An extended 5th wave is coming to an end soon. We would recommend you to start buying at market and add positions at 1.2260/40 and 1.2160/40. Take profit orders should be placed at 1.2600 and 1.2650.
The Elliott counts would suggest that there is an opportunity to go long at market and at 224. The correction will follow to take prices higher to 252.
The Elliott waves counts would suggest that the 4th wave is completed at 12,557 and the current move is just the beginning of an upward impulsive 5th wave. A daily close above 13,998 will accelerate the upward trend and send prices higher to 14,250 and 14,510. Above 15,280 will make the upward scenario more credible and leave the door open for new highs.
Only a...
The pair is still trading in a big “triple three correction” formation; more downside is on the way.
The first target lies at 23.70/40, below here the market will proceed lower to 22.55 and 21.85.
A daily close above 26.40 will make us reconsider the downside counts and the whole downward scenario.
Is it the end of the down cycle? Probably yes. The Elliott waves counts would suggest that the downward trend found a floor at 1.0800.
The weekly “Morning star” pattern will also support this scenario.
A weekly close above the “Marabuzo” line at 1.1015 would confirm the validity of this formation and make the upward scenario more realistic.
The immediate...
Despite the current market uncertainty, the pair’s “buy on dips” status is still valid. The immediate support area lies at 1.3112/1.3060. Below here the market will proceed lower to 1.2900 and 1.2870 where the market is expected to see a floor.
On the other hand, an upward move is still our favorite scenario.
A weekly close above 1.3235/83 would accelerate the...
Although many market participants clearly mention that the Oil chart is very difficult to predict because the black gold is strongly related to political intervention and geopolitical events. However we believe that the social mood which is reflected by the price actions of the Oil chart discounts everything even the geopolitical tensions.
Technically, prices are...
Although the pair has broken many critical supports we still believe prices are trading the last wave in a big “Y” formation.
The Elliott waves counts, the RSI divergence and the “since inception” trend-line are all suggesting a big upward trend is coming very soon.
We tolerate one more move to 1.1060/1.0990 before the pair starts its upward impulsive cycle. The...
There is a perfect long term buying opportunity, don't miss it. An impulsive cycle has just ended. The next will be a corrective one. Prices will gradually go higher to 0.8680.
We tolerate one more extension to 0.9270/35 before the pair starts its big upward trend.
