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OIL: Triangle Pattern Could Send Prices Higher Later This Year

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June 03 2013

Oil is slow, choppy and overlapping since September 2012 , so we think that whole price action represents a triangle pattern in red wave B) that is part of three wave rally in wave (D) from June 2012 low. If we are correct, then we know that we need five sub-waves within a triangle before we may look for a push higher into C) of (D) towards 102/103 mark. Well, current reversal from around 97.00, trend-line resistance region seems to be a wave E pull-back, final leg in a triangle pattern. As such, triangle could be near completion, but based on Fibonacci levels we see room for even deeper pull-back, towards 88.00 area before market may turn bullish again, but it should sometime this year.



WHAT IS A TRIANGLE?

A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.

Contracting triangle

 
• structure is 3-3-3-3-3
• each subwave of a triangle is ussaly a zig-zag
• wave E must end in the price territory of wave A
• one subwave of a triangle usually has a much more complex structure than others subwaves
• appears in wave four in an impulse, wave B in an A-B-C, wave X or wave Y in a double threes, wave X oor wave Z in a triple threes


AUDUSD: Correction Within Downtrend

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May 27 2013

On AUDUSD we see evidences of a temporary low in place after five waves down in black wave 3. We know that after every five waves correction follow, so we think that current sideways price action represents wave 4 pull-back that should be sub-divided by three legs. As such, we think that corrective, temporary rally is incomplete and that pair may test 0.9830/0.9890 resistance area in this week before new sell-off occurs.

Traders, who want to join the larger trend should wait on completed wave four first and then look for short opportunities.







Stocks Futures Are Looking Bearish

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May 23 2013

All major stocks futures are moving higher today, but only in temporary pull-back that is part of a larger bearish trend. Resistance levels could be very near, so be aware of a push lower in the next two trading days.

Russell 2000, S&P500, NASDAQ 100, DJIA, NIKKEI and DAX






USD Index: Corrective Pull-back Within Uptrend

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May 21 2013

USD-index is trading lower from recent highs which seems to be start of a deeper corrective retracement. We are tracking wave 4) pull-back now as we can already count a completed five sub-waves in red wave 3). As such, current bearish waves are only temporary and should prove corrective. Ideally we will see three sub-waves down in wave 4 to 83.30-83.50 area where market may find a support; around former wave four, 38.2% Fibo level and at base channel line.

Our past free updates on USD Index:

You can get further and more detailed technical analysis for this market through one of our latest video analysis.






GOLD Bearish Reversal in Progress, Could Hit 1300

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May 20 2013

GOLD reversed nicely, perfectly lower from 1490 area two weeks back where base channel turned into a resistance as discussed in our latest video analysis. Notice that fall from that zone is now very sharp, showing evidences of an increase in volume and momentum so we suspect that market is underway to 1220/1300 area for fifth wave of decline in wave (C).



Register now for 7-day trial and get more details about gold in one of our latest video analysis available in members area.





EURUSD: Bearish Cycles Remains In Play-

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May 17 2013

EURUSD reversed slightly higher yesterday from 1.2840 support but not for long as recovery found resistance very soon, so it was probably just a fourth wave within larger wave 3 down. As such, our bias remains unchanged we are looking for weaker EURUSD, towards 1.2800 as a next projected target where we could see a temporary low and a wave 4 pull-back. Short-term critical level is at 1.2935 as wave four must not trade into a territory of a wave one.







AUDUSD Bearish; Wait On Pull-back For New Shorts

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May 15 2013

AUDUSD extended its weakness in the last few sessions within wave (iii) which can be counted now in five smaller waves. As such, support for current decline could be near, maybe around 0.9800 from where we will be tracking a wave (iv) corrective rally if we see evidences of a temporary low. If that will prove correct then traders should keep an eye on levels around 1.0000 where we can see wave four swing of one lower degree, plus a lower base channel line that could react as a resistance as well. Shorts around that zone could be interesting while market trades below 1.0152 critical level.

You can also check our video back from May 06 2013 in which we covered a detailed technical analysis for AUDUSD, and as well as EURUSD and USD index and presented our bias for USD bull scenario.



05/06/2013 VIDEO FROM MEMBERS AREA



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