In this update we review the continuing corrective cycle in the EURUSD and where the next high probability trading opportunity may develop to add to long positions. Stops on 1.16 longs are now at entry and risk free.
The Nasdaq correction completed at the target zone highlighted in the last update the bullish reversal triggered on the 6th of October is now running over 500points in profits in this update we discuss trade management options
The Dax corrective pattern has played out nicely hitting the first upside objective of the descending trend line resistance +300 points, longs can take off half here and move stops to entry to play for a break of the descending trend line and look for a retest of prior cycle highs
CADJPY appears to be carving out a wave 3 high, bulls will be watching for a three wave correction to ideally test trend line support towards 90.30 to re-engage on the long side to target a 5=1 93.50 upside objective
AUDNZD has seen an impressive bounce from our 1.0330 reversal zone. Focus now shifts to descending trend line resistance, the current equality objective and monthly projected range resistance. Look for bearish reversal patterns at 1.0640/1.07 to set Shortt positions initially targeting a retest of 1.05 and then 1.04 in extension
USDCAD is testing pivotal support sited at 1.2450, this area represents the equality objective versus the B wave high at 1.2896 and the 50% retracement of the advance from the May lows, watch for bullish reversal patterns here to set long positions targeting a move to test 1.3350
The Russell2000 appears to be in th leather stages of completing a complex ABCDE corrective cycle, watch for bullish reversal patterns on any pullback towards 2100 to deploy long exposure, looking for a 5th wave upside extension to a 5=1 upside equality objective above 2700
Silver is in the latter stages of potentially completing its corrective cycle. The sequence should complete on the next new low to test the confluent support zone of 21/20/50, watch for bullish reversal patterns to develop here to deploy long exposure targeting a move back through the internal trend line resistance through 23 enrolee to a test of the primary trend...
AJG appears to be carving out a double top pattern, accompanied by triple momentum divergence. Bearish exposure should be rewarded on follow through below yesterdays lows and through the pivot at 148 targeting a retest of range support sited at 135.50
