SandP 500 E-Mini Futures 240 CME Updated 5/17/2017 Price turned and rolled over near the 2400 area that we have been talking about for some time now. We are currently under the 2376 area and are possible to go lower to fill the gap from 2 weeks ago which was from the result of the French election. Look for the 2357 area and the 2336 area as possible support targets, but I have also drawn in the median line with the same spacing as above and below which is also the main potential target, which is marked with a blue arrow.
Medianline
EURAUD: Correction May End at Key Support LevelPrice broke above the median line of the upsloping pitchfork and has retraced to test it into a corrective structure. The sliding parallel is acting as support (previously resistance), might push price higher to break above the correction. In that case wait for a smaller correction and buy the market. If based on your strategy you have a setup at the sliding parallel you may still take it ignoring all the above.
SandP 500 E-Mini Futures 60 CME Updated 5/15/2017Price has bounced on the WL1 as mentioned in last Fridays post onthe 60 minute time frame. We could see a continuation higher to retest the back of the lower blue median line, but watch closely this area to see if price will stall. I am thinking price will come bock down a bit to maybe the 2394-296 area before showing if it will continue, but one thing is for sure, that the WL1 line is a good support line.
GBPNZD Key Level to Watch for This Correction to EndPrice has formed an impulsive wave up, after finding support at the sliding parallel of an active median line set, and is now retracing into a correction towards the same parallel. In case we see it retracing a little more it would be a nice idea to buy GBPNZD with sl and tp as shown in the chart.
AUDUSD: Watch Closer for Price to Reach This Resistance LevelPrice while moving into a descending channel, it broke below the sliding parallel of the median line, which acted as support, and is now seems to making correction. In case we see a pullback to the sliding parallel which now most likely will act as resistance we better start watching for a sell setup. At the same level price will additionally will find resistance from the upper parallel of the channel.
AUDUSD Daily LongHi all,
AUDUSD is showing a possible long setup at around 0.730, do note that we have somewhat of an ugly bat on the chart
which I decided not to display due to C slighly extending A and PRZ D would be at 7225 which would invalidate this trade.
I recommend to observe the hourly chart should price hit 0.730 and search for reversal signals like double bottom + bullish divergence.
Good weekend
SandP 500 E-Mini Futures 60 CME Updated 5/12/2017Price has bounced on WL1, but is also showing resistance now at 2388 area. look to see if price can hold from here, or if it will continue turning over. if we go lower i could see 2361 eventually being touched, but 2377 is acting as major support at the moment.
SandP 500 E-Mini Futures 60 CME Updated 5/11/2017Price has dropped out of the up blue fork, and now is following the pink fork. Look to see if price holds at resistance 2389, and continues to drop. I am looking to see price go again down to 2375 area and eventually lower, but watching as price rolls over.