Trendsharks

Trendsharks

The Nasdaq closed below the psychological resistance level at 14000.00, while completing a major 1-5 impulse wave pattern. Given that the market is range-trading at present, this seems like a good time to use intraday contrarian strategies. The bearish correction is expected to reach the 23.6 per cent Fibonacci, potentially even the 38.2 per cent Fibonacci.

Trendsharks

The price of Bitcoin is currently consolidating in the green area above the psychological support level at 30000.00. The emergence of a Morning Star pattern could signify a potential pullback towards the 61.8% Fibonacci at 42260.29 next. This will happen if the price manages to penetrate above the lower limit of the descending channel. Such a pullback would...

Trendsharks

The USDCNY continues to find itself in a solid downtrend. This is illustrated by the ADX indicator, which has been threading above the 25-point benchmark since late September 2020. The ADX reached a peak around the time the price action fell to the upper boundary of the last Accumulation range at 6.4700. Afterwards, the price went on to establish a false bullish...

Trendsharks

The previous uptrend took the form of a 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory. It was terminated at the major resistance level at 1.22400. Subsequently, the price action started developing the current downtrend. It takes the form of a descending channel and behaves as per the expectations of the Elliott Wave Theory. The price action...

Trendsharks

The price of crude oil reached the psychologically significant resistance at 70.00, as we forecasted in our last analysis of the commodity (link below). Now, the price looks ready to establish a new bearish correction towards the 23.6% Fibonacci retracement level. The emergence of a Bearish Engulfing candle from the psychological resistance level and the...

Trendsharks

The price of gold is currently consolidating below the 100-day MA (in blue), ahead of the release of the May payrolls in the U.S. This looks like the peak of a minor pullback, which would allow bears to sell spot in anticipation for continued depreciation in the near future. The 38.2 per cent Fibonacci retracement level seems like the most significant target for...

Trendsharks

The Right Shoulder of the broader structure represents a false breakout above the 23.6 per cent Fibonacci retracement level at 0.77690, which was followed by a dropdown below this crucial resistance. As of late, the price action has been consolidating below this psychological barrier and the 100-day MA (in blue), which underpins the ongoing transition of the...

Trendsharks

The price of crude consolidated above $68.00 following yesterday's OPEC conference, which underpinned growing demand driven by robust global recovery. The price is currently trading at its highest level in over a year (since before the coronavirus crash), which could cause volatile fluctuations nears this historic resistance. Traders looking to join the rally...

Trendsharks

The USDCAD has been behaving as per the expectations of the Wyckoff Cycle for quite a while now, which provides an insightful outlook on the likely behaviour of the price action in the near future. Following the completion of the last Markdown, the pair went on to start establishing the current Accumulation range. Its existence is confirmed by the ADX indicator,...

Trendsharks

The share price appears unable to break out above the historic resistance level at 170.00, which represents a very strong bearish signal. Moreover, the price action has recently established a broad 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory, as well as having developed an Ascending Wedge. Both of these developments confirm the bearish...

Trendsharks

Following the successful breakdown below the Ascending Wedge's lower boundary (as we projected in our last analysis of the pair, see below), the EURUSD looks poised to resume falling shortly. The highly anticipated payrolls data in the U.S., which is scheduled for publication on Friday, would likely strengthen the greenback. This time, the correction would...

Trendsharks

The price of Platinum is currently trading near a major make-it-or-break-it point, whose further development entails excellent trading opportunities. On the one hand, the breakdown of the price below the lower boundary of the Flag and the 100-day MA (in blue) signifies a potential correction to the 38.2% Fibonacci retracement. On the other, the Stochastic RSI...

Trendsharks

As government restrictions in the U.S. and elsewhere ease, so the global tourism industry is likely to recuperate. This would naturally boost airline stocks. With regards to Boeing, the share price recently concluded a major Descending Wedge, which entails probable trend continuation. The pattern bottomed out at the 250-day MA (in red), which was followed by a...

Trendsharks

The latest bullish pullback on ETHUSD entails excellent opportunities for contrarian trading. After having tested the 23.6% Fibonacci on two separate occasions, the price is currently probing the 38.2% Fibonacci. The descending trend line (in red) is currently threading very close to this major resistance, which in itself presupposes a likely...

Trendsharks

The GBPUSD appears to be testing the upper boundary of a major Descending Triangle, which typically entails rising bullish momentum. If, however, the price action were to fail to break out above the minor resistance level at 1.4160 at the present moment, this would provide bulls with another opportunity to go long at a discount. They can wait for another...

Trendsharks

The share price of Tesla seems poised to appreciate towards the psychologically significant resistance level at 700.00 over the med-term. The prominence of this level is derived from the fact that it is positioned remarkably close to the 23.6% Fibonacci retracement. The latest upswing originated from the 38.2 per cent Fibonacci. The reinvigorated bullish...

Trendsharks

The CADCHF is currently finishing a Descending Wedge, which typically serves as a trend continuation pattern. A decisive breakout above its upper boundary would entail the likely continuation of the uptrend. Before this happens, however, the price action is likely to fall to 0.73900 one more time, which would allow bulls to enter long at the resulting dip....

Trendsharks

The price action has been developing a massive Ascending Wedge that was highlighted in our previous analysis of the pair. This implies that the EURUSD may finally be ready to break away into a new downtrend. These expectations are further substantiated by the MACD, which is underpinning a divergence in the making. Such a reading of the indicator is to be expected...