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Dailymarketupdate

Right direction 🏆Coming down... Gold takes another dive and confirms our turnaround zone. The purple trendline is broken, which sends a positive signal for further downwards pressure. However, there is another hurdle coming up. We are talking about the $1908 area where support is to be expected. Nevertheless, the bears should be able to bring prices down to roundabout $1860. In this case, the time factor also plays a key role. We consider the current movement to be a wave 3. So the longer it takes for the bears to break the support at $1908, the less likely the wave 3 in green becomes, as it will lack the impulsiveness typical for this type of wave. All in all, we are moving in the right direction, and our turnaround zone is confirmed. The next big step are prices below $1908. Is the next stop in the area $1860? What do you think?
COMEX:GC1!
by MarketIntel
2
🎾 Match Point 🎾 French open Stade Roland Garros 1983... It is 45 to 55 that the bears make the match by turning the market around. We see a 55% chance for the bears to win the match by pushing down prices in the direction of $1900. However, with a 45% chance, the bulls are on the heels of the bears. We have highlighted a potential turnaround zone. Should the bears waste this opportunity and the resistance at $2001.2 is broken, price levels of $2120 are on the map. The next price movement will determine the direction of the upcoming weeks. A way to trade the scenario would be to plant entry orders above $2001.2 and below the purple trendline. Happy Trading!
COMEX:GC1!
by MarketIntel
4
New All Time High? 💥 We are ready! The crypto community is ready! The whales are ready! But not so fast. This doesn't mean the bulls are ready to take on to new all-time highs. Before Ethereum is poised to set out to new highs, we need to complete the current correction pattern. As long es we don't see prices dropping to at least $288, the light for another Rallye will not turn green just yet. This correction is absolutely crucial for further upward movements. We highlighted the potential turnaround zone in yellow. We are looking to build up long term trades in this region. To continue the journey to $288, the bears need to stay below the red line at $450.70. If the correction pattern of wave 2 in blue is properly completed, the way for another impulse is paved. The next weeks will be exciting! Stay tuned for further updates! Discussions Welcome, happy trading!
BITFINEX:ETHUSD
by MarketIntel
2
On the way to 20k !? 🌌Is Bitcoin gearing up for a new all-time high? The "to-the-mooners" 🌚 will blatantly nod their heads, but also the Elliott waves might suggest that a new all-time high is coming. However, this bold statement comes attached with some conditions. Most important, we need at least a corrections to price areas of $8200, where the ideal price target for a wave 2 is situated. We highlighted the area with a yellow rectangle, indicating a potential turnaround zone. From there, the bulls need to launch the rocket to initiate a first impulse movement with a solid 5 wave pattern. The next weeks can be crucial for Bitcoin and might pave the way for new all-time highs! No, go zone for the current correction are price areas below $7243 as chances of a bigger correction increase. Call your trusted Lambo dealership in advance; they might be running out of cars shortly! (please mind the irony) 🏎️ What are your thoughts? Happy Monday!
BITFINEX:BTCUSD
by MarketIntel
It’s gettin‘ hot in here! 🔥The heat is on! Either the bulls launch an offensive, or we see prices drop below $30 a barrel. Should the bulls fail in fulfilling this task and prices fall below the support of $36.49, further downward movements are imminent. Invalidation of the underlying scenario occurs below $34.36. Therefore stops for Long ambitions should be placed just below the mentioned support. By dropping below, this support prices in the area of $29 are on the map. However, this would only be a detour, as we expect higher prices towards the end of the year. To confirm a bullish breakout, we need prices above the $43.80 resistance line marking the high of wave b in yellow. Happy Friday trading! 🎉
NYMEX:CL1!Long
by MarketIntel
2
🏈 Solid first Quarter for the Bears! 🐻The Bears are off to a good start after reaching our turnaround zone. After a spot landing on the 78.6% Retracement at $2001 price has dropped over $50, and we left our yellow target zone. We take that as a positive sign for further selloffs. However, a first good quarter doesn't make the game. We desperately need to break the red support line at $1916. Only if the bears manage to break this support, we have a final confirmation for lower prices. In this case, the next stop is around $1800. In our scenario, we can not tolerate prices above the $2024 mark. Should we break above this line, our scenario ist invalidated. What do you think, will the bears make the game?
COMEX:GC1!
by MarketIntel
🐻 Have the bulls left the building?"Elvis has left the building!" The famous phrase was used by announcers to tell the audiences of the king, that there were no more encores. It has since become a well known catchphrase and punchline. The question that we have to ask ourselves regarding Ethereum: "have the bulls left the chart?" We think that reching the $450 area could mark a superior high. This could lead to a bigger correction as indicated by the arrows. Target area of this wave 2 in turquoise lies between $270 and $230. On the way there might be waiting a long trade for us. We have marked the turnaround zone in yellow. For further confirmation of a major high, we need to break the support at $396.
