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Crude Oil Is Looking Impulsive On the Intra-day Basis; Could See $93.00

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April 25 2013

Oil is forming an impulsive price action from 87.87 swing low. The reason is reaction towards 92.00 figure seen yesterday which has been very strong and sharp in short-period of time. That’s a personality of a third wave, so we think that market is forming a five wave pattern. With that in mind, be aware of more upside, this time towards 93.00 mark. Current sub-wave four may look for a support around 91.00 level. Market remains in bullish shape as long as 89.92 support is not breached.


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S&P 500 Is Showing a Top Formation At 1597 Based on Elliott Wave And H&S Patterns

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April 23 2013

S&P500 fell sharply last week from 1597 and found support around 1536 from where we have seen 20 point rally on Friday. Notice that market reversed from swings lows made in early April, that caused a recovery towards 1565/1575 Fibonacci resistance area. We believe that this pull-back represents a wave 2/B as we labeled a decline from 1597 as a leading diagonal in wave 1/A. As such, traders need to be aware of a new sell-off on this market into wave 3/C through 1530 area. A broken trend-line connected from December 31st can also become a nice resistance in wave 2/B around 1565. At the same zone we also expect to see a top formation of a right shoulder of a bearish H&S pattern. Meanwhile invalidation level remains at 1597, so as long this level holds we will look lower.


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EURUSD: Support-line Is Broken- Watch Out For A Sell-off

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April 18 2013

EURUSD reversed sharply lower yesterday from 1.3200, clearly in impulsive fashion beneath rising trend-line from 1.2745 and as well as wave B) swing low. This is a very clear bearish price action that should send prices even lower in minimum three waves, possibly to 1.2900/1.2950 in the next few trading days. Meanwhile pair must not get back above 1.3200 critical level but could see a pull-back to 1.3110 where broken trend-line may become a resistance.


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AUDUSD Turns Bearish After A Daily Close Beneath March Trend-line

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April 17 2013

AUDUSD turned sharply lower and made a daily close beneath rising trend-line connected from March lows. We also need to consider that decline from 1.0580 is looking impulsive; strong and large move in a very short period of time. As such, this leg must be part of a larger bearish sequence that should unfold minimum in three waves. Ideally we will see a zig-zag down in wave (Y) of a complex wave E as shown on the updated count. In the very near-term traders who are interested to join the bearish trend may want to keep an eye on that broken trend-line that may turn into a resistance around 1.0420.



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NZDJPY Looks Bearish Against 86.40

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Apr 16 2013

European shares and US pre-market has been trading higher for the last couple of hours and caused some downside on USD and JPY. Earlier we mentioned to our members that we will keep them updated regarding the JPY pairs as there could be some trading opportunity in the near future based on bearish S&P sentiment. Below we have NZDJPY chart where decline can be counted impulsively, so current rally should prove corrective. We would love to be short on that one, but we need three legs up from 80.54. Current minor five wave rally in red labels represents wave (a) of a zig-zag, so more sideways and even upside price action to come.

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CRUDE OIL UPDATE II: Corrective Pull-back Within Downtrend

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Apr 16 2013

Oil prices found a support around $86 per barrel after five waves down in wave 3 followed by a rally out of an impulse channel which confirms the idea of a completed wave 3 and wave 4 pull-back in progress. We will be tracking a three wave rise in wave 4 back to $89-$90 resistance area before price once again breaks lower, this time through $86 per barrel and possibly towards $84 support from November 2012. 




Crude Oil: Correction Appears Complete; Weakness Could Extend To 90$ Per Barrel

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Apr 12 2013

Oil recovered nicely in the last few days from 91.80 back to 94.75 which was expected after a completed five wave pattern down. We were tracking a corrective bounce in the last few days which has unfolded very nicely and stopped at 94.75, almost on a tick at wave four resistance of one lesser degree. Notice that market reversed sharply lower few sessions back after completed double zig-zag. Fall us clearly in impulsive fashion which has also extended through the lower side of a corrective channel. This is a clear bearish signal for further weakness on oil prices, this time towards and through 91.80 support followed by $90-psycho level. New critical invalidation level is now at 94.75.




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