A Free Trial with TradingLounge's Trading Education
Click Elliott wave to watch video on youtube:- http://youtu.be/m9l1MmOJIto
Elliott wave
Dow Jones 12,087 +2.73%
Base Metals Positive
US Gold CFD: 1630
Oil WTI CFD: 97.30
Copper CFD: 336
US Dollar CFD: 80.20
EURUSD 1.3080
AUDUSD 1.0070
Dow Jones CFD 12,075
S&P500 CFD: 1238
FTSE 100 CFD: 5428
SPI CFD 4080
CFD Commodities
US Gold CFD: 1630
The move above 1600 helps clear up structure and target to the 38.2% at 1630 of course take this target with a pick of salt, lets allow the wave c of (iv) play out the wave c will have five wavesSliver has not made a new high and is likely to stay under the 30.00 TL3, this also make silver weaker but we knew this already and is the preferred shortOil WTI CFD: 97.30
Stocks and commodities are in their later stages of rally, there is more upside that should complete next session. The supply zone here is the MinorLevel 98.00 and the 61.8% retracement of the last trend, the 96.50 can develop as the interim support. Day trader can also work with 97.20 and 97.72Base Metals
US Spot Prices (in l/b)
US Copper: Last: 3.34+
US Nickel: Last: 8.46+
US Zinc: Last: 0.84+
US Aluminium Last: 0.88+Copper CFD: 336
The 61.8% retracement level is up near the 350 and we have to consider this as support has developed on 330 the top of Group1. We can see from the US Indices that there is more upside to play out the structures are two thirds completed and all of these markets are moving together, so copper should complete its rally between the 340 and 350 a guess would be 344 the pattern is an abc corrective rally and the price is in wave c which has five waves and within that it’s at the top of iiiForex
US dollar sharply lower across the board, as stocks drift higher as Housing Starts rise much higher than expected, up 9.3% in November. Many pairs are approaching their critical levels on the 4h charts; Usd/Chf lower, Cable higher and so on..... All eyes on the Aud/Usd now for even higher levels, as S&P shows more and more evidences of a low. A bullish close on the Wall Street today will be a confirmation.
US Dollar CFD: 80.20
The first high above the level (above 80) is in place, this is part of the bigger picture unfolding, the move down from the high above 81.00 is part of the corrective pattern and we have to work out what types of pattern and size. The first thing we can look at is the short term and we can look to the US Indices, we can track the wave count up for the DJ and SP to get some idea of what will happen here. Current he price is sitting above 80 but the time this session is over the price will probably break this support and move lower, the current move down firstly needs to be understood as five wave or three waves, if we get five waves down then after a abc rally there will be another five waves down making a larger ABC down a 5-3-5 Zigzag Elliott wave pattern. For the end of this session the price will stick to 80 and edge down, we will look at the wave structure so far in the video and trading any currency you could also use what is occurring here around 80 and the US Indices to get a feel for the market
EURUSD 1.3080
TradingLevels: From a tradinglevels perspective the current pattern at 131 is an ‘Overshoot’ pattern, simply meaning the price did not react a 131 on arrival it over shot it and the distance it overshot is the distance it will roughly fall back this is normally the first of more swings and the point being is that once it stops swinging and finds the 131 as support or resistance is where you pick up the direction, the swings will diminish into 131. The Elliott wave has an ending structure just above the 131, however you can use the tradinglevels to confirm and position your trades in a much safer way, it is nice to have the Elliott and the levels in the same direction, however when it comes to putting money down you are safer working off the levels as support or resistance because you are working with the volume and the psychology
Elliott Wave: Wave (iv) should be completed now above the 131 however the US Indices have further to push up…
Trading Strategies: if you were long on the 13030 SG1 then you have caught the trend up, but you would have also scaled out at SG2 and 131… and now waiting to see if the Wave (iv) is completed or is there further upside, either way you would monitor the unfolding price action across 131 to develop as support or resistance, if it is support then use SG1 if its resistance use SG2AUDUSD 1.0070
TradingLevels: expect to see a series of wave fours and fives play out across 1.01 today
Elliott Wave: counting an impulse wave up, I will outline this on the 5 minute chart in the video. The larger degree of Wave (D) of IV can be completed but let’s first see if the move up develops as a larger impulse wave or corrective, the main point is to trade the current structure up
Trading Strategy: A very clear impulse structure has emerged, once you understand the pattern and the levels you can trade with it, I will outline the path in the videoIndices
Dow Jones CFD 12,075
Technical Analysis
