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Dow Jones resumes wave (3) with potential below 23000!The Dow Jones reversed sharply yesterday and was almost 600 points lower at close (25389 levels. This drop did not come as a surprise to us and was anticipated last Thursday. 08 November, when prices reversed from sub 26300 levels, followed by an evening star reversal pattern on Friday. Looking and the wave structure, we maintain our bearish outlook as last week and continue to favor bears in complete control as price action unfolds. Immediate price resistance is seen at 26300 levels now, followed by 26950 respectively. A safe trading strategy could be to hold short positions and look to add further on intraday rallies, with risk/stop reduced to 26400 levels, and potential targets at 23000 levels. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
DJ:DJIShort
by FXTM
2
Gold remains subdued but potential push to $1250 possibleWe have brought up a 4H wave structure of Gold again, to have a medium term outlook. Please note that since printing lows at $1160 levels, the yellow metal has unfolded into an A-B-C corrective rally, and is within the last leg of potential Wave C termination around $1250 levels (fibonacci 1.271 extension of Wave A). Furthermore, if prices were to attain fibonacci 1.618 extension , we could see $1268/70 levels going forward. Intermediary price support is now seen around $1212 levels and prices are ideally expected to stay above that. As an alternate, a drop below $1208 levels could indicate that a meaningful top is in place at $1245 and we might have to change our stance. Overall, bullish potential remains till $1212 is intact. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
FX_IDC:XAUUSDLong
by FXTM
Gold keeps bullish structure intact. Higher to $1250/70Gold reverses from $1212 levels yesterday, bouncing from around 50% retracement of the rally between $1182.50 and $1245.00 levels respectively. Please note that it is also a convergence of the past resistance turned support zone . Furthermore, with prices reversing above $1208 levels, the yellow metal also keeps the impulse wave structure within Wave C to remain intact. As seen here, a probable wave iv terminated yesterday around $1212 levels and wave v is most probably underway towards $1250/70 levels, going forward. This move should complete the corrective rally A-B-C, which began from $1160 levels earlier. We maintain our medium term bullish stance against $1210 levels for now.
FX_IDC:XAUUSDLong
by FXTM
2
Dow Jones interim bottom forms at 24430 levels ?Dow Jones Industrial Average might have completed an impulse (5 Waves) drop from 26950 highs through 24430 lows. We had presented on Friday that a meaningful bottom might be in place around 24500 levels but the indice dropped lower towards 24430/40 levels before pulling back sharply. Looking at the wave structure, a potential Wave (1) or (A), could be complete at 24430/40 levels and a corrective rally could be more probable now. Please also note that the subsequent should be corrective and that a much deeper drop is expected in Dow Jones, once the correction is over. Potential termination of the corrective rally could be close to 25,800 levels, before the drop resumes. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
DJ:DJI
by FXTM
1
Dow Jones expected to drop towards 24,500We are presenting a short term (hourly chart) wave counts today, after having seen the daily charts earlier. Please note that Dow has broken below its immediate line of support on the hourly view, and it has also taken out initial support at 25000 levels before pulling back. The indice is seen to be trading around 25700 levels at this point in time and is expected to drop lower towards 24500 levels at least, according to the fibonacci extension projected here. Also note that the next lined up support is seen close to 24020 levels and it would not be a surprise if bears could target the same. Looking into the wave counts, Dow might resume lower to complete its 5th wave at a lower degree. Ideally, prices should remain below 26300 levels for this count to stay. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
DJ:DJIShort
by FXTM
6
US Dollar Index at resistance around 95.70 levelsThe short term story continues to unfold as projected earlier. The US Dollar Index is seen to have reached its resistance zone around 95.60/80 levels at this point in writing. Please note, that this level could be the termination point of a lower degree wave ii (not plotted here), and a bearish resumption remains high probability from 95.60/80. Also note that the index is hovering around fibonacci 0.618 resistance levels of the drop between 96.16 and 94.81 levels respectively. A bearish candlestick pattern appearance now could trigger a resumption of drop towards 93.75 levels at least, as projected here. Overall, the medium term bearish scenario remains intact for the US Dollar Index. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
TVC:DXYShort
by FXTM
4
