Elliott Wave Theory, TradingLevels Method, Pattern recognition and Price and volume analysis used on global market drivers to understand market direction for the Australian Stock Market Share Trading and CFD Trading for our daily trades which we then use Mechanical trading methods tradinglounge.com. for a FREE TRIAL.
Shares Technical Analysis Report
Dow Jones – 12,142 +0.37%
Base Metals Negative
US Gold CFD: 1713
Oil WTI CFD: 101
Copper CFD: 357
US Dollar CFD: 78.37
EURUSD 1.34
AUDUSD 1.0240
Dow Jones CFD 12,137
S&P500 CFD: 1255
FTSE 100 CFD: 5567
SPI CFD 4300
News
NEW YORK -(Dow Jones)- U.S. blue-chip stocks rose but other indexes fell slightly, as investors weighed credit downgrade warnings for euro-zone nations with hopes that this week's summit of European leaders will yield results that combat the sovereign-debt crisis.The Dow Jones Industrial Average rose 35 points, or 0.3%, to 12133 in early-afternoon trade Tuesday. The action follows a choppy Monday in which the blue-chip Dow finished up 78 points, part of a 7.8% surge over the last six trading days.
CFD Commodities
US Gold CFD: 1713
This market is now clearly displaying an impulse wave down (five waves) so we should soon see and abc three wave rally, this three wave rally is normally 61.8% that would be roughly 1740, but gold over the years has more of a bias of working to 50% rather than 618, from the levels point of view there are a few basic points, one are the supply points and the second one starts around 1740 to 1750 this is the main resistance, there is a small amount of supply around 1720+ apart from the all-important levels of supply are the levels, firstly is the 1730, it’s ok to trade above the top of group1 (1730) but finding support on it creates the target of 1750 then next level, also in this case because of the 72 the 1720 any support on 1720 creates a further bullish picture, but normally understanding Group1 support and Supply zones are the basics, then comes trading, or rather trading comes first and in trading being defensive comes first then attack, apart from the trading psychology is the trading plan and apart from the money management is the trading time frame or rather the degree of levels that you are trading MajorLevels MediumLevels MinorLevels or sublevels, if your trading time frame is the Minor or Sublevels and you are trading short, then you would simply cover any short positions at 1700 and then wait for the rally or 1700 to become the retested resistance, if you are trading the Medium you would be short with a stop above the 1750 and would be looking to add either on the rally or 1700 as resistance, all you need to be is clear on your plan and method
Silver: Look for a rally abc, the main rally target would be 32.72 SG2Oil WTI CFD: 101
Subgroup1 {SG1 101 |102 | 103} is hold the price to 100 (TL1) and while the price is above 100 the market is supported and the bias is long, the Indices and dollar will influence Oil.
The next question is, will SG1 103 develop as support, the wave count suggests higher prices but the wave count is counted as a corrective rally that is expected to end above 103, so the support on 103 becomes doubly importantBase Metals
US Spot Prices (in l/b)
US Copper: Last: 3.56-
US Nickel: Last: 8.21-
US Zinc: Last: 0.91-
US Aluminium Last: 0.93-Copper CFD: 357
The pullback towards 350 is considered corrective (wave iv) and corrections can expand on themselves but as long as the price stays above the 345 or better still the 347 with the main theme at 350 this market will remain bias bullish, the wave count on Gold, precious metals is bearish and this is a concern to a point and monitoring both precious and base metals will be important. The short term resistance is 358 - 360 the old highs followed by 365 and 372Forex
US Dollar CFD: 78.37
