Daniel_Kostecki

Daniel_Kostecki

Looking at the price of silver futures contracts we may spot a significant pullback after a strong rally. However, it is worth mentioning what happened just before the upward movement. The price of silver consolidated since 2016 within a range of 21,30 - 13,71. This period may be recognized as a potential accumulation phase of the market which lasts about three...

Daniel_Kostecki

Looking at the gold market we may spot a price decline within a potential downward channel. What is more, the whole structure looks like a potential ABC simple correction pattern. If this assumption is correct we could expect that the current wave C may be finished around the support zone at 1788-1750 USD. The C waves are often the strongest ones within a...

Daniel_Kostecki

The exchange rate of ETHUSD has been moving recently within a potential expanding wedge pattern. Its upper and lower limits may set the potential resistance and support areas. What is more, the price of ETH is approaching the price target from the double bottom pattern. Since the March low we’re observing a huge rally toward 645 USD, where the potential target is...

Daniel_Kostecki

The price of bitcoin has reached the highest level since December 2017 and still seems to be rising towards record highs. What is more the price this week accelerated which could be typical for the strongest wave in an impulse wave. From the technical point of view the key area may be located between 161,8 Fibo expansions 20484 - 21287 USD. This could be a...

Daniel_Kostecki

Looking at the chart of S&P 500 we may spot a potential bearish harmonic pattern. This type of formation may be also supported by huge shooting star candlestick pattern. From the technical point of view these types of patterns are bearish once. As a consequence in the mid-term we would expect a downward movement which may be confirmed by the 3540 potential...

Daniel_Kostecki

The EUR/USD exchange rate seems to be still consolidating between the two levels. Potential resistance is set by the previous top at 1,1965 and potential support is located at 1,1612 where the possible correction has ended. According to the Elliott wave theory the market, after the corrective fourth wave, may create an upward movement labeled as a fifth wave. The...

Daniel_Kostecki

The price of Ripple has been rising for three weeks in a row. Therefore, the price has reached the highest level since late August. From the technical point of view, the current upward movement may be the next impulse wave which may occur after abc running correction. If the recent top at 0,3273 USD is broken the price may extend a rally to the line drawn by the...

Daniel_Kostecki

The price of Litecoin has reached the highest level since the end of February. As a consequence, the resistance at 68,50 USD seems to be broken. This may open the way to the next possible resistance at 84,50 USD. What is more, the market may create a potential expanding wedge pattern. Its upper limit may be also a potential resistance and target for the Litecoin...

Daniel_Kostecki

Looking at the German DAX index we could spot a potential V-shape reversal pattern. DAX has reached the target for the bears which was mentioned in our previous analysis at 11545. Since then the market bounced back. It seems that the worse Q4 2020 in the German economy has been discounted by the market and currently the index is trying to evaluate the rebound in...

Daniel_Kostecki

There is one day left to the end of the weekly chart. Currently, it could be considered disadvantageous for the market bulls and could look great for the market bears. The market has pulled back from the record highs and is trying to create a potential shooting star candlestick pattern. What is more, if the weekly candle closes below the previous top at 3590 it...

Daniel_Kostecki

The USDJPY exchange rate has been forming a potential falling wedge pattern since March 2020. The market is trying to break the upper limit within a mentioned formation after testing its lower limit. What is more, the pair has also tested and defended the 78,6 Fibo expansion. If the current upward trend persists and the upper limit of the wedge is broken, we may...

Daniel_Kostecki

The news about the possible vaccine helped the markets to create a strong impulse wave. As a consequence, the S&P 500 futures contracts have reached the highest level in history. However, from the technical point of view, the recent structure with current upward movement may be labeled as XABCD harmonic pattern. So now the wave D may be created with a potential...

Daniel_Kostecki

In our previous analysis about EURUSD currency pair we have mentioned an Elliott wave structure. It seems that the market has been moving according to the wave theory. After possible wave 4 labeled as abc the exchange rate rallied as possible wave 5. The possible targets for an upward movement are set by Fibonacci expansions. The first one could be set at 100%...

Daniel_Kostecki

The price of Bitcoin has jumped to the highest level since January 2018 reaching almost USD 15000 level. In our recent analysis we have mentioned a running correction labeled as abc. The market has confirmed the end of the correction and the new impulse wave by breaking an upper limit within the upward channel. The current upward movement is even larger than the...

Daniel_Kostecki

The price of gold has been consolidating around 1900 USD since the beginning of October. The current consolidation looks like the one observed in August. When it has finished the price dropped and the new consolidation has been created. If the scenario repeats itself we may expect another drop as wave C. Then the whole correction labeled as “ABC” could be...

Daniel_Kostecki

The EUR/USD currency pair has been creating a potential impulse wave pattern known from the Elliott wave theory. It seems that since September till now the market has created a potential corrective wave 4 labeled as abc. Wave a and c has stopped near key support at 1,1600. If the current count is correct we may expect another impulse wave as wave 5. It could be...

Daniel_Kostecki

Looking at the daily chart, the USD/JPY pair is still defending support in the area of 104.20 yen per dollar. A potential triple bottom formation has emerged in this area, which may indicate increased activity of USD/JPY buyers in this area. On the other hand, however, the recent increases seem to be limited by the line drawn through the tops, which began at the...

Daniel_Kostecki

The DJIA index after the previous slump has retraced back to the bearish gap from February. The gap seems to be a strong area of resistance which has stopped DJIA rally twice. As a consequence, we may expect a potential double top pattern to be formed. So if the 26536 low is broken we could expect a further downward movement toward the textbook target located at...