ETH seems to be setting up for this pattern, the question remains if it would break out to the upside of this pattern.
That depends on how the charts will look like in a few weeks.
We will probably see either a sharp incline following the current purple curve, or see some bearisch cool down.
The later is becomming more probable as the hyperbollic structure has already been broken on smaller time frames.
The DXY has been in a channel for a long time.
Gold has been in a consolidation since it's last highs.
One could say GOLD is in a bull flag pattern.
I've been observing an inverse correlation between the DXY and XAUUSD for a while now.
IF DXY breaks down from it's channel it might just shoot XAUUSD out of it's consolidation (upwards).
Levels to watch are the...
Mega wave 2 would be the Mega A-B-C from the dotcom bubble, to the crash, to the great recession. Since then a wave 3 started, which has not yet ended.
Most recent december's crash (year ago) would be wave 4 of the mega wave 3 according to this count.
Fibonacci as suport and resistance levels.
The long targets are sofar arbitrary, as predicting a new ATH is very...
Mega wave 2 would be the Mega A-B-C from the dotcom bubble, to the crash, to the great recession. Since then a wave 3 started, which has not yet ended.
Most recent december's crash (year ago) would be wave 4 of the mega wave 3 according to this count.
Fibonacci as suport and resistance levels.
The long targets are sofar arbitrary, as predicting a new ATH is very...
We can clearly see there is a H&S on the monthly, when we take the hight from the top to the neckline and invert it we get a target of -18 usd for Silver.
(for those not aware, ofcourse this is sarcasm)
After 31-10-2019's close below the 200SMA the DXY is still on the low side of the channel.
A close below 97 would confirm the DXY leaving it's bullish channel.
As Gold was bull flagging, completing an A-B-C-D-E wave,
it also formed a reverse H&S,
Several bullish hammers on the lows (also contrasted to some bearish on the highs)
And a breakout of a trend line.
What more would you like?
In my opinion the trend is bullish for now.
But please keep showing contrasting idea's as we shouldn't get too biased.
The late correction might become the end of an wave 2, possibly setting out for a bullish wave 3.
Just completed the A-E pattern, within a possible bull flag.
MACD is also turning back around.
I will also explore the other sentiment soon.
If you see something different in the charts feel free to broaden my view.
From this perspective the QQQ has been in a rising wedge.
One could also argue it looks like a big H&S pattern is forming.
Once could even argue that a 1-2-3-4-5 wave has completed since december (wave 3 and 5 being very short compared to 1).
Shall we finally get a pull back on the big indices?
A continued downtrend taking out the 200sma might confirm this suspicion.
After a sharp rise of about 12% the RSI has become highly overbought.
Fundamentals for this company don't look to good with massive losses. Based on this I would say this stock is far from a fair value.
It looks like snapchat started to tumble over. For now I'm eyeing at 7 usd as a target.
Depending on what the general stockmarket is doing we can expect it to...
I was thinking for a long time that this upwardswave (sinds december) could have been a wave 4, until this became invalidated.
Therefore I believe we could be in an wave 4/begin of wave 5 of a bigger wave 5.
I don't think this will go much higher than the ATH, as the oscillators are pointing more towards oversold conditions.
After 11 days of consecutive green candles we finaly see our first red candle.
With this we directly break down our ascending wegde, indicating more downwards movement might follow.
The next two days will be critical to confirm this idea.
Alessio Rastani pointed this possible correlation out. I've just overlayed the two charts.
It seems like the SPX and TLT (20 year bonds) are inversly correlating the last few weeks. The TLT seems to be on strong support.
If this correlation is correct, and will hold for the future than this trend line on the TLT might be an important one.
This has been forming a long and slow top, often making new unexpected highs.
The probability that this tumbles over becomes increasingly higher, but markets can always go on longer than we expect them to, so be carefull.
MACD about to cross, RSI relatively high (and losing steam), 200SMA as resistance (interesting level to keep watching)
red = 200 sma
orange =...
I have been waiting for a while now on the completion of a cup and handle pattern on Silver.
Combined with the MACD signal and the ascending divergence of the RSI an upwards move is probable.
Especially with the DXY getting weaker.
But also keep in mind the RSI is already relatively high and a lot of resistance levels can be found in an upwards move.
I've been keeping an eye on the dollar strength index in correlation to the american indices. It seems that the DXY is losing some strength by breaking down these support lines.
In my opinion this could have an effect on the american indices like the S&P.
(here on the chart the current future contract of the S&P is compared to the dollar strength index)
![XAUUSD: [short term] long gold setup](https://s3.tradingview.com/t/t8kts5g7_mid.png "[short term] long gold setup")
