GBP/USD is stalling at the fib retracement of the first impulse decline. It has formed a bearish wedge on negative divergence. This is a good opportunity to short for new lows.
Tesla has bounced into fib resistance in proportions that indicate the move is exhausted to the upside.It should resume downwards to new lows shortly.
EUR/USD has retraced 50% of the move and is now poised for a SHARP MOVE LOWER!
Bitcoin had quite a rally since the lows however the price structure is not impulsive but rather choppy and corrective. There has been negative divergence building on the MACD which means that bitcoin should break lower from the wedge.
4hour chart shows MACD divergence and price hitting the 50% retracement of the decline. The next leg lower should begin shortly.
Tilray is coiling up for a sharp move higher. The initial move had a clear 5 wave sequence indicative of an impulsive move. The correction has retraced perfectly to the 61.8% of the move up. Next week should see TLRY blast higher as it moves into wave 3 of 1 (the strongest of the elliott wave impulse moves).
SWN has been coiling in a wedge for a couple of years. Recently it has broken out and has backtested the wedge. An incredible opportunity to buy and make a massive return on investment.
CHK is cyclically due for a bottom very very soon (if it can survive through these stormy seas). The cycle projected from major high to major high shows that we are due for a turning point in CHK sometime in the next quarter or two. THIS IS A VERY RISKY TRADE. There is a chance that if it works out you can make multiples on your investment. If it doesn't work out...
The S&P has gone on a monster rally since the March 23rd lows. It has done a great job of convincing everyone that life is going back to normal. This is not the case. It has retraced 50% of the decline and this is a great spot to short it as I believe we will turn down next week to retest (and possibly break the lows) sometime in May.
Apple is in a vulnerable position here. From an EW perspective it looks like we just are about to complete wave 4 which means that wave 5 will likely take AAPL to new lows.
Yellow metal has hit the trendline resistance and is now struggling to hold on to its gains. MACD divergence is negative and the daily candlestick pattern is dark cloud cover (bearish). Targeting AT LEAST prior lows if now lower. THE TOP IS IN!
Crude oil has had its first impulse move up in 5 waves and is now retracing this move in a typically corrective manner. I expect it to reach the 61.8% retracement of the impulse move up and then to launch higher into the mid 30s at least.