On our Euro charts we have the pattern as corrective and should push up from current lows and therefor would see the dollar down from the current SG2 {78.80 | 78.72 | 78.65} zone, so if the 78.65 becomes the resistance then expect the price down to 78.50 Midpoint and lower, if however the price finds support on the 78.72 then the 78.80 then obviously the move up has started, when it comes to trading the support and resistance on the price points are more important than the guessing game of Elliott, once this penny drops your trading and consistency improves
EURUSD 1.34
TradingLevels: look for support on the Fibo number 34 (1.34)
Elliott Wave: From the Charts the Wave (c) of B is completed and a move higher, in line with the AUD and Indices
Trading Strategy: If the Elliott count is correct the bias is up and therefor you can use the 134 as the bias and Group1 {13410 | 1.3420 | 1.3430} to build the long tradeAUDUSD 1.0240
TradingLevels: support on 1.02 creates the support and the target for 103+ support on 1.03 creates the target 1.05 the next level
Elliott Wave: Wave v) up from the last low can take the price anywhere from 103+ to 105
Trading Strategy: Trade long, use the 102 stops below and then use SG1 Midpoint SG2 the main game is to find support on 103. Looking for five waves up from the last low 1.0155
11:30am AUD GDP q/q 1.2% 1.2%
Indices
Dow Jones CFD 12,137 (430AM)
TradingLevels: Support 12000 and a new high expected
Elliott Wave: Wave v) higher
Trading Strategy: Short term traders, build long on 12,050 12,172 and 12,200S&P500 CFD: 1255
Shares Technical Analysis TradingLevels: 1250 as support is positive however the 1272 will offer strong resistance, the SG2 is 1265 | 1272 | 1280 with the MinorLevel 1300 (mTL3)
Wave count: Expect a corrective pattern from the 1272
Trading Strategy: As long as the price is above the Midpoint 1250 the market is positive and higher ground is expected in line with currenciesFTSE 100 CFD: 5567
Shares Technical Analysis TradingLevels: Main support 5500 with higher prices expected, I don’t know if the price will first pull back to say 5530 before moving up or it will move up from the 5572 SG2 zone, certainly support on 5600 is a key for adding or being long into the Euro meeting
Elliott Wave: It’s a corrective pattern above 5500 either an abc or a triangle abcde once completed should push higher, both corrective pattern should stay above the 5500, we can talk about this is in the video
Trading Strategy: The wave count is up in line with the Euro meeting, bias long above 5500
SPI CFD 4300
TradingLevels: 4300 should develop support and the price push higher
Elliott Wave: Wave v up, looking to count five waves from the last low 4256
Trading Strategy: Bias long from the 4300 11:30am AUD GDP q/q 1.2% 1.2% Shares Technical Analysis Summary
Summing up, it appears markets will push higher into a wave five, the small corrective patterns say o the Dow or SP500 are just that corrective, either a small triangle or zigzag abc pattern, we should see all Indices push higher as well as AUDUSD and EURUSD.
The Weekly Cycle id for a high on the Wednesday close, It would be logical to consider the Euro meeting a market positive and to be long at least into the Friday, the Monday can be another story
Trading QuoteBend your view to the charts, not the charts to your view.
Today's Financial Events
Time Currency Detail Forecast Previous
11:30am AUD GDP q/q 1.2% 1.2%
4:00pm JPY Leading Indicators 91.8% 91.6%
5:45pm CHF Unemployment Rate 3.1% 3.0%
6:45pm EUR French Trade Balance -5.8B -6.3B
8:00pm EUR Italian Industrial Production m/m -0.2% -4.8%
8:30pm GBP Manufacturing Production m/m -0.1% 0.2%
8:30pm GBP Industrial Production m/m -0.3% 0.0%
10:00pm EUR German Industrial Production m/m 0.3% -2.7%
2:00am GBP NIESR GDP Estimate 0.5%
2:30am USD Crude Oil Inventories 3.9M
7:00am NZD Official Cash Rate 2.50% 2.50%
7:00am NZD RBNZ Press Conference
7:00am NZD RBNZ Rate Statement
7:00am NZD RBNZ Monetary Policy Statement
7:00am USD Consumer Credit m/m 7.0B 7.4B
8:45am NZD Manufacturing Sales q/q 2.1%
Shares Technical Analysis
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. Good Morning & Good Luck!
