Gold breakout loomingGold playing out true to form following all trends bang on. Moving averages are all tightening, breakout in the next 7 days is imminent.
Resistance @ $2,075
Support @ $1,818
Alltimehigh
Amazing Week For SPX, Big October Coming 3800+SPX - Three weeks to go to election. Pretty amazing price action this week. After a scary push down on Tuesday. Wednesday, Thursday and Friday did nothing but go up the rest of the week.
SPX is due for some consolidation but all indication is SPX is going to have a big October including a test of all time highs and beyond.
3425 is a key level to hold on any pullbacks. If SPX can get over 3486 it opens up 3528 and 3579 above. 3486 is the final key resistance before 3600+.
Below 3425 is 3411 and 3389. If SPX loses 3425 look for longer term consolidation or sideways range bound action into the election.
SPX was stronger than NAS. It reached it's key resistance level at 3486, NAS is still under this level. BOTH NAS and SPX will have to clear their key resistance levels to test all time highs.
Avoid the noise of why the market is going up or why it can't go higher. Let go of your own biases. The price action is telling us it is going to test all time highs. If this changes we will change with it but don't let bias or fear hold you back from the opportunity that is currently being presented.
S&P500 New ATH and a Correction for Christmas!? Will we see it play like this, conveniently right up the middle parallel channel of the big trend?
Will we see new all time highs as soon as early November?
With a nice Christmas correction like we're all used to by now?
Lets do it!!!!
#NASDAQ35000hat #S&P500hat
NIO Active FlagNYSE:NIO has an active Bullish flag playing out today. After a gap higher and break of resistance at 21.68 NIO has began a push higher. I believe as NIO remains out of overbought conditions this move could remain valid. The all time is 22.59.
AMD To All Time High plus, Once it closes Over 86Struggling the last 3 days with the 86.71 level. This is a very key level. A close above should trigger an ATH move to 95+.
SPY Approaching Key Level, A Close Above By The End Of The WeekBullish October will be confirmed with a break above the 341.77 level. Key test upcoming!
Energy and Financials Adding To SPX Strength In ATH RunSPX with a key back test of the 3389 level overnight as it's trying to break up over the 3411 level. If it can over 3411 it should trigger a test of the key 3425 level. This is a key level from our double top back in September.
SPX is opening stronger than NAS and this is mainly because of energy and financials. If energy and financials are able to join this rally, SPX will run to ATH's and beyond. October is shaping up to be a very bullish month with the potential for a very large rally.
Long BNBI see good opportunity to find long in BNBUSDT.
I think previous 1M candle has good volume and structure.
29.12 is a good price to find long.
The Finishing Moves For This WeekAfter putting up my initial buckshot for the next month, some movement has come into picture. I have Minor wave 1 ended on September 30 at 1400 which had it last just over 31 trading hours. This is 3 trading days earlier than my last forecast. This could mean I am wrong now, was previously, am still wrong, or most of my original forecast has slipped left and the marks will occur sooner than originally projected. A three day slide now brings the market top to the day of or day prior to Election Day 2020. This is absolutely possible with the likely unknowns set to occur November 3. We could be holding our breath for an outcome longer than we might have expected.
I have forecasted Minor wave 2's movement which are set to find its bottom before the end of this week. Minor wave 2's for the index tend to retrace the length of wave 1 by 33-68%. A 40% retracement is closer to the mean and average while remaining conservative. This conservative estimate would have Minor wave 2 last around 12 hours. Another significant statistic is that wave 1 is around 1.84 times the length of wave 2 which equates to roughly 14.5 hours for this wave 2. Lastly, Minor wave 1 tends to make up 22% of the length of the larger wave (Intermediate wave 5) it resides inside. Likewise, wave 2 makes up around 9.5% of that larger wave. Based on wave 1's length and possible contribution to the larger wave, Intermediate wave 5 could last around 145 hours and wave 2 could be 13 of them (SIDENOTE: 145 hours ends on October 22). I am projecting Minor wave 2 to last around 13.4 hours.
