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The net of the past three weeks of price action in EUR/JPY has been a rather chaotic range near the top of a well-developed bullish move. So, while near-term price action has taken on a bearish tonality, the longer-term formation here is still bullish in nature. Nonetheless, price action remains very close to the top of that longer-term bullish formation, and traders may want to look for a deeper retracement before adding bullish exposure with longer-term time horizons. There are two potential zones ...
Dow Jones Industrial Average (DJIA) has recovered well from the losses stemming from May 17. With DJIA printing above 21,078 late last week, it alters the pattern we were following some. Previously, we were looking for a small dip in price to offer a buying opportunity towards new highs. As we see below, the door is now opened for a slightly larger dip back towards 20,440. From an Elliott Wave perspective, we have the current wave higher ...
Our data shows a massive 83% of traders with open positions in the US 500 remain short, while positions on the Dow Jones-tracking ‘Wall Street’ contract stand at 85% short and FTSE 100 at a near-record 90% short. The major caveat is nonetheless simple: price and sentiment extremes are, by definition, only clear in hindsight. If we look at past incidences of such one-sided positioning it seems clear they precede key turning points: the ...
Now that crude oil prices have bounced from $43.79, the Elliott Wave model suggests sideways to higher trade in the coming weeks. The two favored patterns we are following right now is a big triangle or diagonal pattern. X Wave Triangle Under this triangle scenario, prices would need to top soon and below $55.21. If a short term pivot forms, we would anticipate one last dip to hold above $43.79 to finish off the triangle pattern. This is an overall bullish pattern that would ...
The Nikkei 225 has made its highs for the year in the past week. Indeed, it is now loitering around peaks not seen since the end of 2015. From such a lofty peak there’s only one question investors care about, no matter what the asset: can it stay here? Well, the technical signs are rather mixed as you’d expect. But they’re by no means universally gloomy. For one thing, the current thrust higher from April 17 has quite convincingly broken a notable down-channel in place ...
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