Watch Video Here: Shares Technical Analysis on youtube!
Click Technical Analysis for free stuffs available on TradingLounge.
Shares Technical Analysis Report
Dow Jones – 12,142 +0.37%
Base Metals Negative
US Gold CFD: 1713
Oil WTI CFD: 101
Copper CFD: 357
US Dollar CFD: 78.37
EURUSD 1.34
AUDUSD 1.0240
Dow Jones CFD 12,137
S&P500 CFD: 1255
FTSE 100 CFD: 5567
SPI CFD 4300
News
NEW YORK -(Dow Jones)- U.S. blue-chip stocks rose but other indexes fell slightly, as investors weighed credit downgrade warnings for euro-zone nations with hopes that this week's summit of European leaders will yield results that combat the sovereign-debt crisis.The Dow Jones Industrial Average rose 35 points, or 0.3%, to 12133 in early-afternoon trade Tuesday. The action follows a choppy Monday in which the blue-chip Dow finished up 78 points, part of a 7.8% surge over the last six trading days.
CFD Commodities
US Gold CFD: 1713
This market is now clearly displaying an impulse wave down (five waves) so we should soon see and abc three wave rally, this three wave rally is normally 61.8% that would be roughly 1740, but gold over the years has more of a bias of working to 50% rather than 618, from the levels point of view there are a few basic points, one are the supply points and the second one starts around 1740 to 1750 this is the main resistance, there is a small amount of supply around 1720+ apart from the all-important levels of supply are the levels, firstly is the 1730, it’s ok to trade above the top of group1 (1730) but finding support on it creates the target of 1750 then next level, also in this case because of the 72 the 1720 any support on 1720 creates a further bullish picture, but normally understanding Group1 support and Supply zones are the basics, then comes trading, or rather trading comes first and in trading being defensive comes first then attack, apart from the trading psychology is the trading plan and apart from the money management is the trading time frame or rather the degree of levels that you are trading MajorLevels MediumLevels MinorLevels or sublevels, if your trading time frame is the Minor or Sublevels and you are trading short, then you would simply cover any short positions at 1700 and then wait for the rally or 1700 to become the retested resistance, if you are trading the Medium you would be short with a stop above the 1750 and would be looking to add either on the rally or 1700 as resistance, all you need to be is clear on your plan and method
Silver: Look for a rally abc, the main rally target would be 32.72 SG2Oil WTI CFD: 101
Subgroup1 {SG1 101 |102 | 103} is hold the price to 100 (TL1) and while the price is above 100 the market is supported and the bias is long, the Indices and dollar will influence Oil.
The next question is, will SG1 103 develop as support, the wave count suggests higher prices but the wave count is counted as a corrective rally that is expected to end above 103, so the support on 103 becomes doubly importantBase Metals
US Spot Prices (in l/b)
US Copper: Last: 3.56-
US Nickel: Last: 8.21-
US Zinc: Last: 0.91-
US Aluminium Last: 0.93-Copper CFD: 357
The pullback towards 350 is considered corrective (wave iv) and corrections can expand on themselves but as long as the price stays above the 345 or better still the 347 with the main theme at 350 this market will remain bias bullish, the wave count on Gold, precious metals is bearish and this is a concern to a point and monitoring both precious and base metals will be important. The short term resistance is 358 - 360 the old highs followed by 365 and 372Forex
US Dollar CFD: 78.37
On our Euro charts we have the pattern as corrective and should push up from current lows and therefor would see the dollar down from the current SG2 {78.80 | 78.72 | 78.65} zone, so if the 78.65 becomes the resistance then expect the price down to 78.50 Midpoint and lower, if however the price finds support on the 78.72 then the 78.80 then obviously the move up has started, when it comes to trading the support and resistance on the price points are more important than the guessing game of Elliott, once this penny drops your trading and consistency improves
