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CHZ in a Multi-Year Winter: Awaiting a Break for Wave 3 of 1CHZ looks like it’s deep into a multi-year correction as part of Wave 2 of the higher degree trend. The flameout in Wave 5 of 1 resulted in the current, drawn-out consolidation. This extended correction could be unfolding as a WXYXZ or a very elongated ABC pattern, reflecting the market’s need to churn and reset after the huge rally. For now, volume remains low, suggesting the slow bleed may continue for some time longer. However, if we see a significant increase in volume, combined with a break of the upper trendline, this could signal the start of Wave 3 of 1, setting the stage for a strong impulse move upward. Until then, patience is key, as the consolidation phase persists. But when the conditions align, CHZ could be primed for a major breakout.
by cryptechcapital
Bitcoin sending mixed signalsOn the daily BTC is sending contradicting signals. On the bearish scope, a bear flag pattern has formed which is a reliable signal that the trend will continue downward. But as the flag pattern formed there is also a falling wedge formation which is a very bullish signal, about 63% of the time the market trends upwards. We most take into consideration, inflation, Ukraine and Fed policy have played a huge part in downward movement, right now the path of least resistance is downward because there is big resistance around the $ 42,000 dollar area. We will have to wait and see what happens but most likely bitcoin will test lows it hasn't tested since July 2021 when it was sub $30,000 dollars where it will meet strong support at the $29,000 area. If you like or don't like my idea please feel free to comment, I would like to read your take on things.
BITSTAMP:BTCUSD
by Tradingday22
1
Potentially LARGE GOLD MOVE INCOMING! URGENTHello traders thank you for viewing another one of our video breakdowns of XAUUSD . We will always provide our community with daily updates and current status of gold . Currently looking for XAUUSD to continue its bearish trend down into the 1932 levels and potentially much lower on a break and close below 1941. IF not we will hold the pennant formation for a push into 1960 range and will have to update from there. From there I will update you on my bias for the intraday trades throughout the week. I may not be able to post once it gets down there as I will be asleep but we are looking for buys again out of that region with some red folders coming up for news tomorrow. We can certainly see another volatile day out of gold! As always set your stops set your takes and be sure to always use proper RR! Thank you for your support!
OANDA:XAUUSD
by iNtuNeFXMarkets
1
There are two possibilities on GBP/AUD with short-term...Sterling is still displaying a degree of resilience on BoE rate recalibration grounds due to Governor Bailey’s NIRP push-back yesterday, but also on a slightly more positive note from UK PM Johnson who claims to see signs that national lockdown is stemming the pandemic spread. Cable has rejected 1.3700 again, but bounced from sub-1.3650 lows after a temporary breach of a Fib retracement level (23.6% of the move from 1.3450 to 1.3701 at 1.3642) and Eur/Gbp is filling what looks like pre-fix RHS orders just above 0.8900 after failing to extend the downside through the round number. Aussie under 0.7750 pre-NZ building consents and retail sales by card payment, plus Chinese trade data, with little lasting support for Nzd/Usd from ANZ retracting its forecast for the RBNZ to adopt NIRP. There are two possibilities on GBP/AUD with short-term upside favoured.
by FTUKcom
4
AUD/JPY NEUTRAL (71.900 or 70.560)My BIAS for AUD/JPY for the upcoming week is currently NEUTRAL. My reasoning behind this is We are currently consolidating between Daily Support level at 71.050 and Daily Resistance Level at 72.560. We are currently at the Support level so we could see a rejection of this level for a push up towards previous 4HR Support at 71.900 Or we could see a break below our Support and a Retest rejection to the upside towards our Weekly Support at 70.560. I will only take this position if one of these line up . Currently this trade is a 50/50 so we need just that 51/49 edge to make it succeed essful. Like & Follow for more future analysis and updates.
by RhysFX
1
DJI breakout or more choppy action?I'm using Log chart on monthly time frame. Dow Jones Industrial currently trading in very similar fashion of how price action looked before Dot-com bubble. Index must break 27000$ and trade above it for a while in order to continue higher. If we cannot get above recent top, more choppy action to follow based on almost identical structure we've seen before. If we cannot break higher of this blue box, 40% drop might follow. If that's the case, test of 2014-2015 lows might occur and give as 15500-16000$. This is pure speculation and just an idea to look at.. Have a great weekend ahead! DJ:DJI
DJ:DJI
by Patrikas10
GBP/USD Trade Set UpDaily trend line resisted a move to the upside and Friday's candle is very bearish - price action is in a wider bearish move adding weight to further downside potential. As price has broken one weekly resistance (blue line) expect a test of another weekly level (arrow). Upside potential remains with pricing in a short term up-trend, potential correction Monday with scope to sell on exhausted buying in the US/UK cross over - or to switch to short term buying - be alert.
by Elliot_Myers