Nasdaq: Weekly Forecast 22nd August 2021Nasdaq pretty much recovered from a dip last week and is about to retest its current high at 15170.
For the past couple of weeks, we have been waiting for a major correction in the stock market amid a strong sentiment of tapering from the Fed.
Ironically, both the S&P and Dow continued to break new high except for the Nasdaq which continued to range around 15000.
Last week, we finally saw all three of them trading lower together (and Russell2000 trading at a range bottom).
The Nasdaq has been resisted around 15000 for an entire month and it has been half a year since the last major correction.
This week, we will focus on selling the Nasdaq at its current supply level just above 15100, and aiming for a target at the demand level just above 14000.
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Gold: Weekly Forecast 15th August 2021The gold plunged to a 14-month low at as the market opened last week.
It quickly made a sharp rebound and continued to climb through the rest of the week, showing a build up in the buying momentum.
As of current, the gold may face some resistance at the FR618 level, and slightly higher will be the breakout level at 1795.
This week, we expect the market to shed off some gains at the beginning and continues to climb later.
Overall, we will focus on buying and looking for entry from 1770 onwards to 1760.
EURUSD: Weekly Forecast 15th August 2021EURUSD broke lower at the beginning of last week but ended with a strong bullish candle on the last trading day.
The strong bullish rebound came from the lowest point of an 8-month market range which helps explain the rebound itself.
Despite growing sentiment of a rate hike by the Fed, the dollar has already strengthened for the last 3 months.
That means there can be a good chance that the market has bought news and may sell the fact going forward, thus causing reverse effect on the dollar.
This week, we will look for buying opportunities as the price pulls back, looking for an entry starting from 1.1770 to 1.1730.
On the upside, we will observe for strong supply around 1.1850 where there could be potential selling.
And should the price is able to break above 1.19 and the falling channel, we expect the price to retest the equilibrium level 1.1990.
Bitcoin: Weekly Forecast 8th August 2021Bitcoin has turned out just the way we have forecasted, pulling back at first and eventually forming another bullish wave.
It has even broken above key resistance level at 42000 over the weekend and will certainly invite more buyers at this point.
However, Bitcoin is about to face the real challenge, the key supply zone around the price of 50000.
Although we've seen how strong the recent rebound was, we have past record showing us the same kind of rebound after a major selloff which eventually led to another round of selloff.
While we cannot guarantee that the same could happen, Bitcoin could still be fundamentally too soon for the next major bullish trend.
We think that Bitcoin is still too expensive for another 'big players' to make 'big purchases' at the moment.
As such, we are waiting for the price to climb a little further into the supply zone at 50000 for the next major selling opportunity.
WTI: Weekly Forecast 8th August 2021WTI gained a little at first and fell through the week by more than 6 USD.
This is due to a surprise increase in the US oil inventories, showing that the delta variant might have a huge impact in curbing the demand for oil.
At the same time, the OPEC+ has also agreed to increase the oil supply to keep oil prices from going higher.
Nevertheless, as most countries are opening up and many are determined not to go back into a full-lockdown mode, economies will continue to recover and eventually led to more travelling and lead to higher oil demand.
The oil is fundamentally strong and we see every dip in the price as an opportunity to buy at a lower price again.
The oil price is also technically supported by moving averages and it seems that the price will test the 126ma in the coming week where we will be looking for a buying opportunity.
Once the price rebounds, we expect it to reach at least 71, then followed by the previous high at 76.
Nasdaq: Weekly Forecast 7th August 2021Nasdaq continued to climb higher but, forming 3 consecutive bullish candle before finally turning bearish on last Friday.
Interestingly, Nasdaq is the only US indices that turned bearish whereas both the Dow Jones and S&P were still bullish.
This is because Nasdaq is heavily fueled by stimulus and a strong NFP data last Friday signals for the tightening of monetary policy.
On the technical aspect, Nasdaq has potentially completed the 5th motive wave of a bullish Elliott, as well as repeating the same overall bullish pattern started in early September 2020, thus signaling for a major correction very soon.
This week, we will continue to look for selling opportunities starting from the current price but also expecting the price to attempt to break higher again and potentially reaching 15300.
Should the major correction begins and price starts to fall quickly, our targets will be 14600 demand zone, and 14100 demand zone at the bottom of a 11-month rising channel.
Gold: Weekly Forecast 1st August 2021Gold had the biggest drop in 7 weeks, wiping out all gains previously and is now back to 4-month support at 1760.
The gold has struggled to make any progress since it reached a high of 1830 and consolidated for more than 3 weeks, and it finally lost its grip amid a strengthening dollar due to a strong US labour market.
As of current and despite a strong selloff last Friday, the price is still seen supported at the demand zone around 1750 and we might expect some significant rebound before further selling occurs.
We also want to take note that the US is also releasing its inflation data and inflation plays a huge role in gold prices should the price breaks below the 1750 demand zone.
