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EURCAD: Sentiments Are Short-Term Bearish, But…

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free-forex-eurcad-calls-chart

EURCAD has completed corrective wave 4, and if the price breaks the parallel channel C, it may make a new low, which should be impulsive sub-wave 5 of wave (5).

If price breaks down channel C, the following targets for Wave 5 will be 1.4313 – 1.42520 – 1.41652- 1.41156.

After making wave (5), if the price breaks the B channel, it can go for 1.4645 and start a new 5-wave impulse structure.

Please note that the Breakout of wave (4) indicates a strong bull trend.

If the price breaks the channel without a downward, it indicates truncated 5th.
I will upload an intraday chart for further information soon.

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AUDJPY Is Forming A Contracting Triangle

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Free Forex AUDJPY Tips

Currently, AUDJPY is forming a contracting triangle on the corrective wave ((4)). Price has completed sub-wave (C), and sub-wave (D) is in progress.

After completion of the (D) wave, the terminating wave sub-wave (E) will break the B–D trendline of the contracting triangle.

Wave (D) can end nearby 78.6% retracement of wave (B).
If the price breaks the B–D trendline, It can move to 85.35 – 86.25 – 88 – 89. The traders should put protective stop loss at 78.78.
wave (5) may end at 89.609, which is inverse Fibonacci retracement 1.618% of wave (4)

Wave (E) can complete between 0.618 to .786 Fibonacci levels.
That’s why a trader can expect the following targets for wave (E) 83.44 – 82.50 – 81.03 as targets of wave E. If you want to trade wave (E), then you should have a trailing stop due to the high volatility of wave (E).

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EWT: CADJPY Preparing for 93.84

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free forex cadjpy currency calls

Price has completed the C leg of corrective wave Primary ((4)), and the price will march for impulsive wave ((5)).

Wave Formations:

Wave ((1))

– Leading diagonal
– Formed on extreme low
– Termination sub-wave 5 is smaller than 3

Wave ((2))

– Zigzag
– 50% of wave ((1))
– Ended near the sub-wave 4 of an impulsive wave.

Wave ((3))

– Impulse (Five wave moves)
– Extended 2.618% of wave 1

Wave ((4))

– Running triangle/running flat
– 38.2% of wave ((3))
– Ended above wave (b)

Wave ((5))

– Wave ((1)) was a leading diagonal, so wave ((5)) can’t form as a diagonal. It will be an impulsive wave.
– Wave 3 can end near 161.8% of the 4th wave at 93.492.
– Wave 1= Wave 5 at 93.765
– Wave 5 can complete after touching the parallel channel at 93.849.

We can expect the following targets: 91.46-92.29-93.849

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Gold Spot (XAUUSD) Time for Consolidation & Lower Volatility

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free commodity gold xauusd daily & hourly chart tips

Click on the chart to enlarge

See the above chart wherein I have used the Gann Angles as support & resistance. As per the rules of All Angles, when the stock price breaks an Angle, it will rotate to the next Angle. Gold Spot is under a downtrend until the breakout of 8/1.

But that’s all about the long-term view. If you see the above Gold Spot’s hourly chart, there are two supports. And if XAUUSD repeats the game of excess & tail, then the downtrend will begin.

Hence, be ready for the levels of $1752 – $1726 – $1680 below.

Gold Spot can hold the downtrend by staying above 4/1. If it happens, then we will see $1830 – $1860 – $1900+ levels.

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Freemium: Gold (XAUUSD) & Mentha oil

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free commodity gold (xauusd) tips & daily chart

BEFORE

UPDATE: Gold’s Simplified Trading Strategy

I had written in clear words, “…according to Elliott Wave theory, it was in a corrective wave. It has completed the ABC, and now gold can start marching for a new impulse phase. Therefore, we can expect the gold’s target price 1782 – 1790+“.

AFTER

free commodity gold xauusd chart, tips, & updates

The first target of gold has come. Will it touch the second target?

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free commodity mcx menthaoil tips chart

BEFORE

UPDATE: Will Mentha Oil Touch 960 Level Again?

I had written in bold words, “MCX Mentha oil can bounce here. It can retest the 960. The intraday & short-term investors should enter around the support trendline for the targets of 926 – 936 – 958“.

AFTER

free commodity menthaoil trading tips chart

Today it has touched the first target.

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Gold: These Two Levels Can Change The XAUUSD Trend

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free commodity gold (xauusd) tips & daily chart

Advice For Day Traders:

XAUUSD is not tradable between the range of 1766 to 1745. They are trend changer levels.

Gold’s Simplified Trading Strategy:

According to Elliott Wave theory, it was in a corrective wave. It has completed the ABC, and now gold can start marching for a new impulse phase. Therefore, we can expect the gold’s target price 1782 – 1790+.

In simple language, you should wait for the breakout of 1766 or 1745. Because of that’s a crucial level for XAUUSD traders.

If gold will break down the 1745 level, then the downtrend will begin. And that downtrend can drag it down up to 1730 – 1706 – 1686.

Please note, don’t forget to watch significant releases or events that may affect the movement of gold, silver, and crude oil:Continue reading