The movement for Minor wave 2 seemed much less complex to locate. A fairly common wave 2 retracement is around 38% which is also near the common Fibonacci retracement of 38.2%. This could have wave 2 drop 69.96 points. Wave 1's movement in relation to the total movement of its larger Intermediate wave is around 45% while wave 2 is around 17%. This could mean Intermediate wave 5 gains around 409.13 points and Minor wave 2 only drops 69.55 (SIDENOTE: 409.13 points puts the top around 3618.58). Lastly, wave 1 tends to move 2.37 times wave 2 which could see a 77.68 point drop for Minor wave 2. I am forecasting a drop of roughly 70.56.
Based on the forecasts, I have further attempted to identify the movement of Minute waves A, B, and C. Wave A tends to make up 35.54% of the larger wave's movement while B makes up 28.13% and C is 37.24%. Wave A tends to move 73.86% of the overall move, while B reverses course for 44.60% and C is 67.83%. I have placed the A, B, and 2 (Minor wave C) roughly when and where the waves should change course. This is setting up for a truly great entry point to "buy the dip."
Minor wave 3 begins next week and could make for a few weeks of major gains. The catalyst? COVID stimulus is not dead yet and could find an agreement before Congressional recess this weekend or early next week.
GOLD NEW ATH OR BACK TO TREND?Gold having recently fallen 11% from its all time high (US$2075) back in August is interesting.
Usually used as a Hedge during times of high volatility in the markets, gold is taking what looks to be a serious retrace after 2 years of mostly uninterrupted growth.
What's interesting is that the markets across the world have become inherently more unstable due to local government restrictions and the economic fallout of Covid19.
The real unknown is where to from now.
The US will hit approx $3.3 trillion annual debt deficit ending September 2020 which is the largest ever recorded, and spending has no end in site. Will the US continue to dig themselves into a hole and what will this mean for the price of gold?
Above are some bar patterns taken from 2010-2015.
Scenario A (ORANGE): Shows increasing growth after a mild retrace after 700 days as depicted between OCT 2008- NOV 2010. Again retesting US$2075 & consolidating against Uptrend Channel Resistance, before breaking through to reach new ATHs
Considering we have only seen an 81.6% rise in price over the last 2 years compared to the run of 2008-2011 (180%), it is fair to say we still have more left in the tank to test ATH territory? Especially with the 2020 US Presidential Election looming.
Scenario B (BLUE): Shows support being found around a potential Equilibrium at US$1770, which also happens to be a key Fib Retracement level 0.5 (Extension form 16/03/2020 to ATH) and bouncing. Followed by a drop after the Presidential Election Results causing a range to be form between $1700-1900.
Eventually breaking resistance and the Ichimoku Cloud to fall back to previous support & the long term uptrend trendline.
All Hypothetical & Spec but interested to see everyones long term targets and explanations.
These Ideas are NOT 'Financial Advice'!. Scenarios are based off a mixture of TA and Fundamentals current at the time. All IMO GLTA. Happy Hunting!!! *Prices will differ depending on charts used
SPY, Is tomorrow judgement day for the market?With a close below the 200 day moving average, the big question is, does this continue?
Make sure you press like and follow so I know you want more ideas like this!!
Here we examine the 4hr chart.
While things have seemed bad for Spy lately, if we break down the broader term price action, we see an ascending channel.
This channel began on a gap up after a corona panic induced sell off.
Actions has been on the upper end of the midline throughout the majority of the trend. With steam slowing down, this one could finish of the lower end of the midline if the upwards trend reclaims this week.
Spy needs to bounce upwards off the 200 day moving average with a close above said average to show any signs of hope.
Heavy support around the 320 area, bulls need to reclaim this area and turn things around
Lets focus on a current time frame with projections into the Presidential election.
Do investors see 1 more opportunity left into October, or do we start to break down out of the channel and into a new trend?
Spy is extremely oversold on many intraday time frames, nearing oversold on the daily.
All indicators included, in my opinion, this one is very much up in the air.
With so much uncertainty in the air do investors pull the rug and take the cash to their portfolios and let the bears run loose, or do the bulls reclaim the price action back into a bullish movement? This could be the week we find out
Path to NEW ATHs Before Election DayThis is the estimated track to election day. The downside should be behind us. Each Minor wave is based on its average make-up of the larger wave it is apart of. Each Minute wave inside of the Minors is the same concept. I will continue to publish and adjust as we complete each wave.
