tchamoun

tchamoun Updated 

Looking at the hourly chart on Gold, I believe that more downside is on the cards as long as we are trading below 1966.00. The pair had a 5-wave down followed by a 3-wave up correction which retraced 78.6% of the down move. A break below 1919.00 will further confirm our view. We are looking for a move below the 1890.00 level hit at the beginning of the week.

tchamoun

This is an example of a head a shoulder pattern that worked to perfection. The two shoulders and the head can be distinguished very easily. We can also see a negative divergence with the RSI at the top of the head, which shows declining momentum. After the break of the neckline, we can see a throwback towards it before the resumption of the down move. Finally, the...

tchamoun

After the big fall since October 2020, the stock could have found a bottom at 73.17, as evidenced by the island reversal candlestick pattern, that was confirmed by an increase in volume with the second gap. Go long with a stop below the 73.17 low for a rebound towards at least 130.00/140.00

tchamoun

Looking at the hourly chart on the EURAUD , the cross looks to have finished a 5-wave advance from 1.4563 to 1.4994 and is now in a corrective mode. We are looking to go long on a pullback inside the rectangle from 1.4870 to 1.4808, for another five-wave advance. We continue to prefer the long side as long as the 1.4563 low is intact for a move back towards...

tchamoun Updated 

The pair has carved out a five wave decline followed by a three wave rally (which could extend a little further). Whether the two big waves are part of an impulsive wave lower (1-2) or part of a zigzag correction (A-B), another leg lower should follow, targeting the 0.8650 support. This idea is viable as long as we trade below the 94.00 resistance.

tchamoun Updated 

After the impulsive first wave witnessed on the pair, where we had an extended first leg, the EUR/GBP is now correcting. The next levels to watch are the 38.2% and 50.0% retracement from the highs, which come in at 0.8404 and 0.8382. Those are good entry levels for the third wave, which could take prices higher towards 0.8600.

tchamoun Updated 

As we can see on the chart, the US100 still has at least one more leg lower to end the impulse wave. It's still not clear whether the 4th wave ended at 14651.5 or we still have one more push higher before the beginning of the 5th wave lower. Either way, as long as we trade below 15351 (the end of the 1st wave), odds favour more selling to lows below 13717 at the very least

tchamoun Updated 

As can be seen on the chart, the XAU/EUR is in the middle of correcting a five-wave decline that should take prices towards 1615/25 before the resumption of the down move. Whether the move lower is the third wave of an impulsive decline or the C wave of a corrective decline doesn't matter, the XAU/EUR should go lower. If the pair breaks above 1642, our analysis...