TradingLevels: The price work across both sides of 12,100 which is also the 61.8% retracement level of the move down from the 9th Dec, the Dow can rally higher to 12,200 as the Elliott wave structure up is suggesting, the SP500 resistance is 1250 a 72% rally if this becomes support then we have a larger structure up
Elliott Wave: The bounce of 1,200 for the SP500 came in on cue which in turn is the 11,800 for the Dow, we can work out the internal structure up but what does need confirming is working out is it a corrective rally or will new highs be made to 12500+. As you know we are working both wave counts bullish and bearish, I know this is not helpful as such, but we really do have to sit and wait for clarity in the structure
Trading Strategy: If your long above 11,772 then well done and wait for the price pattern to unfold at 12,100 that should be the top of a wave three so a wave four across 12,100 with another push higher into 12172. Locking is some profit here at 12,100 is sensible.S&P500 CFD: 1238
TradingLevels: Well the rally sure did come in quick based of US housing data, the current price 1235 is at the 50% retracement level of the Dec 9 drop, it can fail from here, but we should expect a little more upside to 1250, however, support must be found on top of SG1 1230 before 1250 can be viewed. Another point is that all the supply (sellers) start above 1230 so what you have seen over night is not what you’re going to get now, if the market is going to move up it will creep and short trades can be looked for soon
Wave count: Working the two structures still until the medium pattern becomes clear, the move up can be a corrective rally or wave 1 of a larger five wave structure, so keep all trading in the sublevels
Trading Strategies: expecting a move down to 1230 as wave four then a push higher for wave five, the resistance is 1250 these are sublevels, there are MicroLevels if your day trading.FTSE 100 CFD: 54.28
TradingLevels: The rally up has been quite strong but it has not rally as far as the US indices in relationship to the last highs in early Dec.
Elliott Wave: The rally up is developing into an impulse wave (five waves) the current prices are near the top of wave three, you should be able to count this up, so wave four and five to go then a corrective pattern down abc?
Day Trading Strategies: day trading the sublevels with the understanding of the wave count
SPI CFD 4080
Technical Analysis
TradingLevels: The FSTE and the SPI have not rallied as far as the US Indices, that is the relationship to the previous highs, not that this is a big deal, it just points out the weakness of the FSTE and the SPI markets.
Elliott Wave: The Triangle pattern mentioned yesterday and the supporting trendline seem to be in tune with the bounce off the SP500 1200 61.8% support. The current move up is developing nicely as an impulse wave and should the SPI should move to 4150 where the resistance basically starts
Day Trading Strategies: The SG2 {4065|4072|4080} played out nicely. The SG1 of 4100 {4110|4120|4130} will try and hold the price to 4100, if the price finds support on top of SG1 4130 then you can trade to the Midpoint 4150 exit and wait for support to move back in.Summary
Nice intraday impulse wave up across markets,, the move was off the 1,200 61.8% retracement level of the SP500 the catalyst news was the US house stats. The impulse wave up in most cases in just over two thirds complete.
The unanswered question is still the medium term view or the Minor Wave within the Elliott structure about the market being bullish or bearish.
The Bullish structure would count like this; the impulse wave last night that is not completed yet would make wave (i) of a larger five wave structure up, which would take the Dow above 12,500…
The Bearish structure would keep the current December highs in place.Weekly bullish cycle can see Wednesday with the weekly high or rather its Thursday that Gaps open then trades down for the day, creating the weekly high. The Wednesday is more of a V shape trading day with higher close.
Trading QuoteTechnical Analysis is the religion of trading - TradingLounge
Today's Financial Events
Time Currency Detail Forecast Previous
8:45am NZD Current Account -0.92B
8:45am NZD Visitor Arrivals m/m -7.8%
10:30am AUD MI Leading Index m/m -0.3%
10:50am JPY Trade Balance -0.28T -0.46T
1:00pm NZD Credit Card Spending y/y 7.9%
Tentative JPY Monetary Policy Statement
Tentative JPY Overnight Call Rate <0.10% <0.10%
Tentative JPY BOJ Press Conference
6:00pm EUR German Import Prices m/m 0.6% -0.3%
Tentative EUR Italian Prelim GDP q/q 0.0% 0.3%
8:30pm GBP MPC Meeting Minutes 0-0-9 0-0-9
8:30pm GBP Public Sector Net Borrowing 13.5B 3.4B
12:30am CAD Core Retail Sales m/m 0.4% 0.5%
12:30am CAD Retail Sales m/m 0.4% 1.0%
1:00am EUR Belgium NBB Business Climate -11.1 -12.2
2:00am EUR Consumer Confidence -21 -20
2:00am USD Existing Home Sales 5.04M 4.97M
2:30am USD Crude Oil Inventories -1.9M
Tentative USD Treasury Currency Report
NOTES:
1. Check the Dividend & Reporting section for your stock on this site before trading
2. Prices may change as this Technical Analysis report is written from 3.30 – 6.30AM
3. Always think things out for yourself, we are only here to bounce ideas around.
Free Stuff on Technical Analysis is available on TradingLounge.com.au site!
