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Short Term Elliott Wave in S&P 500 (SPX) suggests the rally from 4.20.2024 low is in progress as an impulse. Up from 4.20.2024 low, wave 1 ended at 5341.88 and pullback in wave 2 ended at 5191.68. Internal subdivision of wave 2 unfolded as a double three Elliott Wave structure. Down from wave 1, wave ((w)) ended at 5256.93 and wave ((x)) ended at 5311.65. The Index then extended lower in wave ((y)) as a zigzag structure. Wave (a) ended at 5269.67, wave (b) ended at 5282.06 and wave (c) ended at 5191.74. This completed wave ((y)) of 2 in higher degree. The Index has turned higher in wave 3. Up from wave 2, wave (i) ended at 5292.25 and dips in wave (ii) ended at 5234.32. The Index resumed higher in wave (iii) towards 5370.3 and pullback in wave (iv) ended at 5347.09. Wave (v) higher ended at 5375.08 which completed wave ((i)). Pullback in wave ((ii)) is proposed complete as a shallow zigzag Elliott Wave structure. Down from wave ((i)), wave (a) ended at 5341.88 and wave (b) ended at...

The US dollar has rallied again during the trading session on Monday against the Brazilian real, as we continue to see a lot of concerns around the world affecting emerging market currency such as this one. All things being equal, this is a market that I think will continue to see a lot of upward pressure, and I think at this point in time it does make a certain amount of sense that short-term pullbacks will continue to be buying opportunities. Technical Analysis AC several support levels that are excellent buying opportunities if you do in fact get the opportunity. Keep in mind that this is a pair that will be extraordinarily volatile at times because it is somewhat thinly traded during certain times of the day. That being said, I believe that the 5.30 level has now offered itself a bit of support, as it previously had been resistance. With that being the case, I like the idea of buying dips in bits and pieces and taking advantage of value any time, it shows up. After all, the US doll...

EUR/USD Forex Signal: Found Support at $1.0758 EURUSD was not triggered, as there was no bullish price action when the support level at $1.0863 was first reached. Today’s EUR/USD Signals Risk 0.75%. Trades may only be taken prior to 5pm London time today. Short Trade Ideas Short entry following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.0784, $1.0834, or $1.0856. Place the stop loss 1 pip above the local swing high. Move the stop loss to break even once the trade is 20 pips in profit. Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride. Long Trade Ideas Long entry following a bullish price action reversal on the H1 timeframe immediately upon the next touch of $1.0758, $1.0722, or $1.0709. Place the stop loss 1 pip below the local swing low. Move the stop loss to break even once the trade is 20 pips in profit. Remove 50% of the position as profit when the price reache...

The NZD/USD has had another solid spurt of upwards momentum develop in the past half day and sustained values near important mid-term resistance marks. The NZD/USD stumbled in early trading yesterday and touched the 0.61560 vicinity, but the move lower actually did not test Monday’s lows. And importantly the support level touched yesterday remained within sight of Friday’s highs. After touching yesterday’s low, the NZD/USD actually began to generate buying momentum. Economic data from the U.S continues to come in below expectations as signs appear to be growing the American economy is slowing. As of this writing the NZD/USD is near the 0.61818 ratio and this is noteworthy because the currency pair is within sight of yesterday’s highs which were achieved before the downturn. Support and resistance levels short-term are playing the usual cat and mouse game of give and take, but traders who look at a week’s, one month and even a three month chart can see a verifiable trend upwards that ha...

WTI Crude Oil saw the 80.000 USD level penetrated upwards on Wednesday of last week, only to falter and then begin a rather steady push lower. The price of WTI Crude Oil this week will begin trading near the 77.120 mark, this after touching a depth around the 76.640 ratio this past Friday. The ability to trade downwards and come within sight of values seen the previous Friday while testing mid-terms lows could prove to be significant. However, before traders rush into to say the dominant trend is downwards, they should acknowledge that a run higher early last week in WTI Crude Oil achieved a high of nearly 80.590 on Wednesday. The incremental move higher starting last week only to run into headwinds after month long resistance was tested is noteworthy. Also of importance is that OPEC will be conducting a meeting today to discuss pricing and production. WTI Crude Oil’s ability to move back to mid-term lows before the oil conference will spark intrigue and concerns in the minds of specul...

The EUR/USD finished trading comfortably above the 1.08000 level this Friday, this as the currency pair and speculators await the European Central Bank’s rate decision this coming Thursday. The EUR/USD is set to begin trading near the 1.08475 mark early tomorrow morning. The currency pair enjoyed a rather solid test of its near-term price range the past handful of days and the ability to go into the weekend perched well above the 1.08000 level is likely being received by companies and investors with an interest in seeing a strong value for the EURO in a positive manner. A low of nearly 1.07860 was tested this past Thursday, but trading below the 1.0800 level proved to be momentary. The price action on late Wednesday ant into early Thursday while lows were tested and the ability of the EUR/USD to then incrementally rise is noteworthy. Also worth a technical glance is the notion that the 1.08100 ratio when tested briefly on Friday proved rather durable and a climb to a high of nearly 1.0...

After penetrating the 80.000 USD price level on Thursday of last week WTI Crude Oil has shown sustained value and the coming days will be intriguing for speculators. WTI Crude Oil will open trading within eyesight of the 81.000 USD price early Monday. Last week’s trading saw the 80.000 mark penetrated and brushed to the side on early Thursday as speculators seemingly reacted to U.S Inventory data from the previous day, which showed a shortfall of over one million barrels. The U.S and global production is solid, but the price of WTI has been showing a steady flirtation with higher prices since early February. The bullish trend in WTI not only passed the 80.000 USD mark on Thursday, but sustained its momentum without any volatile reversals lower. Since late in February, the 77.000 USD price has acted as rather durable support and did so again this past Tuesday and early on Wednesday. The ability of WTI Crude Oil to start marching upwards on Wednesday and then reach velocity on Thursday i...

EUR/USD: Weekly Forecast 16th April - 22th April The EUR/USD went into the weekend within sight of its highs attained early on Friday, and continues to find speculative buying persists with the currency pair. The EUR/USD will start the week near the 1.09930 mark, which is a price that has last seen sustained values in March and April of 2022. Yes, the EUR/USD did trade above the 1.10000 level briefly in early February of this year, and this past Friday the currency pair did trade near a high of 1.10800 before faltering. However, sustained prices near these levels have not been accomplished for over a year and speculators who believe the EUR/USD can go higher are certainly looking at their long-term charts to gain perspectives. EUR/USD Battling Highs is a Solid Trend but Concerns Abound The ability to climb over 1.10000 on Friday and move even higher was significant. However, traders need to remain realistic, if the reversal lower didn’t cause concern then it should be remembered th...

Gold is trading flat to positive at 1727.63, up by 0.09% as the U.S sees spike in the number of coronavirus cases in some of its states. Texas saw the highest rise with more than 4000 cases while California stood at 3000 daily cases. Florida and Arizona both registered more than 2000 cases each. However, the gains in bullion remain limited over the news of new steroid drug Dexamethasone that has shown positive effects on the severe coronavirus patients in the U.K and is proven to be the first drug to save lives. Talking about the previous session, gold initially reached its intraday high of 1732.86 on the back of rising concerns over the second wave of the coronavirus as cases rose across the world. Furthermore, Powell in his testimony reiterated that the path to economic recovery will take a long time as the employment and output levels are far below the pre-epidemic levels. Later in the American Session, the bullion lost most of its safe-haven bids to broad-based strength in...