USO has broken it's uptrend a few weeks back, and since has been heading violently lower with no signs of stopping, at least not yet. Not in my eyes. I had a plethora of converging indications, so I've marked them in the chart A - F, and then explained my trade setup. Good luck. A) RSI has broken above the 35 level, but this is likely because it bounced a bit...
Possible support area for the S&P & other markets... Market has been moving in fractals and often flirts with the 100 sma before it pulls up again... Right now we have the morning star pattern in play; which could possibly lead in a rebound.
difficullt to say what the USD is working on.... shown is a bullish scenario, where: - blue wave 3 is 1.62% extension of wave 1 - blue wave 4 a triangle - black 1 reaching the previous 4th wave -black wave 2 retracing 62% of black 1 I stay sidelines and wait if we get a clear 5 waves up as a confirmation of at least shortterm uptrend in USD.
Although there is naked structure of resistance and no confluence, I would like to see some bearish divergence on the RSI to confirm this pattern reversal. Nasdaq have been bullish quite sometime and it is indeed due for pullback to catch a breathe.. This pattern could very well confirm that. Looking to take a target no more than previous resistance now turn...
Based on measured move objectives there are a confluence of potential resistance areas to note just above where price currently resides. Above ~11280 with CONVICTION and ~12500 is the final target.
If you look at previous run up you can observe that it begins around 2003 with a no clear trend, but in the following years it tooks the shape of a rising wedge. The trendlines of this pattern expande, with both trendlines slanted in an upward direction. As the strength of the buyers weakens (exhibited by their inability to take the price higher), the sellers...
With rising global tensions in the Middle East and Eastern Europe the market is starting to turn it's attention to these events. In addition to an appreciating pound, rising gold, oil, and natural gas prices the equity markets are going to have a hard time to justify another run to new all time highs at this point in time.
Intel is meeting all of the requirements of a Bearish Crab pattern . The prediction of the D leg slams right into previous structure of monthly resistance of the wave II cycle at $34.34. Would make for a perfect PRZ. Also, If we could get some divergence on the RSI, that would make for a better confirmation . Let's see where price action takes...
CIX is always a nice counter mesure tool to confirm the direction of the indexes. The market was too overconfident and VIX was at its lowest level. But there are initial signs on a technical level that show clearly the reversal trend i.e VIX may move up, and indexes may move down. STOCH and MACD give the hint. We need to see a confirmation if it is just a...
Bearish deep crab. Target 1 at 14244.45 23% fib level. There is also strong support around X highlighted in red. If sellers can push through, I'll be looking for 12744.77 as my target 2 at the 38% fib level
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