EURUSD 1.34
TradingLevels: look for support on the Fibo number 34 (1.34)
Elliott Wave: From the Charts the Wave (c) of B is completed and a move higher, in line with the AUD and Indices
Trading Strategy: If the Elliott count is correct the bias is up and therefor you can use the 134 as the bias and Group1 {13410 | 1.3420 | 1.3430} to build the long tradeAUDUSD 1.0240
TradingLevels: support on 1.02 creates the support and the target for 103+ support on 1.03 creates the target 1.05 the next level
Elliott Wave: Wave v) up from the last low can take the price anywhere from 103+ to 105
Trading Strategy: Trade long, use the 102 stops below and then use SG1 Midpoint SG2 the main game is to find support on 103. Looking for five waves up from the last low 1.0155
11:30am AUD GDP q/q 1.2% 1.2%
Indices
Dow Jones CFD 12,137 (430AM)
TradingLevels: Support 12000 and a new high expected
Elliott Wave: Wave v) higher
Trading Strategy: Short term traders, build long on 12,050 12,172 and 12,200S&P500 CFD: 1255
Shares Technical Analysis TradingLevels: 1250 as support is positive however the 1272 will offer strong resistance, the SG2 is 1265 | 1272 | 1280 with the MinorLevel 1300 (mTL3)
Wave count: Expect a corrective pattern from the 1272
Trading Strategy: As long as the price is above the Midpoint 1250 the market is positive and higher ground is expected in line with currenciesFTSE 100 CFD: 5567
Shares Technical Analysis TradingLevels: Main support 5500 with higher prices expected, I don’t know if the price will first pull back to say 5530 before moving up or it will move up from the 5572 SG2 zone, certainly support on 5600 is a key for adding or being long into the Euro meeting
Elliott Wave: It’s a corrective pattern above 5500 either an abc or a triangle abcde once completed should push higher, both corrective pattern should stay above the 5500, we can talk about this is in the video
Trading Strategy: The wave count is up in line with the Euro meeting, bias long above 5500
SPI CFD 4300
TradingLevels: 4300 should develop support and the price push higher
Elliott Wave: Wave v up, looking to count five waves from the last low 4256
Trading Strategy: Bias long from the 4300 11:30am AUD GDP q/q 1.2% 1.2% Shares Technical Analysis Summary
Summing up, it appears markets will push higher into a wave five, the small corrective patterns say o the Dow or SP500 are just that corrective, either a small triangle or zigzag abc pattern, we should see all Indices push higher as well as AUDUSD and EURUSD.
The Weekly Cycle id for a high on the Wednesday close, It would be logical to consider the Euro meeting a market positive and to be long at least into the Friday, the Monday can be another story
Trading QuoteBend your view to the charts, not the charts to your view.
Today's Financial Events
Time Currency Detail Forecast Previous
11:30am AUD GDP q/q 1.2% 1.2%
4:00pm JPY Leading Indicators 91.8% 91.6%
5:45pm CHF Unemployment Rate 3.1% 3.0%
6:45pm EUR French Trade Balance -5.8B -6.3B
8:00pm EUR Italian Industrial Production m/m -0.2% -4.8%
8:30pm GBP Manufacturing Production m/m -0.1% 0.2%
8:30pm GBP Industrial Production m/m -0.3% 0.0%
10:00pm EUR German Industrial Production m/m 0.3% -2.7%
2:00am GBP NIESR GDP Estimate 0.5%
2:30am USD Crude Oil Inventories 3.9M
7:00am NZD Official Cash Rate 2.50% 2.50%
7:00am NZD RBNZ Press Conference
7:00am NZD RBNZ Rate Statement
7:00am NZD RBNZ Monetary Policy Statement
7:00am USD Consumer Credit m/m 7.0B 7.4B
8:45am NZD Manufacturing Sales q/q 2.1%
Shares Technical Analysis
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. Good Morning & Good Luck!
Watch Video Here: Shares Technical Analysis on youtube!
Click Technical Analysis for free stuffs available on TradingLounge.
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