purpurato59

purpurato59 Updated 

Platinum is showing several signs of a peak to place a short with good risk/reward. The CCI is now re entering below 100 after travelling on a highly overbought region. Also, this peak coincides with the upper 0,5 line of the pitchfork. A first target on the lower 0,5 line around the same line of the 0,5 fib. Thanks for your comments.

purpurato59 Updated 

I started building long positions in this pair and will wait the follwing week to see how it reacts. My favorite indicator for bottoms (stochastic) has already crossed the signal on the weekly interval and the daily is going now the same way. The last low hit right into the 1,27 fib extension of the swing, signaling a possible bottom. This could be the start of a...

purpurato59 Updated 

Copper just peaked and today's candle seems to be the beginning for a few days of more down pressure. The first target is on the centerline of the pitchfork around 2,15 and another one on the lower line at 2,09. Indicators signaling the coming back from the overbought region are well aligned for this short.

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As the weekly candles entered the Ichi cloud a couple of sessions ago, we see the exhaustion of the rally that topped with last week doji. Price is following the same way as volume and this is online with previous resistance from october '15 at this same area. The two fib shown have one convergence at 45.5 not far from the upper limit of the cloud. This target...

purpurato59 Updated 

Two step bearish continuation. SL: 48.8 TP: 47 Excellent risk/reward.

purpurato59 Updated 

The Gann fan from last two historical top and bottom shows we broke the 4/1 angle and we will be heading next to the 8/1 resistance, somewhere around 600. However, the buying force has shown signs of weakness and it's possible that we are headed for a few weeks of downtrend where we could even visit the 4/1 that's become now the support. William's R and money...

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This large pitchfork describes price action for the last month and seems to be still in play. The last week downtrend correction seems now to be over and we are now headed back to the primary uptrend that's been in play for the whole 2016. Three different items point to this: - We visited the lower part of the pitchfork and the daily candle is now forming a...

purpurato59 Updated 

This is apparently still in play and the target is on the 1,272 extension around 1,0669. Stochastic could be useful to find the end of the downtrend.

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Next week will define if this divergence plays out. Price's been visiting the center line of the fork without the force to close above it.

purpurato59

All these indicators show a resistance that we are close to reach, let's wait and see if it breaks or bounces. Price is also reaching one important level of the pitchfork.

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These two plays are almost identical in duration and price movement and on both occasions it started when market felt relieved that bottom was reached, marking the beginning of a new long term upward market, just to find later that bottom was on 1,272 extension and later even deeper.

purpurato59 Updated 

Last week strong rally seems to be now close to exhaustion. Even though the long term uptrend in gold remains intact, we are close to a local top. I apologize for the crowding of the graphic, but these three items all point to the same issue: - The pitchfork has been useful to define support/resistance for the last month and last session closed exactly at the...

purpurato59 Updated 

Bears took bitcoin back to ground and now that forces seem to be on balance, the following days should bring a normal uptrend speed, framed by the 0,5 and 0,618 fibs. Thus it will take us a couple of weeks to get back to the previous peak. Several indicators are still on the bull side and after three days, they seem to be stable. This idea gets invalidated by...

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All precious metals started a bull market a couple of months ago and they're consolidating. The difference with palladium which makes him more interesting than the others (silver, gold and platinum) is that he's the only one that hasn't made the golden cross: 50 over 200MA. I made a rough linear approximation and this should come somewhere in the middle of may....

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After taking a breath to gather strength on the uptrend, price is now sustained by the Ichimoku cloud as well as the 50MA that have been acting as support. Other indicators like the ADX are already signaling the resume of the uptrend and this should keep on up till 1245. At that point, depending on the strength of the trend, it will possibly keep on to test last...

purpurato59 Updated 

Platinum along with other precious metals started a bull market around february. After two attempts to climb above 1000, we are now at the third of these tops and heading towards correction. I still believe the primary trend is upwards and support will be met with 50MA around 960. Note that last three new moons (blue spots) market peaked and reached bottom around...

purpurato59 Updated 

Even though we have been sideways for more than a month, I believe there is a short term opportunity on the downside. The 8/1 angle on the Gann fan shown has been acting as a strong resistance and we are just touching it again. Supporting this idea is the fact that money flow is diverging. I am not expecting much of it, but it is also very low risk with stops...

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Once again, the good old classical pattern that we all know. The case for it includes: - Volume on the selloff was quite high, confirming the bear appetite - Volume on right shoulder retrace quite weak, confirming bulls weakness - MACD peaked straight on top and now signal following - Breaking the neckline coincides with 50MA crossing I'll play it safely and...