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Elliott Wave View: DAX Pullback in ProgressShort term Elliott Wave View in DAX shows that the Index ended wave (3) at 16333.28. It is now pulling back in wave (4). Internal subdivision of the pullback is unfolding as a zigzag Elliott Wave structure. Down from wave (3), wave ((i)) ended at 16179.14 and rally in wave ((ii)) ended at 16224.32. Index then resumes lower in wave ((iii)) towards 15802.86 and rally in wave ((iv)) ended at 15872.60. Final leg wave ((v)) ended at 15726.5 which completed wave A. Index then did a corrective wave B rally which unfolded as another zigzag in lesser degree. Up from wave A, wave ((a)) ended at 15860.37 and pullback in wave ((b)) ended at 15726.74. Index then rallied higher in wave ((c)) towards 16079.73. This completed wave B. Index then resumes lower in wave C with internal subdivision as 5 waves. Down from wave B, wave ((i)) ended at 15925.22 and wave ((ii)) rally ended at 16058.43. Expect Index to extend lower within wave ((iii)), then rally in wave ((iv)) followed by another leg lower in wave ((v)). This should complete wave C and (4). Potential target lower is 100% – 161.8% Fibonacci extension of wave A which comes at 15103.6 – 15476.8. Near term, as far as pivot at 16333.28 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
XETR:DAX
by Elliottwave-Forecast
GER40 possible LongIt looks like Ger40 might be forming an inverted Head & Shoulders pattern on the weekly chart, which could potentially indicate a rise in price. The resistance Trendline was recently broken and retested, and we're now waiting for the neckline to be broken to gain momentum towards the upside. It's important to keep in mind that we'll want to see the candle close above the neckline for confirmation. To avoid any potential losses, it's best to wait until the candles have closed before making any moves. Additionally, there's a small gap to fill between $420 and $421 that could be worth keeping an eye on.
AMEX:SPY
by Karoshi-Trading
DOW ; WAIT AND WATCH In continuation uation to yesterdays analysis, from todays candle stick formation we observe 1 Dow is trading below new emerging uptrend line (green). 2. Dow is trading near red downtrend line which is now support line. 3. Till Dow is not trading below red line we cannot conclude false breakout. 4. Till now low of 24 and 26th May is not given up (32750), which is our SL. 5. MacD is in sale zone , if it continue to go below today's level then there is problem. Dow may not hold support. 6. Dow is again at 0.500 Fibonacci retracement level. Yesterday given, risk trader could go long with SL 32750. Dow is near 32750. If for 30 min it doesn't recover and remain below 32750 then this k SL is triggered. Conclusion WAIT AND WATCH TILL 32750 AND 33100 levels. Trade confirmation sell below shooting star pattern. Long above 33200
TVC:DJI
by Trendz9
DOW : WAIT & WATCH STRATEGY.After confirmation of shooting star pattern, Dow is in consolidation phase as it has not broken yesterday high. Long position was suggested above yesterday high, which not yet trigger. Currently Dow is trading just above red downtrend line. New uptrend line (green lines ) is emerging . Risk reward ratio is favorable for long positions . SL is if Dow break below green support lines crossing red downtrend line. MacD is below 0 line and signal line, but at this point MacD is not to be considered as it is laggard indicator. Risk traders can initiate long with strict stop, other wise its better to wait till Fed and Debt ceilings decession. Confirmation of trade is long above yesterday high ans short below shooting star candle pattern.