Otherwise, from a pure technical perspective, we do see a potential for the gold to fall even deeper and potentially retest the 4-month low at 1680.
This week, we will wait for a pullback first from the recent bearish wave and look for selling opportunities from 1785, and as high as 1800.
EURUSD: Weekly Forecast 7th August 2021EURUSD has wiped out gains from the week before last, sending the price back to 9-month support at 1.1750.
This is mainly due to a robust US labour market that prompts the Fed to tighten their ultra-loose monetary policy and helped strengthened the dollar.
The buying of the dollar is likely to continue as such and we are expecting a temporary breakout of the current support level at 1.1750.
This may very well lead to the completion of an AB=CD pattern which will bring the price to test the major demand zone at 1.1620 should the price breaks the current support.
This week, we will wait for a pullback from the support at the beginning of the week to look for a selling opportunity, starting from 1.1800 and potentially 1.1850.
Our target for selling will be 1.1720, followed by 1.1640.
On the other hand, we also want to acknowledge the fact that the price is still supported at 1.1750, and that still gives the bull an opportunity to reignite.
Bitcoin: Weekly Forecast 1st August 2021Bitcoin made a comeback with a lot of firepower behind as it climbed for 10 consecutive days, rising from 30000 low to 42000 high.
This is certainly not just a major pullback from the recent bearish trend but potentially the new bullish trend.
However, for the price to pullback beyond 40000 is totally within expectation as the key supply zone is still a little further away at 50000.
In any case, this week will be a good time to keep buying bitcoin before it faces strong resistance around 50000.
This week, we will look for buying opportunities by first waiting for a pullback towards 40800.
Nasdaq: Weekly Forecast 1st August 2021Nasdaq fell this week as it has potentially completed the final wave of a bullish Elliott wave.
And as mentioned in our previous forecast, this is also a repetition of a combined ABC corrective and impulsive pattern started from September 2020.
If this repetition were to yield the same result, we will be expecting a major pullback in the coming week.
As of current, the price has indeed fallen and this could be the beginning of the major pullback.
We will continue to look for selling opportunities at the beginning of the week, anywhere from the current price of 15000 to 15100.
Our main target for this sell trading plan is somewhere just above 14000, bottom of a 10-month rising channel, as well as a support zone between the 63 and 126 MAs,
WTI: Weekly Forecast 18th July 2021WTI climbed throughout the week and broke above a falling trendline.
This bullish trend came about after the recovery of a selloff in the previous week where OPEC+ agreed to increase oil supply, leaving a long lower shadow in the weekly timeframe.
The entire rebound also showed a strong support by the 63 and 126 MAs thus a sign of a strong bullish trend.
This week, we will be looking for buying opportunities by using the 63 and 126 MAs to create support zones.
We expect a breakout of the previous high before any significant pullback in the bigger timeframe.
Gold: Weekly Forecast 1st August 2021Gold was very well supported at the resistance turned support level 1795.
Last week, the price managed to rebound higher but faced with significant rejection as it retest the current high at 1830.
At the end of it, it was somewhat able to close with a higher low and that gives the bulls a little more advantage.
This week, we will be looking for buy opportunity by using the rising trendline as a support.
We are expecting the price to eventually complete a AB=CD pattern as it completes a 2nd bullish wave at the equilibrium level around 1860.
EURUSD: Weekly Forecast 1st August 2021EURUSD broke above a falling wedge as it climbed for 4 consecutive days before facing resistance on the last trading day.
The bullish reversal came about from the bottom of a bigger range as well as a key demand zone at 1.1760 area.
With a strong breakout and reversal from a key level like this, this could already be the beginning of a new short-term bullish trend.
Taking a deeper look, the reversal is due to the completion of a bearish Elliott wave as well as an ABC corrective wave.
As of current, after EURUSD found resistance at the 61.8% of the falling wedge, both highs and lows are clearly getting higher.
This week, we will look for buying opportunities as the beginning, looking for entry from 1.1830 onwards.
If this new bullish trend continues well, it could potentially retest 1.20 psychological level again soon.
EURUSD Bullish Breakout of Elliott TriangleEURUSD found support at 1.1760 and has started to reverse as it broke above a falling wedge, arguably a Elliott triangle of the final Elliott wave.
We will be looking for a buying opportunity as the price has already pulled back to the 61.8 Fib level, and the bottom of a probable rising channel.
Our main target will be somewhere just below 1.1900 where there's strong supply which also lies at the 61.8 Fib level.
Bitcoin: Weekly Forecast 25th July 2021Bitcoin managed to push away another attempt to break lower and climbed throughout the week.
There's been statements going around by bitcoin market leaders to support Bitcoin and that they are holding and may buy more again.
Nevertheless, this rebound could still be very temporary as the market is expecting a strong buyback at a much lower price and it probably doesn't make sense to buy now as it is still considerably expensive.
The trend also hasn't change technically with both highs and lows still going lower.
This week, we can probably expect the price to climb a little further but will start to look to sell from 36000 onwards.
