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Falling wedge break (coinciding with a 78.6% Fib bounce), strong indicators on the weekly - what's not to like?
Wedge target shown (from initial height) coincides nicely with a fib line from each of the retracement and extension plots.
All it's lacking now is some extra volume...
Gold has fallen below a strong rising diagonal support line; which for many spells doom. However there may be a saving grace with a bullish (reversal signalling) falling wedge in the process of forming on the Daily. They can sometimes break out after only 4 touches; however if it does drop lower for one more touch (point '5') of the lower support first then we can ...
Looks like Wave 2 was not a simple correction as previously thought; but rather a Double Combo Elliott Wave. I'd expect Wave 3 to begin shortly, and for it to be an impulse/extension that moves quick.
If trade entry is taken here, note that the triangle pattern is invalidated if point (e) drops below point (c).
Very clear (and strong) bearish rising wedge pattern, and a bearish RSI break under trend plus recent (last <3 days) price action suggest a pullback is almost upon us.
There is a small chance that more of the wedge will be used up first, but I wouldn't count on it.
Either way I'd look to this returning back to track the larger (but less steep) rising channel.
Previously I'd wondered if his W2 retrace would hold the 200DMA or drop back to a 61.8% retrace (and coincidental meet-up with the 50DMA); well the price has clearly chosen the latter and now sits exactly where my "ideal entry target" was plotted on my previous chart.
Given that the daily Stochastic has hit oversold and is converging again, I'd say there's a good ...
Good clean Wave 1, stopped right in the middle of my "initial target area". Wave 2 will either be defined by holding above the 200DMA (extra bullish), or it will trace a bit more to a lower fib. I think the coincidence of the 50DMA level and 61.8% Fib makes that a likely target.
Wave 3, when it hits, should be pretty explosive.
Didn't quite get to the 78.6% retracement, but broke nicely out of a falling wedge (which I hadn't spotted on my previous chart attempt).
The price has also popped its head above the 200DMA again, and has spent the last few days back-testing it. A strong move off this in the next day or two should cement the end of the correction period and begin a new bullish ...
Good clean trend switch shown on the hourly chart. It looks like W1 subwaves i-iv and W2 a-c have completed, leaving the possibility of an impulse (sharp) move up in W3. If this plays out, then the W3 target area (resistance to 161% fib) is shown.
Keep an eye out for it getting "stuck" in that rising wedge however.
As this has progressed on the hourly things are beginning to look better. It seems to me likely that we have our waves 1 and 2 set now and this *could* be the beginning of Wave 3 (target shown if so). For this scenario to play out the rising support line should continue to hold.
Elliott Wave analysis of NUOG on the daily chart tells me that it is still in a corrective phase, but should be nearing the end of that soon. Interestingly note that W5 was the extension in the bull phase, not W3 which is more common.
I believe that Wave C will finish around the same level that Wave 4 did on the way up - this is supported by EW theory. And ...
Impossible to call the next move other than to say it will happen within the next few hours - but is 50/50 up or down. Unfortunately a symmetrical triangle has no continuation or reversal bias.
1. Break up - this will then likely proceed higher on a W3 move
2. Break down. Then we have two possibilities:
i. W2 continues down to 78.6% retrace, ...
Looks like newsflow has finally kicked this back into gear! The long-holding downtrending diagonal resistance price and RSI lines have now been broken.
Initial trading targets shown on chart.
Well we got a lovely little handle now too on the hourly! So as a bullish cup-and-handle is potentially in play, I reckon there could be a very good trade opportunity here with a clear minimum target.
IMO it should start turning up again within the next few hourly candles - based on the Stochastic approaching oversold. Then break the top of the cup level ...
Cup-and-handles are my favourite pattern; I've rarely seen one fail. But... let's not get ahead of ourselves just yet...
Still need a handle to form!
So the previously noted resistance area did not hold, following the release of an "expected news" type RNS. This means we're looking now at the support area that was previously found by the 4th (corrective) subwave. Supporting the cause for positive price action above this point shortly is another small (bullish) falling wedge pattern.
However if the level of ...
First thing this morning was a back-test of a key support area. Should hold. Needs to hold.
The 30-minute Stoch is really looking primed now for a sharp move up. But other indicators should be used to confirm this before entering a trade (if not already in).
Volume still healthy.
This came in as a special request (I'm not a holder - yet anyway). And after a big move last week, I agree this is worth a look.
The weekly chart has lots of bullish clues in it:
Could be entering a 5th Elliott Wave
200 week moving average halted the move of W3 - this is a key line to break, but possibly strong resistance too
Indicators looking positive. In ...
On the 30 minute chart this is looking primed to surge upwards again after breaking out of its consolidation (falling wedge) pattern. RSI is holding a positive trend, and MACD should cross '0' shortly. Expect big things over the coming day or two.