Click Elliott wave to watch video on youtube:- http://youtu.be/m9l1MmOJIto
Elliott wave
Dow Jones 12,087 +2.73%
Base Metals Positive
US Gold CFD: 1630
Oil WTI CFD: 97.30
Copper CFD: 336
US Dollar CFD: 80.20
EURUSD 1.3080
AUDUSD 1.0070
Dow Jones CFD 12,075
S&P500 CFD: 1238
FTSE 100 CFD: 5428
SPI CFD 4080
CFD Commodities
US Gold CFD: 1630
The move above 1600 helps clear up structure and target to the 38.2% at 1630 of course take this target with a pick of salt, lets allow the wave c of (iv) play out the wave c will have five wavesSliver has not made a new high and is likely to stay under the 30.00 TL3, this also make silver weaker but we knew this already and is the preferred shortOil WTI CFD: 97.30
Stocks and commodities are in their later stages of rally, there is more upside that should complete next session. The supply zone here is the MinorLevel 98.00 and the 61.8% retracement of the last trend, the 96.50 can develop as the interim support. Day trader can also work with 97.20 and 97.72Base Metals
US Spot Prices (in l/b)
US Copper: Last: 3.34+
US Nickel: Last: 8.46+
US Zinc: Last: 0.84+
US Aluminium Last: 0.88+Copper CFD: 336
The 61.8% retracement level is up near the 350 and we have to consider this as support has developed on 330 the top of Group1. We can see from the US Indices that there is more upside to play out the structures are two thirds completed and all of these markets are moving together, so copper should complete its rally between the 340 and 350 a guess would be 344 the pattern is an abc corrective rally and the price is in wave c which has five waves and within that it’s at the top of iiiForex
US dollar sharply lower across the board, as stocks drift higher as Housing Starts rise much higher than expected, up 9.3% in November. Many pairs are approaching their critical levels on the 4h charts; Usd/Chf lower, Cable higher and so on..... All eyes on the Aud/Usd now for even higher levels, as S&P shows more and more evidences of a low. A bullish close on the Wall Street today will be a confirmation.
US Dollar CFD: 80.20
The first high above the level (above 80) is in place, this is part of the bigger picture unfolding, the move down from the high above 81.00 is part of the corrective pattern and we have to work out what types of pattern and size. The first thing we can look at is the short term and we can look to the US Indices, we can track the wave count up for the DJ and SP to get some idea of what will happen here. Current he price is sitting above 80 but the time this session is over the price will probably break this support and move lower, the current move down firstly needs to be understood as five wave or three waves, if we get five waves down then after a abc rally there will be another five waves down making a larger ABC down a 5-3-5 Zigzag Elliott wave pattern. For the end of this session the price will stick to 80 and edge down, we will look at the wave structure so far in the video and trading any currency you could also use what is occurring here around 80 and the US Indices to get a feel for the market
EURUSD 1.3080
TradingLevels: From a tradinglevels perspective the current pattern at 131 is an ‘Overshoot’ pattern, simply meaning the price did not react a 131 on arrival it over shot it and the distance it overshot is the distance it will roughly fall back this is normally the first of more swings and the point being is that once it stops swinging and finds the 131 as support or resistance is where you pick up the direction, the swings will diminish into 131. The Elliott wave has an ending structure just above the 131, however you can use the tradinglevels to confirm and position your trades in a much safer way, it is nice to have the Elliott and the levels in the same direction, however when it comes to putting money down you are safer working off the levels as support or resistance because you are working with the volume and the psychology
Elliott Wave: Wave (iv) should be completed now above the 131 however the US Indices have further to push up…
Trading Strategies: if you were long on the 13030 SG1 then you have caught the trend up, but you would have also scaled out at SG2 and 131… and now waiting to see if the Wave (iv) is completed or is there further upside, either way you would monitor the unfolding price action across 131 to develop as support or resistance, if it is support then use SG1 if its resistance use SG2AUDUSD 1.0070
TradingLevels: expect to see a series of wave fours and fives play out across 1.01 today
Elliott Wave: counting an impulse wave up, I will outline this on the 5 minute chart in the video. The larger degree of Wave (D) of IV can be completed but let’s first see if the move up develops as a larger impulse wave or corrective, the main point is to trade the current structure up
Trading Strategy: A very clear impulse structure has emerged, once you understand the pattern and the levels you can trade with it, I will outline the path in the videoIndices
Dow Jones CFD 12,075
Technical Analysis
TradingLevels: The price work across both sides of 12,100 which is also the 61.8% retracement level of the move down from the 9th Dec, the Dow can rally higher to 12,200 as the Elliott wave structure up is suggesting, the SP500 resistance is 1250 a 72% rally if this becomes support then we have a larger structure up