If the price does goes a little higher, we expect strong rejection at the demand zone around 39000.
Ultimately, we expect Bitcoin to eventually break below 30000 and move towards 22000 and beyond.
WTI: Weekly Forecast 18th July 2021WTI has a rollercoaster ride last week as it tumbled around 6 dollars but managed to fully recover and ended with a small gains.
The selloff is largely due to the OPEC+ effort to increase oil supply to stabilize the oil price but still, it has been outweighed by the growing inflation expectation globally.
However, there was some significant breakout of the bullish structure such as the breakout of the bottom of an 8-month rising channel and a strong rejection from the major equilibrium level 77.
As such, we might experience a period of ranging market between 77 and 65 for another couple of weeks.
This week, we will first look for selling opportunities since the price is currently at the upper band of the current range and may face rejection at the current neckline level as well as the bottom of the previous rising channel.
However, we still maintain a overall bullish view for the simple fact that inflation will continue to rise amid a global recovery from the pandemic.
Nasdaq: Weekly Forecast 18th July 2021Nasdaq had yet another bullish week and once again breaking new historical high.
At the beginning of the week, the price came down and found support at 14600 just as forecast, which led to a 4 consecutive days of bulls with no significant pullback at all.
This will inevitably attract a big volume of bull-chaser especially at the point of breakout.
What many may not realize is that this current bullish wave is the final motive wave of an Elliott wave, and that means a potential selloff a the peak.
This is especially similar to the Elliott impulse wave that started in Nov 2020, and in fact, the entire pattern within the entire rising channel is a repetition of both Elliott impulse and corrective waves.
This week, we will be watching closely for sudden spikes towards the upside as that could potentially be the trigger to the next selloff.
Just to be clear, we are expecting a selloff in the sense of a major pullback, NOT a major reversal in the entire market trend.
Gold: Weekly Forecast 18th July 2021Gold marked its first weekly loss in just more than a month.
Gold price has struggled to maintain its recovery from the previous selloff as the dollar continued to strengthened amid the outbreak of the delta variant.
However, we still see gold finding support and staying on to of the previous range which could potentially invite another bullish wave in the coming week.
This week, we expect the market to be either ranging or it may start to rebound off the support turned resistance level 1790 and head for 1850.
We do expect some fake breakout of 1790, which may push the price to as low as 1770, before it starts to trend upwards.
EURUSD: Weekly Forecast 25th July 2021Today, we want to visit the weekly timeframe instead of the daily timeframe.
For the past few weeks, both the highs and the lows are trading lower and the recent symmetrical triangle has been breached and rendered invalid.
From here, we can clearly see that the current bearish trend that started from 1.2250 is (1)not showing any signs of reversal yet and (2) in the midst of fulfilling the similar volume as the previous bearish wave.
This is the ABC corrective wave of the previous motive waves that started at the beginning of the pandemic, and right now is the last C wave of the ABC corrective wave.
Otherwise, this can also be seen as a AB=CD pullback pattern.
We have seen the dollar strengthened amid rising inflation which caused the market to raise expectation for an earlier tapering from the Fed, and this could persist for a little longer and aids the current bearish wave to complete an ABC corrective pattern.
As such, we will be looking for a couple more selling opportunities towards the demand zone that sits right above the major equilibrium level 1.1580.
Bitcoin: Weekly Forecast 18th July 2021Bitcoin broke out of yet another consolidation as selling pressure builds up with no buying in sight.
The price has been consolidating since it reaches a low of 30000, and there's been multiple retest and rebound but none could gather any buying momentum.
This week, we expect Bitcoin to continue trending down and will be waiting for a pullback towards 33000 to sell.
We expect a retest of the low beyond 30000, inclusive of a possibility to break new low again.
WTI: Weekly Forecast 18th July 2021WTI has the biggest drop in 4 months as selloff persisted on a overheated oil prices.
However, the price managed to close right above the rising channel, as well as the demand zone at 70.
This week, we will attempt to long again at the current level.
Should the support fails, we expect the price to retest he previous high at 66.
Nasdaq: Weekly Forecast 18th July 2021Nasdaq started the week strong but faced some significant selloff at 15000 psychological level in the last 2 trading days.
Nevertheless, the trend is still clearly bullish and it is still trading within a minor rising channel, about to retest the bottom.
This week, we will be looking for a buying opportunity to buy the dip at about 14600.
Gold: Weekly Forecast 18th July 2021The gold successfully broke out of a consolidation but faced strong rejection on the last trading day.
The break-above of 1825 should technically boost the price all the way to 1850 but it turned out to be another phrase of accumulation.
However, the gold still ended the week with a bit of gains and still managed to stay supported at the bottom of a rising channel.
Gold has a tendency to whipsaw like this before any major trend and thus we maintain our bullish view.
This week, we will observe for a continuation of support at the current price and look for another buying opportunity at the beginning of the week.
We still plan to hold our gold long up till 1850 where there will then be a stronger supply for price rejection.
