Copper and Gold both seems to have a shorter term picture that relies strongly on dollar strength. Not much economic data dropping today, so watch what develops early next week in order to get a better view of whats going on long-term. Longterm picture:
We have seen what looks like the recovery of cryptos, with the past week seeing consistent increases in value. This looks like the building of a major cycle 1st wave, and could be the beginning of a bullish run that should take us back to the december highs longterm, and beyond. (see below for a rough longterm forecast- Ceteris paribus) LONGTERM:
Just like most of the crypto market, buyers seem to be taking a breather after bidding prices up for the whole of the past week. Here is a buy position with a 2.26:1 REWARD:RISK RATIO
WellsFargo is constantly bombarded for its foul practises but its share price handled the backlash quite well. As a result of this underlying sentiment to support the share price being in congruence with the technicals, I think this provides a pretty good buy-side opportunity. S/l: $43 T/p: $80
The Global X Lithium and Battery ETF seems poised to proceed on the bull side. Commodities in general also seem poised for some bullish sentiment, so I hope that Lithium and battery related commodities rise which should have a positive effect on the ETF.
Give this one some time to develop before pulling the trigger. Based off the current price action I'm more inclined to think scenario 2 will pan out. I think the markets clears all the early buyers and then picks up nearer to the base of the prior bullish impulse.
I think it clear to most in the space that the entire crypto market seems to be making plays towards a recovery. Here is a way to get some BTC efficiently on the dips.
The pound so a painful end to last week, but I think it is just a temporary consolidation, and sterling buyers should one again come into play. There is a case for bull-side continuation, but I think the sells-side play is much more profitable and holds lower risk, hence one to wait for.
Gold seems very much prepared to make a play in favour of the bulls, Longterm we are well in the middle of the play, but short term provides great opportunity at the levels we are currently trading as we may break away form the sideways market seen for the past 2 or so months. Here is the longterm picture: Looks like we have been trading a channel (green) and...
The Mexican Peso has had quite a run against the dollar, but I think the tide may have shifted. This is a longterm play, but the risk reward is absolutely breathtaking if the play follows through. S/l: 17.47 T/p: 22.45
Very difficult to pan out how this plays, but I am still bullish.
looks as though its completed a 1st wave impulse and is now trading a very interesting range. Post the initial impulse (1st wave), we have managed to retrace 50-61.8% of the 1st wave and are now starting to see volume kick in at the base. If the current sentiment holds, we might see the start of another longterm bull rally from Bitcoin -5.65% , and that speaks...
After what looked like the beginning of an equity bear-market to some, Biotech stocks seem to be setting up for more bullish momentum.
Amazon shook off the market decline seen earlier this year, starting a bullish play off the back of amazing earnings for the quarter. My take is we keep rising but there will be retracements and impulses as the play develops so protect your trades adequately.
Looks like elliot-wave is taking the lead on this one. We have completed what looks like a 4th-wave retracement, and now it looks like this pair may find some serious buyers longterm.
Gold seems well set-up to make a bullish run. Longterm I think there is a chance that we find a wall in the $1412-$1472 range, but until then I'm bullish. I will develop my case for a selloff as we approach the peak.
Bitcoin seems to be finding serious volume to the buy side. lets see how it develops tomorrow.