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Booking Holdings: Trend Reversal! The sharpness of the correction and the current structure lead us to consider the last high at $4147 as the end of the major wave (I) in blue. We now expect a countermovement in the green wave (II), which should end below the resistance at $4147. Following this corrective counter-move, we expect further declines. That being said, our alternative scenario (33%) calls for further record highs. In this case, we will still have to place the price in the blue wave alt. (I).
NASDAQ:BKNG
by MarketIntel
The doomsday retracementWow, what a week it has been. SPX down 3.5% and up 2.5% the day after. My thought is this backtrack is going to be the biggest retracement for the drop, just like we saw on bitcoin. APPL seems to have DOJ issues, NVIDIA chip issues in Taiwan... all seems to be lining up for potential lower for longer. My only buy this year will be TSLA. More on that. Goldilocks is not going to bring us back to pre-pandemic levels, rate cuts are not going to save the market. The narrative has already changed on July 17th when Trump said he didn't want to invade Taiwan, good luck buying after august.
EIGHTCAP:SPX500Short
by Osmanomics
1
Chainlink: Let’s go!LINK dropped significantly in the last seven days and even briefly undercut our turquoise Target Zone (between $8.20 and $10.90). However, as it was able to turn around quickly and only undercut the range by less than 1%, our count remains intact. We now see the turquoise wave 2 as completed and expect an upward push above the resistance at $20.85 in the further course. Investors could open long positions within our Target Zone. Stops could be placed around 1% below the lower edge. Should the bears push the price significantly below the Zone (37% likely), we will have to anticipate a lower low of the turquoise wave alt.2
BINANCE:LINKUSDLong
by MarketIntel
2
Uber: Turning PointUber has retreated deeper into our magenta Target Zone (coordinates: $68.19 - $52.89). Primarily, the same-colored wave (iv) correction should be in its final stretch. In order to convince us of a low, the price needs to develop a clear impulse to the upside. The entire range can be used to open long positions. As a hedge, a stop could be placed around 1% below our Zone. Following the correction, we primarily assume that the magenta-colored five-wave move should be completed above the resistance at $81.87 which should also mark the end of the turquoise-colored wave 3.
NYSE:UBERLong
by MarketIntel
2
Saudi wants production cuts, America doesn'tAlthough everyone is cutting down production, even SHELL, we are seeing the narrative of higher prices for longer. OPEC wants to cut beginning October 2024 until 25. This might be for a multitude of reasons, which makes it quite unclear what the goal is. After falling demand and easing in production, my narrative is that we might see prices fall instead of rise, even though we are trying to limit supply, I think markets are going to want to lower prices as energy scarcity becomes vulnerable and volatility will rise. Geopolitical risks has not eased. US SPR is lower than a quarter of its peak in 2021. My bet of dropping prices lies on that. As well as Trump having 70% chance of coming into office, I expect a welcoming gift from MBS giving us discounts on gas!
EIGHTCAP:USOUSDShort
by Osmanomics
Solana: SlumpedSOL retreated quite a bit last week. However, our primary scenario remains unaffected by this development. We continue to see the price in the final stage of the blue wave (i), in the context of which we expect a rise well above the resistance at $210.03. However, we must also keep an eye on our 25% likely alternative scenario, which will be activated by a slide below the $118.89 support level. This option sees the coin already in the blue wave alt.(ii) and would ensure a sell-off into our blue Target Zone (between $109 and $51.20).
BINANCE:SOLUSDLong
by MarketIntel
#GBPCAD bearish scenarioBearish divergence in the 4H timeframe, as well as price failing to create a new high, shows potential weakness in the uptrend. Furthermore, from an Elliott wave perspective, it seems like we are at wave 5 of 5, with a high potential for a bearish move from here. In the 1H timeframe, we can see that the price managed to break below the previous higher low, successfully changing the structure towards bearish in the 1H timeframe. Let me know if you would like me to publish an analysis in a lower timeframe on this chart to take advantage of this rally.
Short
by mohemati
6
#XAUUSD60 Does GOLD change direction after war news?Asia-Europe session analysis on July 31, 2024: The news of war has broken the downtrend on the M30 timeframe, indicating a high probability that prices will reach the liquidity zone of 30-33 and then experience a slight decrease before continuing the upward trend. However, on the H4 timeframe, closing and maintaining prices above the 2440-2445 zone is necessary for the uptrend to resume. The current analysis on the D timeframe still shows a downward trend. Today marks the end-of-month candle closing and is expected to bring unpredictable fluctuations. Key price levels to watch are 2408 - 2410 and 2440 - 2445. Recommended orders: Plan 1: BUY XAUUSD zone 2408 - 2410 SL 2404 TP 2413 - 2423 - 2430. Plan 2: SELL XAUUSD zone 2430-2433 SL 2435 TP 2427 - 2423 -2418.
FX:XAUUSDShort
by wetdyerap
Gold Hit Liquidity Zone: Bullish Sentiment Ahead?So, gold quotes have hit the 'liquidity zone', where buyers trading the 'Engulfing' pattern are lurking, and we're seeing a breakout of the local high (on lower timeframes). You know the mantra: the market is always hunting for liquidity. Here's a textbook example. These zones have a solid predictive sentiment. If the quotes continue to 'chop' within a narrow range, having reached such a zone, then there's a higher probability of further upside movement, in other words, the market is kinda benevolent towards stuck bulls and doesn't want to see their blood spilled anymore."
OANDA:XAUUSD
by ClashChartsTeam