Daniel_Kostecki

Daniel_Kostecki

The recent sharp upward movement on the oil market caused by Donald Trump’s tweets looks like a possible wave C in a larger corrective movement. Previously the price of crude oil has reached the new low and has created a potential wave B which consists of three waves down. Before wave B we may spot a nice sharp rally which could be labeled as wave A. Currently the...

Daniel_Kostecki

The EUR/USD currency pair has been moving within a downward trend channel. Its upper and lower limits may be the nearest resistance and support levels. The next possible support may be located at 1,0831. The mentioned channel looks like a flag pattern after a strong upward movement. So it may be only a correction. If the upper limit in the channel is broken we...

Daniel_Kostecki

Looking on the daily chart of the GBP/PLN currency pair we may spot a strong upward movement that is trying to break a potential resistance set by the previous top at 5,17. The current rally may be the consequence of a previously described harmonic pattern which looks like a Gartley pattern. Using a Fibo expansion tool we may spot other potential targets for the...

Daniel_Kostecki

After a corrective movement which has appeared as a consequence of previous strong downward trend the ES.F price has created a potential double top pattern with the key resistance at 2634 pts. If this level is defended we may expect another plunge in the futures market. The level of 2445 pts. should be broken to confirm the new sell-off with potential target at...

Daniel_Kostecki

The German DAX index remains in consolidation within 9463 and 10027 pts. range. It is a potential consolidation period after a neckline breakout. Therefore, it may still be possible to create another upward movement after an inverted head and shoulders pattern. The textbook target is located at 10389 pts. The nearest support could be located at 9463 and 9164...

Daniel_Kostecki

Let’s take a look at the daily chart of ETH/USD. Here we may spot a potential impulse wave structure known from the Elliott wave theory. Currently, the possible wave 4 may have formed with potential resistance at the 23,6, 38,2 and 50 percent retracement of wave 3. If the resistance is defended we may expect another wave down as wave 5. If that happens the...

Daniel_Kostecki

On the H4 chart of the Australian stock exchange index ASX we may observe a potential inverted head and shoulders pattern. It seems that her right arm may have occur on the level at which the left arm appeared. It is therefore possible a strong level of support - 4811 points. If the horizontal neckline is broken (5355 points) then a path may open for further...

Daniel_Kostecki

The previously described double bottom formation on the GBP/USD pair has been realized. After breaking the potential resistance in the area of 1.1934, the pair then moved towards the target level, which was at 1.2430. Currently, the we may observe potential profit taking as the market has achieved its textbook target. Nevertheless, it is worth remembering that...

Daniel_Kostecki

Looking at the silver price chart, we may see the potential wave structure known from Elliott Wave Theory. The current price rebound could be marked as the fourth wave after a strong downward impulse, as a possible third wave. The potential range for the fifth wave may therefore be located in the area of 61.8 or 100 percent measuring relative to the first wave....

Daniel_Kostecki

The double-bottom pattern described earlier on the GBP/USD pair seems to be continuing. The pair broke the resistance in the area of 1.1934 and seems to be systematically heading towards the potential destination in the area of 1.2430. This is where the textbook target for this pattern is located. Meanwhile, the level of 1.1934 remains the closest possible...

Daniel_Kostecki

On the H2 chart of the USD/CHF pair, a potential simple correction may take place which forms inside the downward channel. At this time, to confirm the correction structure, the lower limit in the trend channel is crucial. If it is defended with a 100 percent Fibo expansion of at the level of 0.9657, it could be possible that the market may return towards the line...

Daniel_Kostecki

A potential simple ABC correction has been described in an earlier analysis (PL version). After that the pound quite quickly gained against the zloty, which also allowed to mark another potential pattern - harmonic pattern. It is a possible bullish harmonic structure, which theoretically could mean an attempt to create an upward movement to the area of the first...

Daniel_Kostecki

Since the UK government has decided to change its tactics in the fight against coronavirus, it seems that the pound has stopped weakening. In addition, as many Dollars may appear on the market as it is needed thanks to the Fed actions. This, in turn, could lead to stopping the GBP/USD drop by plotting a potential double bottom pattern in the area of 1.1446. If...

Daniel_Kostecki

The German DAX index definitely overcame the upper limit in the upward channel. Thus, it shows how much determination have bulls. However, thanks to this, the price approached the previously described range for the target of the potential inverted head and shoulders pattern. The textbook target is at the level of 10389 points. Just below it, the resistance may be...

Daniel_Kostecki

The German index DAX is trying to break the potential neckline we discussed in yesterday's analysis. It is located at 9164 points. Currently, the market is above this line, which may lead to an increase towards the upper limit in the trend channel or even towards the target for the inverted head and shoulders pattern - 10389 points. Additionally, it's worth...

Daniel_Kostecki

Bitcoin has responded to the harmonic pattern described earlier, which looks like a Gartley pattern. This is a potential bullish structure. However, to confirm the pattern, the market should permanently break the key resistance at 6515 USD. If the current weekly candle closes above this level, it could be expected that there would be a potential further increase...

Daniel_Kostecki

On the daily or weekly chart, the German DAX reached a key support level, which was mentioned in our previous analyzes. In this area, a potential inverted head and shoulders formation began to form on the H4 chart. The key support seems to be in the area of 8228 points. Meanwhile, around 9164 points may be the key resistance. There may also be a neckline. If it is...

Daniel_Kostecki

The USD/JPY has been testing the upper limit in the long-term triangle pattern for the second time, which has been forming on the chart since 2016. Quite recently, in February, the potential resistance was tested and defended. Then the price dropped to around 101.30. Nevertheless, at closing prices support was defended at 104.56. As a result, the resistance is...