This is just the initial blueprint.
GOLD Leads BTC!!!Since the COVID Crash of March 2020, It is apparent that Gold has been leading Bitcoin!
- Gold leads the charge on the 19th March 2020 and was first to enter its Consolidation on 14th April 2020.
- Bitcoin entered its consolidation on 7th May 2020 lagging Gold by just over 3 weeks.
- Gold exits its consolidation an starts to make new All time High @ $2,074 on the 7th August 2020.
- Bitcoin continues to consolidate for another 7 Days before it breaks its consolidation on the 27th June 2020.
- Bitcoin makes its new High on the 18th August 2020 @ $12,472 which was 11 days After Gold made its All Time High.
- Gold has just broken out of its Symmetrical Triangle and based on the previous 6 months is Bitcoin again about to follow suit?
Only time will tell...
Risk Management is the MOST IMPORTANT process we can understand as Investors and Traders.
These Ideas are NOT 'Financial Advice'!. Scenarios are based off a mixture of TA and Fundamentals current at the time. All IMO GLTAH. Happy Hunting!!! *Prices will differ depending on Charts Used
MPHASIS Break-Out and entered all time highFollowing the trend of technology stocks and healthcare stocks.
Mphasis (a technology company stock) has given breakout from it all time resistance and has entered uncharted territory.
Keep stop loss at 1153 and buy. Keep a view of 3 Months to 1 year and buy.
*** ideas are my own , please invest as per your own risk ***
Workhose breaking through ATH.Entry: 23.2
Stop loss : 20.9 (-10%)
Great volume profile with higher volume on green days and lower volume on red days.
2-3 shakeouts during the basing period.
Showed high relative strength during early September correction
Bullish MACD
GBPTRY video top-down AnalysisHello everyone, here is the top-down analysis for GBPTRY, feel free to request any pair/instrument or ask any questions in the comment section below.
Best of luck!
New All Time High? 💥 We are ready! The crypto community is ready! The whales are ready!
But not so fast. This doesn't mean the bulls are ready to take on to new all-time highs. Before Ethereum is poised to set out to new highs, we need to complete the current correction pattern. As long es we don't see prices dropping to at least $288, the light for another Rallye will not turn green just yet. This correction is absolutely crucial for further upward movements. We highlighted the potential turnaround zone in yellow. We are looking to build up long term trades in this region. To continue the journey to $288, the bears need to stay below the red line at $450.70. If the correction pattern of wave 2 in blue is properly completed, the way for another impulse is paved.
The next weeks will be exciting! Stay tuned for further updates!
Discussions Welcome, happy trading!
On the way to 20k !? 🌌Is Bitcoin gearing up for a new all-time high?
The "to-the-mooners" 🌚 will blatantly nod their heads, but also the Elliott waves might suggest that a new all-time high is coming. However, this bold statement comes attached with some conditions. Most important, we need at least a corrections to price areas of $8200, where the ideal price target for a wave 2 is situated. We highlighted the area with a yellow rectangle, indicating a potential turnaround zone. From there, the bulls need to launch the rocket to initiate a first impulse movement with a solid 5 wave pattern. The next weeks can be crucial for Bitcoin and might pave the way for new all-time highs! No, go zone for the current correction are price areas below $7243 as chances of a bigger correction increase.
Call your trusted Lambo dealership in advance; they might be running out of cars shortly! (please mind the irony) 🏎️
What are your thoughts?
Happy Monday!
Massive downside risk to Home Depot & Lowe'sI think the all time highs for these 2 stocks are behind us and they should only head lower from here. Ive observed a repeating pattern for both these stocks which tell me a trend change is forthcoming
$GOLD $GLD $XAUUSD $JNUGHeres the daily chart for a more in depth look at the gold chart gearing up for a run towards $2250/ounce
Timken India | BUYTimken India is in a strong uptrend and it formed a fresh lifetime high last week. Following this, the price action has formed a bull-flag pattern. The upward momentum looks strong and the stock can be expected to rise in the upcoming days.
SBI Cards | BUYAfter responding positively to the support ₹756, the stock has been continuing its upward movement. It has risen over ₹800, which has now become a support level for the stock. Expect the price to rally further and hit fresh highs.
