Umlingo

Umlingo

On the intraday 1 hr chart , we can see the S&P 500 index is in a Rectangular Consolidation, with price constrained between 5616 - 5636. A false breakout occurred in the recent NY session ( Spring) , with high volume . This is a liquidity move and a bullish sign for this index. We then see an impulse to the upside on low volume ( ie. low conviction with buyers)....

Umlingo

After a long consolidation, Gold broke 2530 last Thursday and the move to the upside was sustained into Friday. Price is clearly Overbought, as displayed in the RSI. Look for price to move back to a point of Equilibrium 1. Tenkan Sen - the 9 period midpoint of price @ 2549. Close to the Fibonacci .50 level. 2. Kijun Sen - the 26 period midpoint of price @...

Umlingo

Ichimoku The Kumo sets the bias - with price above the cloud, we are only interested in buying opportunities. What are positive signs for price to appreciate 1. Thick Bullish Cloud. 2. 3 Lines pointing up - Span A ,Span B, and Kijun Sen. 3. Price above Kijun Sen. Price Action - 1. Channel - price has moved down from 1.12 to 1.10 in a descending...

Umlingo

If we consider Ichimoku analysis 1. Kumo - price is below the cloud and we should be looking for Short Opportunities. The cloud is thick , but flat in direction. This reflects the September price correction. 2. Tenkan Sen / Kijun Sen - we can see price has moved above the Tenkan Sen ( 9 period equilibrium) and settled at the Kijun Sen ( 26 period...

Umlingo

Dax is in a downtrend after rejection from 19K . Price can be seen to be in the midst of forming and Inverted Cup and Handle structure, with resistance offered by Fan 2. The Inverted Cup and Handle, if formed, suggests continuation of the downtrend. The likely target is at 18 K. Here , structure can act as resistance. It is confluent to the Fibonacci .50...

Umlingo

USDCAD is moving off the Demand Zone after a break of the Down Trend Line ( Fan1) . Price has broken Structural Resistance and is now testing it as Support. Look for a break of the second Fan Line , as price moves up to test the Fibonacci .50 level. That would be the projected Fan 3 level. The bias presently for this pair is Long.

Umlingo

EURUSD has produced a Failure Swing, which is a change of character. Price is retesting a resistance zone, which is confluent with Structural Support/Resistance. Considering price now to breakdown from this zone, and retrace towards the .618 fib level of 1.0937. The present bias is short.

Umlingo

GBPUSD has formed a Double Top . Presently the price action is caught between the Neckline of the Double Top and Structural Support. The Double Top is one of the reversal patterns. The projected target is the height of the First Peak. This would put price at 1.2930 , which will lie between the Fibonacci .50 and .618 levels. The current bias is short.

Umlingo

AUDUSD made a bullish move from .6348 to .6824. Price has since broken the uptrend and formed a new lower high, which is a clear change of character . The resultant pattern formed is a Head and Shoulders . The sloped Neckline is apparent, which has been broken and now is acting as resistance. On a lower time frame , this minor consolidation will form a...

Umlingo

If we look at Crude Oil on the daily chart with Ichomoku perspective 1. Kumo - price is below Kumo, telling us Sellers are in control. 2. Span A and Span B - borders of the Kumo are both facing down steeply. 3. Tenkan Sen is below Kijun Sen - telling us the medium term is bearish. Both lines are facing down. 4. Chikou - is both below and well clear of...

Umlingo

Dax just printed a Morningstar Candlestick Pattern on the intraday chart. This is a strong reversal pattern. Since it is only on a lower time frame, the reversal is expected to be small. The target is the Kijun Sen, which coincides with the Fibonacci 50% retracement level and the central CPR zone. Price is moving up after being in the RSI oversold zone....

Umlingo

GBPJPY is moving in a short term consolidation which is a Bull Flag. Today's Central Price Range has not been tested. Price will be attracted to the CPR and the Kijun Sen below this. A break of this flag to the upside will trigger a short term long , in the range of 50-100 pips.

Umlingo Updated 

The S&P 500 is forming a Base below the Supply Zone. A Fan is apparent from the origin of the Rally. Three ascending trendlines connect to price action within the base. The Fan reversal begins to set up once price crosses/breaks the 3rd trendline. Price action will be contained within the consolidation, with a possible false break If you look to Volume and...

Umlingo

Gold on the intraday chart is forming a Downtrending Channel. Price is below the Kumo and has just tested and bounced off this resistance area, which is confluent to the Downtrend Line. Looking price to move to bottom and test the Channel line , below 2470. The RSI is occupying most of its time in the sell zone. The bias is short presently

Umlingo Updated 

The Intraday Chart of AUDUSD reveals a Broadening Formation. This pattern is Bearish. We can see price has successfully formed 3 higher peaks. With each peak forming Divergence on 2 parameters - 1. Volume - as each peak is formed on progressively lower volume. 2. RSI - prints lower on each peak as well. There has been a break of the support level and its...

Umlingo

Gold on the intraday chart has formed a Left Shoulder, Head and now may be forming a right shoulder. With this a neckline can be established . Look for a break of the neckline to go long to Supply ( equal to height of the head) . The VSA is printing lower volume in each peak, which confirms a potential for this pattern.

Umlingo

EURUSD was rejected from the Supply Zone , forms a Failure Swing pattern , then breaks the Support Level, Retest of this level and is now moving down. The natural target is the unmitigated Demand Zone at 1.0950.

Umlingo

If we look at the Dax for early August, 2 bullish overlapping weekly candlestick formations are apparent 1. Morningstar - Firstly price HAMMERS's a low at 17,000 , wicking the 3rd Standard Deviation Channel. We then have an extended range bullish candle move near 2 standard deviations , to complete the Morningstar. 2. Three White Soldiers - this last bullish...