Elliott Wave: The bounce of 1,200 for the SP500 came in on cue which in turn is the 11,800 for the Dow, we can work out the internal structure up but what does need confirming is working out is it a corrective rally or will new highs be made to 12500+. As you know we are working both wave counts bullish and bearish, I know this is not helpful as such, but we really do have to sit and wait for clarity in the structure
Trading Strategy: If your long above 11,772 then well done and wait for the price pattern to unfold at 12,100 that should be the top of a wave three so a wave four across 12,100 with another push higher into 12172. Locking is some profit here at 12,100 is sensible.S&P500 CFD: 1238
TradingLevels: Well the rally sure did come in quick based of US housing data, the current price 1235 is at the 50% retracement level of the Dec 9 drop, it can fail from here, but we should expect a little more upside to 1250, however, support must be found on top of SG1 1230 before 1250 can be viewed. Another point is that all the supply (sellers) start above 1230 so what you have seen over night is not what you’re going to get now, if the market is going to move up it will creep and short trades can be looked for soon
Wave count: Working the two structures still until the medium pattern becomes clear, the move up can be a corrective rally or wave 1 of a larger five wave structure, so keep all trading in the sublevels
Trading Strategies: expecting a move down to 1230 as wave four then a push higher for wave five, the resistance is 1250 these are sublevels, there are MicroLevels if your day trading.FTSE 100 CFD: 54.28
TradingLevels: The rally up has been quite strong but it has not rally as far as the US indices in relationship to the last highs in early Dec.
Elliott Wave: The rally up is developing into an impulse wave (five waves) the current prices are near the top of wave three, you should be able to count this up, so wave four and five to go then a corrective pattern down abc?
Day Trading Strategies: day trading the sublevels with the understanding of the wave count
SPI CFD 4080
Technical Analysis
TradingLevels: The FSTE and the SPI have not rallied as far as the US Indices, that is the relationship to the previous highs, not that this is a big deal, it just points out the weakness of the FSTE and the SPI markets.
Elliott Wave: The Triangle pattern mentioned yesterday and the supporting trendline seem to be in tune with the bounce off the SP500 1200 61.8% support. The current move up is developing nicely as an impulse wave and should the SPI should move to 4150 where the resistance basically starts
Day Trading Strategies: The SG2 {4065|4072|4080} played out nicely. The SG1 of 4100 {4110|4120|4130} will try and hold the price to 4100, if the price finds support on top of SG1 4130 then you can trade to the Midpoint 4150 exit and wait for support to move back in.Summary
Nice intraday impulse wave up across markets,, the move was off the 1,200 61.8% retracement level of the SP500 the catalyst news was the US house stats. The impulse wave up in most cases in just over two thirds complete.
The unanswered question is still the medium term view or the Minor Wave within the Elliott structure about the market being bullish or bearish.
The Bullish structure would count like this; the impulse wave last night that is not completed yet would make wave (i) of a larger five wave structure up, which would take the Dow above 12,500…
The Bearish structure would keep the current December highs in place.Weekly bullish cycle can see Wednesday with the weekly high or rather its Thursday that Gaps open then trades down for the day, creating the weekly high. The Wednesday is more of a V shape trading day with higher close.
Trading QuoteTechnical Analysis is the religion of trading - TradingLounge
Today's Financial Events
Time Currency Detail Forecast Previous
8:45am NZD Current Account -0.92B
8:45am NZD Visitor Arrivals m/m -7.8%
10:30am AUD MI Leading Index m/m -0.3%
10:50am JPY Trade Balance -0.28T -0.46T
1:00pm NZD Credit Card Spending y/y 7.9%
Tentative JPY Monetary Policy Statement
Tentative JPY Overnight Call Rate <0.10% <0.10%
Tentative JPY BOJ Press Conference
6:00pm EUR German Import Prices m/m 0.6% -0.3%
Tentative EUR Italian Prelim GDP q/q 0.0% 0.3%
8:30pm GBP MPC Meeting Minutes 0-0-9 0-0-9
8:30pm GBP Public Sector Net Borrowing 13.5B 3.4B
12:30am CAD Core Retail Sales m/m 0.4% 0.5%
12:30am CAD Retail Sales m/m 0.4% 1.0%
1:00am EUR Belgium NBB Business Climate -11.1 -12.2
2:00am EUR Consumer Confidence -21 -20
2:00am USD Existing Home Sales 5.04M 4.97M
2:30am USD Crude Oil Inventories -1.9M
Tentative USD Treasury Currency Report
NOTES:
1. Check the Dividend & Reporting section for your stock on this site before trading
2. Prices may change as this Technical Analysis report is written from 3.30 – 6.30AM
3. Always think things out for yourself, we are only here to bounce ideas around.
Free Stuff on Technical Analysis is available on TradingLounge.com.au site!
No comments:
Post a Comment