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Demandandsupplyzones

S&P500: Reaccumulation and Outlook for End of 2023Following the significant downturn of the S&P500 yesterday, the forecasts I set out on October 23rd are taking shape. I had hinted at the potential outlook of a market correction in the last week of October, and now, we find ourselves in a critical zone that could signal a reaccumulation period for institutional investors. Below, I illustrate the technical and fundamental reasons that strengthen this theory: COT Report Analysis: A look at the Commitment of Traders (COT) report highlights that Asset Managers added approximately 500,000 long positions in the week of May 2, 2023. Conversely, Dealers, operating as market makers, accumulated about 300,000 short positions. This indicates potential reaccumulation in this price area, especially considering the POC (Point of Control) of the volume profile, which currently marks 4143.00. Historical Trends: Historically, September has been a tumultuous month for stock markets, with October often following a similar trajectory, albeit less accentuated. However, the months of November and December tend to reverse this trend, often bringing optimism and rallies to the markets. This tendency could be further amplified by the upcoming quarterly results from Nvidia and the expected data on the Core CPI, which could indicate a reduction in inflation, given the persistence of high interest rates. 10-Year Treasury Movement: The curve of the 10-year US Treasury bond is showing signs of exhausting its bullish trend, having recently touched 5%. While it could reach higher levels, I see this escalation as increasingly improbable. CBOE Skew Analysis: The CBOE skew index, a market asymmetry indicator, has shown a marked decrease, currently standing at 132. This suggests a possible reduction in the perceived market risk, hinting at the idea of an impending rally. In conclusion, based on my market analysis and knowledge, I am inclined to maintain a positive outlook for November and December. It's interesting to note that, from my perspective, the current price of the S&P500 is balanced compared to the lows of October 2022, suggesting that the idea of an imminent rally is not out of the question. However, as always, it's essential to operate with caution and information, as market forecasts inherently carry risks and uncertainties.
CME_MINI:ES1!
by JCMINS
A new wave?The bullish momentum of Price last Friday implies we might be seeing the beginning of a new wave after the massive rejection at the demand zone at 1810. On the 3day chart shown below, we saw that MACD has shown a dip in momentum which validates the divergence of wave 2 and wave 4 The USD news released during the week also had little or no effect on the momentum of Gold coupled with the fact that the Israel-Palestine war is also a factor, I think we might be seeing new highs on GOLD for this year soon. For the immediate concern, there's a supply zone at 1940-1952, and if GOLD rejects there, we might see some pullbacks to the demand zone shown on the chart. I would advise looking for buying oppportunities until price reaches supply zone I would love to hear your thoughts 🤔 on this, so feel free to leave a comment ✍. Please like 👍❤ this idea 💡 if you agree, and follow me for more updates ❕❕❕
TVC:GOLDLong
by owlswift_fx
Gold Price momentum has weakened and we saw a daily movement which is less than 200pips today since the past 5 days with a lot of change in direction during the day. I attribute this behavior to 1. The demand zone Price got in 2. Price has completed a wave iii of the wave c for zigzag correction unfolding, and wave 4 is about to start. I would advise looking out for buying opportunities provided Price doesn't close below the demand zone at 1809. We might see Price move up to 1858 in the next couple of days before the downtrend resumes I would love to hear your thoughts 🤔 on this, so feel free to leave a comment ✍. Please like 👍❤ this idea 💡 if you agree, and follow me for more updates ❕❕❕
TVC:GOLDLong
by owlswift_fx
Daily OutlookPrice has shown a clear rejection at the demand zone which has held for since the beginning of the year 2023, and DXY also closed today with a strong bearish candle momentum which signifies strength for xxxUSD pairs. Elliott Wave From the wave analysis perspective, I think we just saw a completion of wave X as Price is printing out a complex wave correction, and wave Y (800pips) is starting out, but the first immediate TP is at the supply zone drawn. So, I am buying up to the first TP at the supply zone drawn with SL at the bottom of the demand zone. This is a long term trade. RIsk Management is advised I would love to hear your thoughts 🤔 on this, so feel free to leave a comment ✍. Please like 👍❤ this idea 💡 if you agree, and follow me for more updates ❕❕❕
Long
by owlswift_fx
4
Gold outlook with DXY confirmationGold took liquidity resting at 1913 got rejected in the demand zone at 1910 where Price got a big momentum to the upside and this has given the impression that a reversal is inbound for Gold Using the Fib retracement tool we can see that GOLD got rejected at the 78.6% line which is a strong reversal level for Price when starting out a new wave DXY is also showing signs of weakness and if the daily candle for DXY closes as a bearish candle, then our bullish move on GOLD is confirmed This is not an advise to buy yet but an impression as we are waiting on DXY if it would close on today's candle bearish.
TVC:GOLD
by owlswift_fx
1926 in viewI don't want to spend much time explaining and just move straight to the point. I am using Demand and Supply with Elliott wave for this analysis Look at my previous analysis here From my previous analysis Price completed 5 wave movement which ended @ 1901 as opposed to my projection at 1904, and it has shown a clear rejection at the demand zone highlighted on the chart, so I am anticipating a move to 1926. Fundamentals for USD came out strong today but GOLD refused to close below the demand zone, and that should tell you its not going below 1900 for the time being This is going to be a bumpy ride because I see this as a correctional wave and it is a swing trade so I would advise that you stay very patient and always look out for buying opportunities. RIsk Management is advised and remember pullbacks are necessary for Price to reach its goals, learn to be patient to get the best entry I would love to hear your thoughts 🤔 on this, so feel free to leave a comment ✍ . Please like 👍 ❤️this idea 💡 if you agree, and follow me for more updates !!!
TVC:GOLDLong
by owlswift_fx
Rejection before Selling for 200pips+Price is on a downtrend for a couple of weeks now and it is currently moving up i.e. pulling back to retests supply zones, OB, or broken structures. I am anticipating Price to getting to 1.2585-12592 where I have a supply zone drawn, which is also the 50% Fib retracement level and show a rejection/signs of weakness, which would make me sell for 200+pips. Price is currently at 1.2510 and you can choose to buy here towards the supply zone at 1.2590 since Price has broken a supply region, and it is currently retesting it before it shoots up towards my supply zone. I would love to hear your thoughts 🤔 on this, so feel free to leave a comment ✍ if any of the concepts makes sense to you or not. Please like 👍❤ this idea 💡 if you agree, and follow me for more updates ❕❕❕
by owlswift_fx