FX_Monk

FX_Monk

Hello traders, we now have two XAUUSD EW setups in play for next week. 1) Bullish Setup : Where the ABC wave is complete and 1-2 for an up move is in progress 2) Bearish Setup: Wave 1-2 & 3-4 has completed and 5 wave is in progress. If we see any bounce from the 2668 levels we can then assume the bullish structure is valid and if selling pressure is more then...

FX_Monk

XAUUSD completed a correction which is ABC in terms of elliot wave and now our first target is 2681

FX_Monk Updated 

As you can see from the chart 3-4 is complete and now the price is heading towards the 2000 area level.

FX_Monk Updated 

With Saudi Arabia extending its 1 million barrels per day (bpd) cut through December 2023 and Russia also extending its 300,000 bpd export cuts into December. This will further increase Oil prices; I'm looking at a target of 93/100 and even 107 in coming months.

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A symmetrical triangle is being formed on US 30 chart with H&S pattern as well. Target for the downside is 34077 and 33425.

FX_Monk Updated 

ACTIVTRADES:GOLD OANDA:XAUUSD AMEX:GDX COMEX:GC1! With three critical news pending this week, my analysis for gold is bearish. If the PA rejects the 1932 level, then we should see further bearish continuation. Gold is currently consolidating between 1950 and 1900 weekly levels and break on the other side will determine its trend. My targets for the...

FX_Monk

AMEX:SPY SP:SPX The current outlook for this week for SPY looks bearish with continuation down to 4277 level targets. Now the price needs to be below 4400 for further continuation down.

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TVC:GOLD ACTIVTRADES:GOLD NYSE:GOLD AMEX:GDX COMEX:GC1! As per my previous post on Gold, the current price action is creating and symmetrical triangle on the daily chart and as we can see PA rejected off from the .786% retracement. With daily rejecting off 1968 levels confirms there is more downside remaining and the break of below triangle trendline...

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DXY is currently in a corrective phase and according to Elliot wave theory, the current pattern looks like an expanded flat. Where ABC will be completed at 107, now this is can also be a running flat where ABC is finished at 105, with bearish target of 99. Current daily trend is corrective in nature with weekly resistance zone at 105-107.

FX_Monk

Symmetrical triangle formation on gold futures chart, break of below triangle trendline, profit target of 1921/1894 and if the PA breaks above trendline then TP1 - 2010. Current trend is sideways, and we might get 1968.

FX_Monk Updated 

As you can see from the chart, listed above are the bullish and bearish counts for Elliot Wave. The current PA suggests a bullish bias however if tomorrow FED raises Interest Rates or is Dovish. We could see the bearish count in play which means ABC in red is complete and the downside target is 28. Now the PA can push through the invalidation level of 30.3 and...

FX_Monk

Interest rates data reported earlier showed the inflation is still trending higher, which suggests Fed hasn't done with rate hikes and we are in for another rate hike. Bounce of 200 DEMA will be short lived. MACD is below 0 on daily chart suggests bearishness.

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ABC wave is complete and now we are retracing back to 1937 levels

FX_Monk Updated 

As per my earlier post XAUUSD impulse down is completed and now price action is correcting the impulse in an ABC fashion in 5-3-5 pattern. My target for this ABC is 2020. 2018 and 2030 are the .618%/.786% retracements from the impulse down wave from 2048-1969. If we see any rejections on daily on these levels one can go short. Trade Safe!

FX_Monk Updated 

Hello Traders! As you can see from the price action, XAUUSD is in sell mode as of now. Currently we are in 5 wave impulse down with a target of 1971.

FX_Monk Updated 

Hello Traders! XAUUSD is in sell mode right now, we may see a bounce from the current Fib levels of .618/.786 for an up move to complete the 3-4 retracement on a higher degree.

FX_Monk Updated 

Hello Traders! As you can see from the chart, the Symmetrical triangle breakout target is almost complete 1970-75 price target. The ABCD Gartley pattern is almost complete and one can take short positions for the target bottom of the C wave. If PA rejects the 0.382% fib level this will also complete the WXY pattern and Y will be towards the downside with a...

FX_Monk Updated 

Hello Trader! Please refer to the scenarios. Trade Safe!