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ElliottWaves On SP500 and USD Index

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Oct 25 2020

EURUSD found the support recently and rallied up to 1.1880 where we saw some reversal in the last few sessions, from the upper trendline resistance as stocks came lower into a pullback. SP500 seems to be trapped within ongoing consolidation, ideally a triangle, so market may still see more upside after A-B-C-D-E subwaves, but ideally after the US elections. But in the mean-time we have to be aware of any potential dips due to coronavirus lockdowns that seem to be spreading very fast in Europe. However, business and investors can be prepared much better this time compared to March, so any new dip can be temporary

For more detailed analysis on SP500 and the USD Index, please check our video below.

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GBPAUD Is Moving Into Resistance

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Oct 20 2020

GBPAUD moving higher, searching for resistance after dovish RBA. But BREXIT is a bigger issue , not to mention coronavirus cases. So is this only a temporary rise on GBPAUD?

GH
 


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XRP: Bears May Not Be Over Yet

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Oct 18 2020

Ripple is moving to the downside since August with a five-wave drop from the 0.3295 highsl. So this appears to be wave A, as part of ongoing bearish reversal. In fact, current recovery looks very slow and choppy which usually indicates for a corrective a-b-c movement, ideally into a wave B that has already reached the first resistance at the previous wave four. Current intraday weakness may also cause a strong drop beneath the channel support which will open room for wave C down.
 
Another reason why we think this worth to keep an eye on another drop on ripple is Longs/Shorts ratio chart, which we see it at the upper side of a range, at the resistance zone and it's telling us market is positioned long, expectations are for the rise, so simply it may not happen so easily, especially if we respect the past two cycles.

 


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CRUDE OIL: BULLS ARE WAITTING AT LOWER LEVELS

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Oct 16 2020

It appears that crude oil prices stabilized after that sharp drop at the start of September. Then energy was able to recover close to $42 but move is not that strong, rather slower and choppier; very undecided direction due to increase of corona-virus cases and potential second lock-down. However, I don’t think we will see the repeat of a March and April decline, since I doubt we will see the same hard 2nd lockdown, especially not in the US under Trump administration. But fear remains in eyes of investors so new dip may not be surprise before real price stabilization occurs.

From an Elliott Wave perspective, I see nice ongoing corrective drop from $44 area that will ideally unfold as an A-B-C correction. In zigzag you will typically see price retracement back to the area of a former wave four, which in our case was near $34.64. The next support I would keep an eye is around $30.00, which is psychological level that comes in around 38.2% Fib. retracement compared to previous five wave rise. Regarding timing for this wave 2)/B), it may finish as we approach the year end.

If I am on the right track then I think there can be nice opportunity on the long side in 2021, after that dip. But if it goes straight up from here, then it’s better to wait and see if bulls are going to be early, or is something else going on for a complex wave 2)/B).

 
   

If you are trading more actively FX rather than crude oil, then you may pay attention to USDCAD weakness once crude oil completes that set-back from $44.00. Ideally, USDCAD will then break down from a fourth wave consolidation, which can be either a flat or a triangle.
 


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Trump vs Biden - Who Will Win? -Elliott Wave Applied

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Oct 15 2020

Hey traders,

Elliott wave theory tracks sentiment that moves from optimism to pessimism. These are cycles that occur everywhere in our life not only in the markets. Therefore, the Elliott Wave theory is a tool that can be applied even to politics. I will look at the Elliott Wave cycles on the US Presidential elections, and are wondering if we can see a surprise here or shift in trend.

Take care,

GH

For more info check the video below:
     
 

Crude Oil Is Ready To Jump After A Correction

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Oct 05 2020

Hello traders,

Crude oil moved sharply down during the coronavirus lockdown back in March, but energy quickly turned bullish again after economic stimulus packages across the globe. Energy rallied in five waves and completed a five-wave recovery from April lows, so current reversal in three waves is part of a corrective move in wave 2)/B).

Currently we are tracking sub-wave C lower, which can reach 34.6/30.7 area, where former swing lows, and Fib. Ratio of 38.2 can react as support. If we get a much deeper correction, then next support can be at 26.5/23.6 zone, where Fib. Ratio of 50.0 and 61.8 sit.
This deep retracement would be possible if second global coronavirus lockdown would repeat, but even then we think that sooner or later energy will find support as oil companies are now prepared much better than before, and doubt they would pump as much as they did back in March.

For more info check the video below:

 
       

  
 
 


Silver Making A corrective Retracement – Elliott Wave Analysis

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Oct 05 2020

Hello traders,

Silver is turning bullish after unlimited QE and inflation fears. The USD is down heavily, interest rates are low so investors have hard time to find real investment, so they are looking at precious metals; demand increased which makes price higher.
Technically speaking, we see a turn up from March. It looks like an impulse, so more upside is expected within a new bullish cycle. As such, current price activity from the 29.81 high can be part of a correction within an uptrend. We are tracking two counts: count #1 indicates price to be at the end of a corrective wave 4 of a bigger uptrend, which can look for support at the Fib. Ratio of 50.0 (around 22.0 level) and turn higher. Count #2 is also bullish, however here we see already a bigger correction underway labelled as wave B)/2), which can face same support around the 22.0 level. That said, a bullish impulsive move, and above the 27.57 level will be a sign for further upside.

Silver, daily (count #1)


Silver, daily (count #2)


 
 

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