Daniel_Kostecki

Daniel_Kostecki

Looking at the S&P 500 futures chart we may spot a textbook corrective pattern. It is labeled as ABC where wave C is equal to wave A. It is also called one to one pattern. The top of wave C is currently potential strong resistance which could be difficult to break in the near future. If the line drawn through the bottoms is broken we could expect another...

Daniel_Kostecki

A month ago we have described a potential head and shoulders pattern on the oil futures market. According to this pattern, the textbook target may be located near 9-10 USD per barrel. This could be a still possible target for the price (if there were no contango and contracts rollover). In this area also the 161,8 fibo expansion is located. It should be...

Daniel_Kostecki

The price of WTI oil has reached the new low after a described earlier an irregular correction. As we mentioned in the previous analysis, the price of oil could be under pressure even after production cuts. Looking at the whole structure the price may head towards the 161,8 Fibo expansion near 10 USD per barrel. ________ Daniel Kostecki, Chief Analyst Conotoxia...

Daniel_Kostecki

ETHUSD still remains within the main upward channel, which has been created on the chart since mid-March. Its lower limit has stopped the last correction in ETH and currently, we may be observing an increase towards the last high. If the level of USD 176 is broken, then the way to the upper limit in the trend channel could be opened. Another potential resistance...

Daniel_Kostecki

On the German DAX index, we may observe a potential simple ABC correction. Wave C has stopped near a potential resistance set by a bearish gap. Also, the recent upward movement does not seem so strong to reach the upper limit in the main upward channel. What is more, the wave C is almost equal to 61,8 of wave A. If the line drawn through the bottoms is broken we...

Daniel_Kostecki

Because the price of gold has reached a new high, we have to change the Elliott wave count from a simple corrective pattern to an irregular or running correction. Only in this type of corrective patterns, the new high may be reached as a wave B. This wave also consists of three sub-waves. What is more, the upward movement has stopped at the upper limit in an...

Daniel_Kostecki

As we mentioned in the previous analysis, the price of WTI oil has accomplished the pattern of an irregular correction. Currently, the potential support at 23,52 USD seems to be broken and the new downward impulse wave may occur. As a consequence, the low of wave B may be broken in the near future and the way to the new lows may be open. ________ Daniel...

Daniel_Kostecki

On the daily chart of the S&P 500 futures contracts, we may observe a potential corrective pattern - a simple correction - labeled as ABC. The C wave consists of five sub-waves which is typical for an Elliott wave pattern. Thus, if the lower limit in an upward channel is broken we may expect a potential another sell-off. The next potential target could be located...

Daniel_Kostecki

In the previous analysis, we discussed the possibility of an irregular correction to appear. Under this pattern, the C wave could already end by the breaking of the upward trend line. As a result, a new downward impulse may occur and strengthen the Japanese currency. Around 109.32 remain the key potential resistance. Only overcoming this level could lead to a...

Daniel_Kostecki

In the previous analysis, we mentioned that an irregular correction labeled ABC may appear on the oil price chart. Since then, wave C has ended and the price of oil has started to fall. As a result, the irregular correction may have ended, which in turn may lead to a new downward impulse. Therefore, the area of USD 28.20 remains an important resistance point and...

Daniel_Kostecki

The price of BTC/USD has increased after a potential harmonic pattern which was described in the previous analysis. The potential resistance has been broken at 6515 USD and currently, the next one could be located near the line drawn through the tops as an upper limit in the downward channel. However, if it is broken we could expect another potential rally as a...

Daniel_Kostecki

Looking at the H4 chart of the German stock index DAX we may observe a potential ABC simple correction pattern. Last upward wave labeled as C consists of five subwaves. According to the Elliott wave theory this may be the end of the whole corrective pattern. What is more the fifth wave may create a double top pattern with the top of wave three. If the potential...

Daniel_Kostecki

Recently the large speculators has significantly reduced the short positions in the euro futures market. This seems to be a huge change in the positioning of the important market participants. This may suggest that the recent downward trend in the euro fx may be ended. This type of switch in positioning is a rare phenomenon so it could worth paying attention to...

Daniel_Kostecki

Looking at the H4 chart of the futures contracts on the US S&P 500 stock index, we may see a potential correction pattern. The last rebound on the US stock market reached about 50 percent of the first wave of declines that was triggered by the spread of the epidemic first in Asia and then on subsequent continents. According to the Elliott wave theory, the entire...

Daniel_Kostecki

The German stock market index - DAX - has reached described earlier target for an inverted head and shoulders pattern. The market has tested the area of 10389 pts. This is where the target has been located. Currently the some part of investors may take profits from their long positions which may calm down the recent upward movement. ________ Daniel Kostecki,...

Daniel_Kostecki

The EURUSD currency pair moved within the upper and lower limit in a downward trend channel. As we described this before the channel has been looking like a flag pattern or more complex zig zag. The market has broken the upper limit in the channel so potentially the euro may appreciate further. The possible next target for the euro bulls could be located near the...

Daniel_Kostecki

The USDJPY currency pair has created a possible corrective movement that looks like an irregular correction labeled as ABC. In this type of corrective waves the wave B breaks the low of the recent impulse wave and wave C breaks the top of wave A. Such a correction may have been creating on the USDJPY. What is more, if the line drawn through the bottoms is broken...

Daniel_Kostecki

After significant depreciation of the Canadian Dollar, the pair has created a potential ABC simple correction. Wave C seems to be almost equal to wave A what is very important from the market geometry point of view. What is more, wave C has stopped near potential support at the recent top. If the level of 1,3995 is defended we may expect an accumulation phase...