WellTrainedMonkey

WellTrainedMonkey

BTCUSD has reached my earlier ABCD downside target of $6,600 and appears to be holding well with higher than normal volumes. Would be looking for speculative longs with confirmation upon break of red down trendline. 2 potential scenarios:- #1 A counter-trend up move to $8,300 for c.+19% #2 A higher low off the Feb lows for an ABCD target of $12,500, +80%

WellTrainedMonkey Updated 

Rinse, wash, repeat. BTCUSD reversing at the 78.6% retracement level which suggests a CD leg down to $6,600.

WellTrainedMonkey

Couple of bearish cues on MU: #1 Potential weekly 3-drive pattern completion #2 Currently trading at 61.8% retracement of last All Time High #3 Potential ABCD completion in the 240M time frame #4 Huge volumes which suggest exhaustion, last hooray Min target would be the 38.2% retracement level around the $40-$43 level.

WellTrainedMonkey

Given the recent price action of AAPL, GOOG, FB and company, this should come as no surprise, but if anybody needs more convincing of the bear case, here you go.

WellTrainedMonkey

I have been struggling to find longs in this market but NCM is an Oz puppy I like to trade as a gold proxy. It is gappy, it is volatile and it will pop with gold. Stock has been trading in a nice channel for about 15 months with the lower range at c$20 and top range at c.$24. 240M MACD crossing over and stock is trading just around the bottom of the range. What...

WellTrainedMonkey

What do you buy when markets are burning all around you? Not crypto, good old fashion GOLD. GC1! is trading in a long-term ascending triangle formation with top line resistance at $1360. At the minimum, it is +2% topside and you can place a stop around the $1300 level for a 2:1 risk/reward and get some optionality in case gold does break upwards.

WellTrainedMonkey Updated 

TXN starting on a potential CD leg with a price objective of $86.50 which could stretch to $83 given the congestion zone between Mar to Jul.

WellTrainedMonkey

I know most folks on this website are not trading NovoB but it is always nice to see multiple patterns coming together to confirm a trade. So we have a potential CD leg forming on NovoB with a c.-40% downside target to the congestion zone between 180 to 200. What is interesting the completion of a 135 pattern which forms the BC leg of the larger ABCD. Still...

WellTrainedMonkey

Crude (Brent or WTI) broke out their respective consolidation range over the last few days and are completing an xABCD pattern. If you would to pull out the weekly chart for CB11, you should be able to trace out an ABCD completion. Downside projection suggest a low teen downside target to $60 for CB1! and $57 for CL1!. Most traders are looking at inventory...

WellTrainedMonkey

BTCUSD shorts watch out, for every seller there is a buyer. Negative price action is being massively soaked up with positive MACD divergence.

WellTrainedMonkey

ESA has been trading in an ascending wedge since the Feb correction and is now testing the 78.6% retracement level; Just like back in 1929 and 1987. I don't like the odds here so would be neutral...ok, bearish if you put a gun to my head. Trumpard is making me worried.

WellTrainedMonkey

The SX5E is a much narrower index relative to the Stoxx 600 (check out my earlier post) but you get the same bearish conclusion. The SX5E is constrained by a major downtrend line marked by the 2007 and 2015 market tops, it is building somewhat of a expanding megaphone pattern over the last year and a massive MACD divergence from the price action. The last major...

WellTrainedMonkey

I keep hearing how Europe is a better investment relative to the US but a quick look at the FY1! chart fails to convince me so. The price action is hitting a major resistance marked by market tops in 2007 and 2015, price action is forming a bearish expanding megaphone pattern with MACD divergence. The bear in me is growling to get out.

WellTrainedMonkey

This is a long-term weekly chart on QCOM which completed an extended ABCD at the $81 level on Jul'2014. Currently trading near the top of a pennant formation with a clearly defined stop-loss level (ie. upper bound of pennant) with a huge potential if QCOM does break down and start a continuation CD leg to $32. This is a company fighting with its major customer...

WellTrainedMonkey

I had previously posted my longer term short bias in the USDJPY and NKY but we all need to be aware price action is full of ebbs and flows; it is almost never a straight line up or down. The near term charts of the NY1 (240M) suggests the index is trying to stay north of a 19-month long uptrend with the potential for a CD leg to test 23.4k. Watch out for the...

WellTrainedMonkey

ETHUSD breaking a near-term downtrend trend (between 27 Feb to 5 Mar) to complete a potential 3 Drive formation at around the $920 which would test: 1) the H&S neckline; and 2) the 62.8 retracement level for the 18 to 23 Feb down move.

WellTrainedMonkey

Trade the range on TSLA with near-term CD leg to $390! Why? There is no why in TSLA, only do or not do. #CultofMusk

WellTrainedMonkey

How long can the BoJ maintain its zero yield curve targeting with the growing divergence between US rates, strong GDP numbers and Abe's strong arming of Japanese corporates to raise wages? Looking for the USDJPY to test 100 congestion zone in the medium term followed by the 91 handle over the longer term. Extrapolate the strength of the USDJPY to the DXY and...