BITFINEX:ETHUSD
by MarketIntel
4
🍎 Apple... going strong like Johnnie Walker! Not born in 1820 but also going strong! www.whiskyverkostung.com We don't know if the bulls 🐃 had some of Johnnie Walkers product 🥃 , but they are strong! We expect the stock split to do its trick and propel the market further north. A strong resistance zone lies in the area between $136 and $146. This area poses a good target for wave in red. After reaching the target, the bulls should take a small break and let the stock breathe for a moment. That should result in the indicated correction followed by a bull's comeback, giving us a good opportunity to jump in. The planned scenario could be influenced by the keynote event, which is slightly pushed back and expected to happen in October 2020. We stay bullish, and should we break the resistance at $146, further upwards movement is to be anticipated. Feel free to discuss! Cheerio 🥃...and happy trading!
NASDAQ:AAPL
by MarketIntel
Just a lil' higher! 📈 Silver is poised for another upwards movement, which will likely result in another high. The target of the current wave is the region somewhere between $28.50 and $29.20. Should the bulls be able to deliver a new high, the (b) in blue will be moved to the higher high. Still, we expect a bigger sell-off after reaching the mentioned area. For the downturn to happen, it is essential that we do not generate new highs above $29.90. As soon as we reach the turnaround area indicated in yellow, we evaluate short trades. Ideas, comments, and discussions are welcome! ✌🏿 Happy Trading! ✌️
COMEX:SI1!
by MarketIntel
...to the moon 🌑!! Who gon' stop me!? No, this isn't the cryptos, but looking at the SP500 chart, you cannot deny a certain resemblance. The bears don't stand a chance against the raging bulls. Every little downstep is promptly bought up, and the run continues. No wonder if money is free. Still, from a chart perspective, we need a bigger correction. We highlighted our potential turnaround area in yellow. The 261.8% Extension marks a strong resistance, and the bulls might encounter some difficulties there. It's not far to go! Let's wait and see. Happy Trading Weekend! Comments and discussions are welcome!
OANDA:SPX500USD
by MarketIntel
🐻 Get down on it, get down on it!Kool & the Gang is getting down and so is Gold! Gold is cloesly trading at its previous low. For now we still expect a final push in the $1980s region, where a sharp change in trend should happen. The turnaround zone is indicated by the yellow box. In case the bears are highly motivated and manage to break below $1916, the downward move could accelerate. Next stop would be the $1810 region, so shorts under $1916 might be a good idea. What are your thoughts on our scenario? Happy to discuss!
COMEX:GC1!Short
by MarketIntel
4
⬇️ We are short! The EUR/GBP manages to reach a lower low. 📉 🐻 We are already short since the beginning of August; however, it might not be too late to jump on the moving train! Short with stops above the previous highs might be a good idea. We see the downward move continuing. Target is as always our yellow box, where we expect a reversal. Nevertheless, we have to watch out for the 0.87 GBP area as there is strong support in form of the 61.8% resistance line. After completing wave (2) in white, we expect a strong upward move, if the scenario pans out as depicted. Feel free to comment and discuss! Happy trading!
Short
by MarketIntel
2
👽 Area 51 and beyond! WTI reaches a new high. As long as we trade above $40.89, we expect higher prices, without further detours. The next goal for the hungry bulls is the region around the 161.8% Extension at $49. After a short correction, which will give us another opportunity for re-entry, we see the bulls passing area 51 and leaving for prices in the $56 region. We are Long since $42.60 and hold on to our position. WTI needs to exceed $44.08 to unlock prices in the $50 range. It is essential that the price will not fall below $40.89 and, ultimately, $39.53 to continue the current upward movement. Below these 2 support lines is bearish territory. Feel free to comment and discuss! Happy trading!
NYMEX:CL1!Long
by MarketIntel
Can touch this! 👉No MC Hammer not Today! We sincerely apologize to all MC Hammer fans but the EUR/USD can in fact touch our target zone (yellow box). To be precise: It is supposed to do so! We expect a corrective wave 4, as depicted in yellow, followed by a bullish turnaround. The target zone for a turnaorund lies between the 23.6% Retracement and the 38.2% Retracement. This support area should not be broken in order for the upward trend to continue as indicated by the arrows. The yellow box can be used to for long trades, with a target of round about $1.20 - $1.21. What are your thoughts on our scenario? Happy to discuss!
by MarketIntel
🐂 Next stop: 29k!yarn.co You've gone completley sideways, man! Not only Dr. Gonzo in fear and loathing in Las Vegas, went completely sideways, so did the Dow Jones, for the past week! We think the time is ripe for another push towards the 29k milestone. We consider the sideways move a wave (iv) depicted in white, which will be followed by another upwards move (wave (v) also in white), direction 29k+. To remain valid price should not break below the red line at 27500. What are your thoughts on our scenario? Happy to discuss!
CBOT_MINI:YM1!Long
by MarketIntel