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Mariodconti

WTI CRUDE OIL: incoming uptrendHi Traders, WTI OIL is very close to the support in the area 75.62-74.94. The sputtering downtrend is "kicking the bucket" and the start of a new uptrend is only hours away. TARGETS First down to the area 75.62-74.94 then up to the area 87.53-87.62 (for a start) ELLIOTT WAVES The weekly chart shows that the A-B-C will be completed by reaching the area 75.62-74.94 where a new uptrend should kick in. The 4-hour and 1-hour charts are clearly sounding the bell as OIL is staging the very last sub-minuette wave down to the target.
FX:USOILLong
by mariodconti
GOLD temporary mini-rally before the last ditchHi Traders, GOLD (now at $1155) is performing the last rally to 1220 before resuming the very last ditch to the area around 1089. The present level of 1155 seems to be a good entry point for a short rally to 1200-1220. BTW, once the downtrend resumes, it should stop around level 1089 or end a bit lower around the area at $1043-32 that seems to be the absolute minimum and it's considered an unbreakable support. If this analysis is correct, this would mark the very end of the line for the 38 months downtrend which should be followed soon by a new major uptrend. TARGETS first up to: likely: 1200 possibly: 1220 maybe: 1235 then down to likely: $1089 possibly: $1043-$1032 ELLIOTT WAVES The weekly chart displays the formation of wave 5 (in magenta, from March 16, 2014). Wave 5 will be made of 5 waves, three of them already completed and the fourth one in formation. After wave 4 up, the last wave down will follow (wave 5) which will complete major wave 4 downwards (from Sept 2011). The daily chart shows that "Wave 3" is completed and it's starting a rally to form wave four (in magenta) to 1200-1220-1231 Wave 5 will then follow to establish the historical low at 1089 or a bit lower to the area 1043-1032. Cheers. Mario D. Conti
COMEX:GC1!Long
by mariodconti
1
Gold approaching the ultimate targetHi Traders, GOLD (now at $1134) is fast approaching the predicted target around 1089. Even in the event of a breakout below this level, the yellow metal should end the downtrend above the area at $1043-32 that seems to be the absolute minimum and it's considered an unbreakable support. If it's true, this would mark the end of the line for the 38 months downtrend which should be followed soon by a new major uptrend. TARGETS likely: $1089 possibly: $1043-$1032 ELLIOTT WAVES The weekly chart displays the formation of wave 5 (in magenta) which will complete major wave 4 downwards (in grey). The daily chart displays "wave 1" and "wave 2" (in magenta). "Wave 3" is almost completed and it's made out of 5 smaller waves down (in red). Usually, the last wave down (weekly chart) is made out of 5 waves. However, either my wave count is incorrect or this is a rare case of a final wave made of 3 waves only. BTW, it wouldn't make much difference. In either cases, it's almost over.
COMEX:GC1!Long
by mariodconti
1
NATURAL GAS NEW UPTRENDHi Traders, Natural Gas (now at 3800) started a major uptrend as 2 days ago as predicted. It's now to retrace a bit to 3760-43 before resuming the uptrend to 3924-50. That should mark the top of "sub-minuette wave 1". As you can see by the 2-hours chart above we're still plenty of time to get on board for a long position. ELLIOTT WAVES The letter "C" at the bottom right of the chart marks the very end of major retracement wave C. That wave was part of large A-B-C downward correction started from the top at 6,481 on FEB 24, 2014. It bottomed at 3,537 on OCT 28. TARGETS first 3760-43 then 3924-50 PS: apologies for not providing more charts but I'm utterly busy. Mario D. Conti.
FX:NGASLong
by mariodconti
Natural Gas Major Pivot PointHi Traders, The end of the line of the downtrend of Natural Gas (now at 3601) is very much in sight. This sputtering downtrend is to be followed soon by a significant reversal that would mark the beginning of a major uptrend. The attached 1-hour chart displays the sub-minuette waves 1 and 2 (in green, bottom right) as part of a group of a 5 waves down that should be completed at the beginning of the week. At weekly and daily level, this is the very end of a major A-B-C retracement. TARGETS first down to the area 3515-3475 then up to the area 4163-4187 Cheers. Mario D. Conti au.linkedin.com/in/sydneytraders/
FX:NGASLong
by mariodconti