TVC:DJI
by Trendz9
SPY S&P 500 Index ETF and the Debt Ceiling DealThe political climate is favorable for a small rally of SPY, the S&P 500 Index ETF, towards the next resistance level of $430. After several weeks of tense negotiations, President Joe Biden and House Republicans have reached an agreement in principle to address the debt limit and cap spending. The debt-ceiling deal is now finalized, and here are significant parts of the agreement: First, the agreement suspends our $31 Trillion debt ceiling until January 2025, providing some relief and avoiding immediate concerns. Additionally, the agreement ends the pause on student loan repayments, allowing borrowers to resume their payments. This decision aims to ensure the stability of the student loan system and address the long-term financial implications. Furthermore, the agreement includes stricter work requirements for low-income and older Americans who receive food stamps. These requirements are intended to encourage self-sufficiency and help ensure that federal aid benefits are effectively utilized. Regarding IRS funding, the agreement entails a $20 billion reduction from the initially proposed $80 billion budget. This reduction specifically targets the allocation meant to crack down on tax evasion by wealthy individuals and corporations. Moreover, the deal puts an end to the ongoing freeze on monthly student loan payments and interest. It also introduces restrictions on the President's ability to reintroduce such a freeze in the future. To avoid contentious debates until after the next presidential election, the agreement suspends the debt limit until January 2025. This decision provides a temporary relief from potential conflicts surrounding the debt limit. The agreement also implements new work conditions for Supplemental Nutrition Assistance Program (SNAP) recipients, raising the age limit for work requirements to 54. This measure aims to promote workforce participation and enhance the effectiveness of federal aid programs. Overall, this comprehensive agreement addresses various aspects of the debt limit and spending caps, aiming to strike a balance between fiscal responsibility and supporting those in need. My overall outlook is still bearish and i think the small rally could easily turn into a bull trap. Looking forward to read your opinion about it.
AMEX:SPYLong
by TopgOptions
1
Nifty Weekly Analysis Nifty had retraced 0.618 level of 15100 to 18900 move at 16800 from last June till 13 March. On weekly chart nifty is making higher high and higher low for last 10 week. ( green line). Since 13 is a fibonacci no nifty is expected to make new high and low for 3 more weeks. ( it is based on Fibonacci levels not necessary). MacD is just above signal line and just above 0 line which states beginning of up trend. ( As weekly chart is better for long term view). Any move above 18900 19000 nifty can reach first fibonacci extention level at 1.272 ie 19900. From here SL is to be strictly followed below green uptrend line or close below lower high of previous week. Long can be entered above 18550 with first target 18900 , 19300, 19500 and 19900. This analysis is for next 1 month.
NSE:NIFTYLong
by Trendz9
DOW:- WAIT AND WATCH STRATEGYDow opened at 32787 gave low of 32700. After an hour Dow broke yesterdays high and with no no time next candle stick made high of 33028. Yester day after making low of 32575 Dow recovered forming shooting star pattern, which is formed because of buyers emerging at lower lever an pushing index up. Today is follow up buying day. If Dow closes with green long candle.stick, It can be taken as reversal pattern and can go long after consolidation or above today's high. Yesterday suggested SL above red line. From last 1 hrs Dow is trading above red downtrend line. This is to be taken as bullish. Since yesterday low is 400 points along position must be closed below 50% of yesterday high and low ie 32750. But it suggested to go long after today's confirmation.
TVC:DJI
by Trendz9
We will never see such prices for European stocks again...European indices have been reddening for several days in a row. European Euro Stoxx 50 fell only -3% from the high, but this is just the beginning of a big drop and I will tell you why. Since the beginning of year, European indices have shown very good growth, which is not entirely supported by fundamental factors. Yesterday, on the channel, I already drew attention to the difficult situation in the German industry (the German economy is already in recession and will only deepen into it), but this did not prevent DAX from updating its historical maximum! It is very strange, because Germany is still famous for its industry, and not for the IT sector... Now the technical picture says that there are serious reasons to believe that the growth in European markets has come to an end. There are serious signs that the French TVC:CAC40 index has reversed. There were large sales in the shares of the leaders. Someone "big" got out of the market. Today the decline continued. Do not forget that inflation in Europe is higher than in the US, which means that the ECB will raise the rate even more and even more choke the economy, which can not stand it now! While in the US they are already talking about a pause in raising the rate. The chances of a return to the highs are melting right before our eyes. TVC:SX5E are doomed to fall… 🔰 My recommendation: If you have European shares - sell them. Then say thank you for saved capital. You can find even more useful analytics in header of my profile 🎩 If you are interested in analysis for other assets - write in the comments which asset you need to see.
BLACKBULL:BRENTShort
by Dorado_Crypto