Trendsharks

Trendsharks

The current ranging environment is demonstrated by the ADX indicator, which has been threading below the 25-point benchmark since the 24th of May. The development of a descending channel elucidates the gradual transition from one market stage into another. The recent reversal from the channel's upper boundary, which also represented a reversal from the 100-day...

Trendsharks

Last week, the USDCAD was finally able to break out above the upper boundary of a massive Accumulation range. This happened after a prolonged period of consolidation above the 100-day MA (in blue), underpinning the steadily rising bullish bias. The breakout above 1.21350 and the 200-day MA (in orange) implies that the USDCAD may finally commence establishing a...

Trendsharks

Tesla's shares are currently consolidating above the 38.2 per cent Fibonacci retracement level at 581.75. Given the expectations of the Elliott Wave Theory, the price action could establish another upswing towards the descending trend line (in red). This would represent the second retracement leg (3-4) of the broader pattern. A potential reversal from the...

Trendsharks

GBBJPY's last uptrend finally looks completed, which means that a massive new bearish reversal is probably ready to develop next. Following the completion of the Pennant, which was outlined by our last analysis of the pair (link below), the price peaked soon afterwards. This underscores the completion of the last uptrend. This can also be inferred from the fact...

Trendsharks

ETHUSD continues to consolidate below the 38.2 per cent Fibonacci retracement at 2844.95, which has turned into a major retracement level. This persistent inability of the price action to break out above this critical threshold, exemplified by the three distinct tests of the resistance, illustrates mounting bearish pressure. This is so in spite of the fact that...

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...