upside will be confined by the upper channel resistance line.... short term... any marginal highs will be a good selling opportunity...
break below 4775 confirms rally from 4157 has ended and will see correction back down to 4430/50 b4 next leg higher....
medium to long term favors more upside as long as 2873 holds.... and if 5144 main resistance is broken... it would mean resumption of uptrend and will likely print new highs above 6038....
short term.... it's due for some correction b4 marching higher.... break below 4775 confirms...
don't really like counting waves in the first place.... furthermore waves within waves.. :)
the rally from 3428 low is clearly intact... and looks like to continue as long as 4350 level holds...
draw a support line from 3428 low to last week's low 4157 and i see that as main support line for rally from 3428 low... clear break and close below that line would likely signal end of rally from 3428 low...
if that support line would be the lower channel.... main upper channel can be drawn by drawing parallel line through 3861 high(wave I high on feb 2.)... which now runs thru roughly 4860/70 level..... within that channel you can draw more parallel lines to indicate minor/major support/resistance....
ahead of 4860/70 main resistance... i see 4760/80 resistance where we could see some reaction
extending higher.... current upmove from 4157 would likely continue toward 4760/80 as long as 4540/50 holds... don't see it moving above 4800 imo for current rally...
from there... see correction down to 4380/4400 then higher toward 5000/5100.... which would end the wave from 3428 low...
for me.... the initial rejection from 4500 level indicates that rally from 3428 has ended and it has 1 more leg down for correction(assuming it's only a simple correction.... ).. only break into new highs will prove to be wrong view...
and even from EW perspective(not that i really follow).....
wave I = 2873~3861 wave II = 3861~3428 wave III = 3428~4520 wave IV = still in progress unless breaks above 4520...
simple wave IV woud likely target 4050/4100 with possible extension down to 3900/50.... but break lower below 3850 would mean more complex move with further and prolonged consolidation....
in the bigger picture.... as long as 2873 holds.... it will be moving higher to challenge 5144 main resistance.... if successful to take it out... will see new highs.... but break back below 2873 would mean failure and resumption of downtrend and see new lows below 1876...
as long as it trades below 4350... shorts are still in play... negative 4/8 hour candle formation favor move south... break of 4204 confirms new low below 4157... most probable initial target of 4100 and further south around 4020/4040....
only above 4350 would see extension to 4390/4400 then some correction b4 challenging main resitance around 4440/50....
so 4300/4320 level provided good selling opportunity... have to see how it turns out though... :)
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ما وراء هبوط الدولار مع الذهب و من منهما يتمكن الارتداد؟
موعدنا الآن في غرفة شركة إكس أم لجلسة الأسواق
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@XM_COM (10 months ago)
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Gold, Yields & Nasdaq
Yields are breaking down, and may potentially extend towards 4.32%, which could imply further gains in XAUUSD and NASDAQ, depending on the outcome and inner details of the CPI. EURUSD...
View Hot-Chart..
break below 4775 confirms rally from 4157 has ended and will see correction back down to 4430/50 b4 next leg higher....
medium to long term favors more upside as long as 2873 holds.... and if 5144 main resistance is broken... it would mean resumption of uptrend and will likely print new highs above 6038....
short term.... it's due for some correction b4 marching higher.... break below 4775 confirms...
gl/gt
don't really like counting waves in the first place.... furthermore waves within waves.. :)
the rally from 3428 low is clearly intact... and looks like to continue as long as 4350 level holds...
draw a support line from 3428 low to last week's low 4157 and i see that as main support line for rally from 3428 low... clear break and close below that line would likely signal end of rally from 3428 low...
if that support line would be the lower channel.... main upper channel can be drawn by drawing parallel line through 3861 high(wave I high on feb 2.)... which now runs thru roughly 4860/70 level..... within that channel you can draw more parallel lines to indicate minor/major support/resistance....
ahead of 4860/70 main resistance... i see 4760/80 resistance where we could see some reaction
extending higher....
current upmove from 4157 would likely continue toward 4760/80 as long as 4540/50 holds...
don't see it moving above 4800 imo for current rally...
from there... see correction down to 4380/4400 then higher toward 5000/5100.... which would end the wave from 3428 low...
not sure what methods you use for trading but all i know assumptions are not healthy and can cost you some fortune...
anyway... good luck to both of us for i'm short also atm.... :)
for me.... the initial rejection from 4500 level indicates that rally from 3428 has ended and it has 1 more leg down for correction(assuming it's only a simple correction.... ).. only break into new highs will prove to be wrong view...
and even from EW perspective(not that i really follow).....
wave I = 2873~3861
wave II = 3861~3428
wave III = 3428~4520
wave IV = still in progress unless breaks above 4520...
simple wave IV woud likely target 4050/4100 with possible extension down to 3900/50.... but break lower below 3850 would mean more complex move with further and prolonged consolidation....
in the bigger picture.... as long as 2873 holds.... it will be moving higher to challenge 5144 main resistance.... if successful to take it out... will see new highs.... but break back below 2873 would mean failure and resumption of downtrend and see new lows below 1876...
would like to hear your thoughts and view.... :)
as long as it trades below 4350... shorts are still in play... negative 4/8 hour candle formation favor move south... break of 4204 confirms new low below 4157... most probable initial target of 4100 and further south around 4020/4040....
only above 4350 would see extension to 4390/4400 then some correction b4 challenging main resitance around 4440/50....
so 4300/4320 level provided good selling opportunity... have to see how it turns out though... :)
gl/gt
i wonder if chloe went long...
nice one... :) you're long and i'm short....
i'm holding 4480 and 4498 shorts.... with no stops...
4480 shorts... tp 4440..
4498 shorts.... tp 4340...
let's see..
good luck!