MngomezuluCapital

MngomezuluCapital

The Nasdaq has been moving in a very strong uptrend for most of the year, but it looks like we are starting to get some bearish signals as price has not only started to make lower lows and highs, but we have also broken out of one of our dynamic levels of support. Price has been moving impulsively towards the downside since then, thus this seems to indicate to us...

MngomezuluCapital

Gold is giving us a really simple bearish setup as price has broken below a key level of support at 1951.614 and it has broken out of our previous level of dynamic support. I will be looking to short this once price comes back to retest and reject the 1951.614 level and holds it as new resistance. A safer entry would be to wait for price to break below the 1903...

MngomezuluCapital

Currently holding a trade I placed on Bitcoin last weekend as it looks like the market has given us confirmation that Bitcoin is going towards the upside and that this bullish trend is valid. Not only did we have a change of character earlier in the year when price broke above the major lower high at 25318, but we have also continued to make a higher high and...

MngomezuluCapital

Holding a medium term sell on GBPJPY as I believe it has been overbought and will correct before pushing back to the upside. As you can see price has failed to break above our dynamic level of resistance and this rejection shows that sellers are about to take control of the market. If price breaks below our 180.637 level of support this will further validate the...

MngomezuluCapital

Price did not reach my initial level for entry as described in my previous post however, we have received solid confirmation to enter as we have formed a triple zigzag on the lower timeframe which is a corrective Elliot wave pattern which is usually followed by an impulse. Furthermore, we have received a break and multiple tests of our 33580.06 level of support....

MngomezuluCapital

Looking to take a short term buy on US 30 when price retests the 33489.49 level of support. Price has broken out of the descending trendline and given us a pullback as well which shows that this a strong buy. Furthermore, we are still forming our 3rd primary wave of C in the cycle and the 3rd Elliot Wave is always the longest and most violent, so this increases...

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From the beginning of this year US 30 has been moving in a corrective fashion due to the fact that we are forming our 2nd corrective wave in the Supercycle. Based on my Elliot Wave analysis we are in the second wave of the Grand Supercycle which means we should see two impulsive moves towards the downside and one corrective move to the upside. As long as price...

MngomezuluCapital

GBPUSD has broken below the 1.12915 level which was previously acting as support and has now turned into support. Add this with the fact that price has broken out of its trendline and is making lower lows and highs, this has given us enough confirmation to take a selling position. We are currently in our third intermediate wave of the 5th primary waves so price...

MngomezuluCapital

As you can see price on the EURGBP is starting to form its fifth and final wave in our Elliot wave pattern, thus we should see price continue to rise in the coming weeks, justifying this breakout from the descending wedge which usually indicates a bullish reversal in price.

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Be aware of potential shorts on the GBPUSD as price looks like it could breakout and go lower and continue the bearish slide we've seen in recent weeks. The DXY (Dollar index) does not look like it will be getting weaker anytime soon as bullish momentum should continue thus the GBPUSD should do the inverse.

MngomezuluCapital

As you can see price has been ranging between the 2.03084 and 1.88639 level over the past 2 years on GBPNZD. These levels have acted as major support and resistance in the past and have always preceded a major move to the up or downside. We can now see that price has rejected the 1.88639 zone for a fourth time very aggressively which tells us that the bulls have...

MngomezuluCapital

As you can see the USDZAR has been in a bear market since around April 2020 but has created bullish market structure for the majority of the year since March 2021. This has led to price giving us a descending trendline pattern which looks like it is about to be broken as the dollar seems to be getting stronger very aggressively. Furthermore, we are in our third...

MngomezuluCapital

Looking to take short positions on the EURUSD once it breaks out of this rising wedge pattern, which is usually the indication of a bearish reversal, as we can see the EURUSD has been making lower lows and lower highs on a macro perspective. Once price rejects the 1.00894 level as resistance we could see price action fall all the way to 0.99149 and if the dollar...

MngomezuluCapital

Taking a buy position on GBPUSD as the entry requirements from my previous post were met.

MngomezuluCapital

Price has met the entry requirements from my previous post thus I have taken a buying position. Furthermore, the dollar seems to have reached its top as the Dollar Index has given us bearish reversal signals.

MngomezuluCapital

Taking a short as my entry requirements from the previous post were filled.

MngomezuluCapital

Looking to take a buying position on EURUSD should price give us another retest of the descending channels trendline resistance and a breakout.

MngomezuluCapital

Should price hold the 1.18504 level as support and break out of our descending channels trendline resistance, I will be taking a long trade on the close of the 4H candle.