Title: Corn Futures ( ZC1! ), H4 Potential for Bearish Momentum
Type: Bearish Momentum
Resistance: 680.25
Pivot: 661.20
Support: 654.20
Preferred case: On the H4 chart, we have a bearish bias with price under the Ichimoku cloud which indicates a bearish market, adding confluence to our bias. Price is currently consolidating along the 1st resistance line at 680.25...
After hitting the initial corrective equality objective above at .5719, buyers have stepped back in at .5598, as this level holds the next corrective objective is sited at .5823, look for a close through .5725 tot target teh .5823 level next.
Copper on the weekly time frame appears to be carving out a five wave decline as the wave 4 high at 3.7930 holds a minimum downside objective of wave five equaling wave one provides a downside objective at 2.8435. The wave 4 on the daily time frame is creating a descending triangle pattern a break of 3.1380 warrant short exposure to target the wave 5 objective.
In the last update we were looking for price to fade above 148 targeting a move to trend line support at 144, that move played out! As 146 acts as support looking for a grind higher to test above 149 as momentum divergence is maintained look for another breakdown to test the ascending trend line support again
Price has achieved the initial upside objective at 11400's, as 11100's now acts as support look for bullish reversal patterns to engage on the long side to target a test of 11868 as the next upside objective
The Dow Jones emini futures contract has achieved the primary upside objective at 31430, as 30600's now act as support, watch for bullish reversal patterns to engage on the long side targeting 31900 as the next upside objective
After coming just shy of the primary upside objective at 3821 price is pulling back overnight to test the pivotal 3710/00 level watch for bullish reversal patterns here to engage on the long side to target a test of 3821, a close above here opes 3850 next. A closing loss of 3860 would open another test of 3640
After the initial impulse from the test towards 76.00 price has corrected and held the pivotal 81.68 equality objective, as such, look for a move back through 87.15 to encourage long exposure targeting a retest of prior cycle high at 93.70's
Monitoring the Gold futures market looking for a further downside push to test bids below 1600 with descending trendline support and the 127% fib extension from the last upside correction, as long as momentum divergence is maintained watch for bullish reversal patterns here to engage on the long side looking for test of 1650 from below
Monitoring GBPJPY for a test towards 166 ascending trendline support and daily projected range support just below, watch for bullish reversal patterns here to engage on the long side targeting a test of ascending trendline resistance and 127% Fib extension around 173
Looking for EURJPY to test the confluence of projected ascending trend channel resistance, as long as momentum divergence is maintained watch for bearish reversal patterns to engage on the short side targeting ascending trendline support
Type: Bearish Momentum
Resistance: 19.965
Pivot: 18.830
Support: 17.495
Preferred Case: The H4 price is below ichimoku cloud , The price may drop form the pivot at 18.830, where the overlap resistance is to the 1st support at 17.495 where the swing low sits
Alternative scenario: If there is a price reversal, price will move to 19.965, where the overlap...
Type : Bullish rise
Resistance : 151.925
Pivot: 146.650
Support : 143.300
Preferred Case: On the H4, with price moving in an ascending trend and trading above the ichimoku indicator, we have a bullish bias that price may rise from the pivot at 146.650 where the previous swing high sits to the 1st resistance at 151.925 where the 161.8% projection sits
Alternative...
Type : Bullish rise
Resistance : 151.925
Pivot: 146.650
Support : 143.300
Preferred Case: On the H4, with price moving in an ascending trend and trading above the ichimoku indicator, we have a bullish bias that price may rise from the pivot at 146.650 where the previous swing high sits to the 1st resistance at 151.925 where the 161.8% projection sits
Alternative...
Title: Soybean Meal Futures ( ZM1! ), H4 Potential for Bearish Momentum
Type: Bearish Momentum
Resistance: 404.7
Pivot: 392.0
Support: 399.3
Preferred case: Looking at the H4 chart, the current overall bias for ZM1! is bearish . To add confluence to this bias, the price is currently under the Ichimoku cloud which indicates a bearish market. Overnight, price...
In this update we review the recent price action in the emini Dow Jones futures contract and identify the next high probability trading opportunity and price objectives to target
In this update we review the recent price action in the DAX futures contract and identify the next high probability trading opportunity and price objective to target
In this update we review the recent price action in the USDCNH and identify the next high probability trading opportunity and price objectives to target