Gold could find support around $1212/13 levelsGold rally has stalled after printing highs at $1232 levels earlier. The yellow metal is seen to be consolidating for now and could continue dropping lower until $1213 levels, which is a convergence point of past resistance turned support and the 0.382 fibonacci support of the rally between $1181.50 and $1232.00 levels respectively. Looking at the medium term wave counts, Wave C still seems to be into progress and could push prices through $1250/70 levels going forward. Please also note that until prices now stay above $1181.50 levels, bulls should remain in control and drag prices higher. Medium term bullish structure could prevail until at least $1250/70 levels. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
FX_IDC:XAUUSDLong
by FXTM
3
US Dollar Index ready to resume lower after highs at 95.26The US Dollar Index has made intraday highs at 95.26 levels and is seen to be trading around 95.19 levels at this point in writing. Looking into the medium term wave structure, the US Dollar Index seems on its way to accelerate Wave C lower towards 93.80 levels at least. Please also note that interim resistance should remain intact at 96.16 levels for the above count to hold. Now looking at the short term wave count, the US Dollar Index seems to have carved out an impulse wave i and probably wave ii terminated at 95.26 levels today. Please note the resistance zone is between 95.60/80 going forward and prices could test higher before reversing again. A minimum projection for Wave C could be below 93.80 levels. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
TVC:DXYShort
by FXTM
3
GBP/EUR - Ranging marketLast week price rallied to major resistance and, again, gave a sharp rejection. This week, so far, we have retested support from the supportive price area (green line) and the weekly 55EMA. Price is once again stuck within these ranging levels (between the red and green lines). I am bullish on this pair BUT I am staying out of this market until a Brexit deal is final. For those that wish to trade this pair it's advisable that you buy on the green line and short on the red line. Until one of those levels breaks it will continue to range. If we break below the green line the next level of support is the weekly 13EMA then the 1.1200 price level. If we can break above the red line then the next resistance is the 1.1600 price level then the weekly 200EMA (be cautious of a false breakout on this level). Be cautious with this pair. Brexit may be the catalyst we need to break the resistance.
Long
by MarkMcCartney
US Dollar Index progressing into Wave C lower ?The US Dollar Index could be well on track towards 92.00 levels going forward, as Wave C progresses. It is safe to assume that Wave B terminated at 96.16 levels last week and ideally prices should remain below that. Looking at the overall wave structure as depicted here on the hourly chart as well, the US Dollar Index seems to have completed Waves A and B. If this count remains, we could see prices unfolding quickly lower as Wave C progresses. Also note that 96.16 could prove to be a meaningful resistance and all intraday rallies could be well capped below that. We maintain our medium term bearish bias as Wave C unfolds lower towards 92.00 levels. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
TVC:DXYShort
by FXTM
7
AUDUSD holds above 0.7040 levelsThe AUDUSD pair did not break below its interim support at 0.7040 levels yesterday. As discussed earlier, if 0.7040 levels hold, the wave structure could still remain constructive for bulls to potentially target 0.7375 levels and higher. Please note that the current rally between 0.7043 an 0.7129 could be complete into 5 waves or could print another high above 0.7129 levels to complete the impulse. If the above count remains, we could see a corrective drop but prices could eventually stay above 0.7040 levels and continue pushing higher towards 0.7370 and 0.7500 levels going forward. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
Long
by FXTM
1
Gold breaks above $1208/09 resistance swiftly!Gold breaks higher above $1208/09 levels and also takes out interim resistance at $1216 levels yesterday, in flash. The yellow metal is seen to be trading around $1218 levels at this point in writing, after printing highs at $1227/28 levels. Please note that $1215/16 levels would not turn into support levels for any corrective drops from here. Looking into the wave structure, Gold seems to have completed Waves A and B and is well into progress within Wave C which began from $1282.66 levels as discussed yesterday. If the above counts hold, we could see prices hitting $1250/70 levels going forward. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
FX_IDC:XAUUSDLong
by FXTM
1
AUDUSD approaching 1.618 extension at 0.7130/40The AUDUSD has unfolded exactly as discussed yesterday; an initial dip towards 0.7060 levels, followed by rally. A lower degree wave count is suggesting that waves i and ii could be in place and wave iii is into progress which could potentially terminate at 0.7140 levels or even higher depending upon the structure. Please also note that prices are breaking above its line of resistance for the first time in the past several trading sessions. If the above structure remains, we could see AUDUSD unfolding into 5 waves towards 0.7500 levels at a higher degree. We now maintain our medium term bullish bias with potential price targets as 0.7500 and higher levels. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
Long
by FXTM
4