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Sellsetup

Hit the target top, now for the bottomIf Intermediate wave 1 is finally done, it was a few days late, but on target. Next forecast is for Intermediate wave 2 which should see the anticipated market decline over the next 5-12 days. This means the bottom should occur prior to May 2. As of now, Intermediate wave 1 was 23 days long. Waves ending in 2BC2 have been 20-50% the length of their first wave’s length. The projected retracement percentages have not change, but the values have slightly as the initial estimates were based on Intermediate wave 1 topping at 4160. The most specific datasets correlate to the retracement levels in light blue. The 33.44% value represents the first quartile of historical movement for waves ending in 2BC2. The median is 60.60% and the third quartile is 77.87%. The next specific values are in yellow and the are tied to historical waves ending in BC2. The third quartile is not displayed in yellow because it is also the 77.87% from the first dataset. The length of wave 2 based on this slightly larger dataset has it lasting 5-12 days again, with the strongest model agreement on 7 days. This could put the bottom around April 25. The final set of values are based on a larger and broader dataset based on the behavior of waves ending in C2. These values are in white and the median value is omitted because it is close to the yellow value of 67.86%. The strongest model agreement suggests wave 2 could last 23 days (18 models) followed by 8 days (14 models), 12 days (12 models), and 7 days (6 models). Declines could be related to earnings and speculation on the Fed which will provide the next rate hike determination and hint toward the future during the first week in May. Based on all the data, I am placing the bottom around 3922-3950. This will depend if the index starts moving down tomorrow or if another new high is reached. After this next bottom we should jump into the final strong rally of this uptrend possibly gaining 350-450 points over the course of 4 weeks. A perfect catalyst for this would be the Fed doing what is expected and hinting at a pause on rate hikes. While I do not agree it is a smart thing to do, it will be one of the many catalysts for the massive declines set to begin around mid-late June. Let’s play the drop, the big gain, and then its prevent defense time (after wave 4 down and wave 5 up).
SP:SPXShort
by StockSignaler
Dow Jones 6hr TF Despite the prevailing bearish sentiment surrounding the Dow Jones, my market analysis leads me to believe that the index is likely to experience a bullish movement, potentially reaching a level of 12852 before undergoing a reversal. This expected trend has significant implications for the gold market, as it could present an attractive buying opportunity for the precious metal. As the Dow Jones moves higher, investors may look to shift their focus towards safe-haven assets such as gold, seeking to mitigate the risks associated with market volatility. This increased demand for gold could push prices higher, making the metal a promising investment prospect. Furthermore, if the Dow Jones undergoes a reversal at 12852, gold may become an even more appealing investment option, as investors may seek to diversify their portfolios and protect against market uncertainty. This could drive demand for gold even further, potentially leading to additional price increases. Based on these market dynamics, I anticipate that gold may be available for purchase at an attractive buying zone of approximately 1950, making it an appealing option for investors looking to capitalize on potential price increases.
FX:USDOLLAR
by ChartStrategist
SHORT EUR/USDLooking at the current macroeconomic landscape, there are several factors that could contribute to a short setup for the EUR/USD pair on the daily timeframe. Here are some of the most significant factors: Interest rate differentials: The US Federal Reserve has indicated that it is likely to raise interest rates in the near future, while the European Central Bank is expected to keep rates low for some time. This means that the interest rate differential between the two currencies could widen, making the US dollar relatively more attractive to investors. Inflation expectations: Inflation expectations in the US have been rising, which could put upward pressure on interest rates and strengthen the US dollar. In contrast, inflation in the eurozone has been relatively low, which could keep the ECB from raising interest rates anytime soon. Political uncertainty: There is still some uncertainty in Europe surrounding the ongoing Brexit negotiations, as well as concerns about the rise of populist parties in some European countries. This could lead to increased volatility in the EUR/USD pair. Technical analysis: On the daily timeframe, the EUR/USD pair has been trending lower since the beginning of the year. There is currently a strong resistance level at around 1.1950, which has held multiple times in recent months. If the pair is unable to break through this level, it could be a sign that the trend is likely to continue lower. Based on these factors, it appears that there could be a short setup for the EUR/USD pair on the daily timeframe. However, it's important to note that the forex market is highly unpredictable, and there are always risks involved in trading. As always, it's important to do your own research and consult with a financial advisor before making any trades.
Short
by SKLAX_
AUDJPY Forecast: Fib Retracement Level and Support ConfluenceThe AUDJPY is currently in a downtrend on the 4-hour chart. On the 1-hour chart, it has broken a significant trendline and a key support level at around 88.600. I'm anticipating a retracement to this level, which also aligns nicely with the 618 Fibonacci retracement level of the latest impulsive move. To monitor price action at this level, I have set up an alert. However, I won't enter a trade immediately upon reaching this level. Instead, I'll be observing the price action closely before making any trading decisions.
Short
by natron