stages of being created, which supports the idea that there is likely to be an uptrend in...

OP247

There is a short wedge forming for AUDUSD which I would believe is setting up for a downtrend. The price is currently around the 0.786 retracement and I would look the downtrend to go towards 0.7333 (fib 0.618), which is an area that has shown support and resistance previously. If this trend does breakout upwards, I would however look for it to go to 0.82, which...