Nickonomics

Nickonomics

I accidentally posted today's short-term price update elsewhere (see chart below). The current wave count and levels are drawn on this chart. Keep track of the pitchfork, as it defines the trend. As long as the price stays within it, there is no clear sell signal. Previous chart:

Nickonomics Updated 

The "Alternative wave count" from my previous update has become viable. The A-B-C structure of the last swing down suggests the price should make another high before attempting a deeper correction. At the same time, currect pullback may be more complex with prices moving down to $1640 area. Important price levels and suport/resistance zones are drawn on the chart.

Nickonomics Updated 

My last update contained a short-term Triangle pattern setup with target area 1670-1689. The strategy I suggested was going long just above Wave D of Triangle with a stop-loss near Wave E bottom. Everything went quite smoothly with prices breaking to $1720-s highs. Now it's time to switch to a longer-term chart and assess the trend pattern. According to my wave...

Nickonomics

Since the last update, the price has been consolidating within a Triangle pattern. Usually, Triangles are trend continuation patterns, which means new highs are quite possible. It is safer to wait for waves D and E to develop, and go long just above the Wave D top with a stop-loss below Wave E. Of course, an emerging Triangle can easily be transformed into a...

Nickonomics Updated 

Volatility hell broke loose yesterday evening with prices making wild swings. The pitchfork setup from the previous update proved valid as it signaled an 80-bucks sell-off. Still, the main bullish trend remains intact as seen in this daily chart: The market is trending in Wave 3 -- usually the strongest wave in the cycle. My view is that the price could make a...

Nickonomics

Strong upside momentum allows for new record highs every day. It's becoming more evident that the market is trending in the large Wave 3. The short-term chart (m15) shows a cluster of resistance @1563-1569. I would like to draw your attention to the Pitchfork: as long as the price stays within it, the micro trend is clearly bullish. The first sign of a pullback...

Nickonomics Updated 

BTCUSD is trending upwards in a technically fine channel. 1478 level is a convergence of 2 separate Fibo extensions, and it proved valid yesterday. There is no bearish divergence, so higher prices are yet to come. That being said, it is safer to wait for a deeper pullback before re-entering the trend.

Nickonomics

The rise in Bitcoin prices has been outstanding. My analysis shows an important resistance @1480, which was tested today and caused a pullback. My view is that opening new longs in this area is inefficient. I'd rather wait for a more substantial retreat before re-entering the trend.

Nickonomics

ECB's misfired "bazooka" allows for some high-yielding setups in the gold market. Barrick's Gold (ABX) is a leading worldwide producer of gold. "Theta Strategy One" generated a buy signal on Friday. First target is 15% away from current price.

Nickonomics

The wave count suggests new high is a matter of time. The main event-risk is Q3 earnings report due on Oct 22 after market. Target zone is 717-736.

Nickonomics

The 3-wave advance from August low seems to be complete. This sets the stage for a larger downtrend continuation. There is also a short-term H&S pattern, which should be confirmed on 4-hour candle close below 1946.

Nickonomics

A triangle breakout setup in USD/CAD. According to the wave count, the risk of downside scenario prevails. So, the move beyond 1.3155 would expose the 1.30 area. Alternatively, upside breakout would target 1.3413 fibo level. For more trading ideas, please, visit my Russian language blog at ru.tradingview.com I will try to make charts as clear as possible, so the...

Nickonomics

The idea is to go long EURGBP above 0.7310. This is an Elliott wave based setup.

Nickonomics

This is an Elliott wave based setup. According to our count, Wave 4 is either complete, or will be completed in the near-term. The criterion for entering long is a break of the red-dashed line of Andrews' pitchfork. For more trading ideas, please, visit my Russian-based profile at ru.tradingview.com

Nickonomics

Check out the charts for trading levels.

Nickonomics

Trading levels and possible scenarios are displayed above.

Nickonomics

As you can see on the right chart, the trend in EUR/GBP is clearly up, and recently a"Triangle" pattern has been forming. Now it looks like the price is going to make a break-out. The target is above 0.7421 high. Possible event-risk is UK GDP release due in 30 minutes.

Nickonomics

Revised US GDP figures turned out to be a lot more bullish than analysts had expected. The economy grew at an annualized rate of 3.7% in the second quarter, much stronger than the 3.2% rate markets were expecting, instead of the originally estimated 2.3%. Thus, GDP is now estimated to have grown by an average 2.15% during the first half of the year, even after the...