Gold is still bearish and has not broken the Cloud resistance while testing the 50% retrace Fib and the 100 SMA. It appears to me that the wave may be over with an small 'M' at the end of the wave form. Gold, to be Bullish would need a strong daily move above the 1280 area.
Brent Crude looks to be bearish not being able to break above the clearly defined Support/Resistance line.
The Larger 'M' now has a fractal 'm' looking to give way to the 96.50-97 area,where it will test the last immediate term low.
In Bulkowski's Daily Blog, his Pattern recognition software as indicated an 'Broadening Top" formation for the Composite as well as PSQ having an ' Broadening Wedge'. The start date was 1-06-14. PSQ's estimated rise is 27% if the pattern is successful.
The Dow's Lagging Line is testing the Cloud's 52 support line, the Harmonic E-wave allows for another low to complete the wave down and would not 'Break' the Daily structure.From a HEW perspective the upside for a WAVE III is not complete. I've tried to put a Wave count on an 3PDh pattern before, it was very difficult to nearly impossible to do. We have to let the Pattern 'rule" because it is an Reoccurring Long Term Pattern through History. It has appeared at every 'Major' Decline.
The USDollar has held the Cloud support and is testing the wedge at 81.60 . It may not be quite ready to break out yet,but the next level is .83. The wave pattern looks like an 3-3-5.
The Euro's price has broken the Cloud and the lagging Line is very close to piercing the lower support.
If successful the next support is around 131 area.
Coffee has had strong momentum and what appears to be "Three White Soldiers" which is very Bullish.
Once it pushes through the 1.25 level the next major test is 1.40
Natgas had an 'impressive' run up to 5.00 then a equally 'impressive' sell off. The candle doesn't look like its 'engulfing' and a wave -iii- count looks in order. watch for an tri-angle or a Flat consolidation . A drop to 4.20 is still bullish,although I personally do not think it will go Lower.
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