Monthly Archives: March 2017

GOLD Elliott Wave Technical Analysis – 24th March, 2017

Downwards movement for a pullback was expected for Friday’s session. A lower low and a lower high is the definition of downwards movement, and this is what was seen for Friday.

Continue reading GOLD Elliott Wave Technical Analysis – 24th March, 2017

SILVER Elliott Wave Technical Analysis – 23rd March, 2017

Last week expected a pullback to begin for Silver. Price has edged up slowly all week.

Continue reading SILVER Elliott Wave Technical Analysis – 23rd March, 2017

GOLD Elliott Wave Technical Analysis – 23rd March, 2017

A slight new high was not expected but was allowed for. Thereafter, price has turned downwards to breach the channel on the hourly chart.

Continue reading GOLD Elliott Wave Technical Analysis – 23rd March, 2017

GOLD Elliott Wave Technical Analysis – 22nd March, 2017

The target was at 1,253. So far price has reached 1,251.21, just 1.79 short of the target.

Continue reading GOLD Elliott Wave Technical Analysis – 22nd March, 2017

Trading Room – 22nd March, 2017

Today’s Trading Room looks at Copper only.

To learn what the Trading Room is about see first Trading Room analysis here.

Trading Room will focus on classic technical analysis. Elliott wave analysis will be for support and for targets / invalidation points.

Copper (Spot)

TECHNICAL ANALYSIS

US Oil Chart Daily 2017
Click chart to enlarge. Chart courtesy of StockCharts.com.

The first movement downwards from the high on the 13th of February to the low of the 23rd of February was choppy and overlapping and came on overall declining volume. The market fell of its own weight.

The bounce up to the 1st of March came with some increase in volume. The volume profile looks slightly bullish up to this point, but not strongly.

The fall to the last low on the 9th of March came with increasing volume. This looks clearly bearish.

The next bounce to the high of the 20th of March came with clearly declining volume. This looks like a counter trend movement within a new downwards trend.

ADX has not yet indicated a downwards trend. It is below 15 although it is rising slightly today and the -DX line is above the +DX line.

Contracting Bollinger Bands and declining ATR suggest the market is not yet trending.

The most bearish part of this chart is the recent volume profile. Other indicators suggest caution for short positions.

ELLIOTT WAVE ANALYSIS

US Oil Chart Daily 2017
Click chart to enlarge.

Copper may be in the very early stages of a new downwards trend. The green trend line goes back to August 2011 and has recently provided resistance. After price breached the lower edge of the lilac line, it then turned up to find resistance at that line for a typical throwback.

The gold channel is a base channel about minor waves 1 and 2. The upper edge has provided resistance for another second wave correction. The lower edge may now be providing some support. If this Elliott wave count is correct, then Copper should break below support at the lower edge of this channel. It may then turn upwards for a test of resistance before moving down and away.

Trading advice for members only: [Content protected for Elliott Wave Gold members only. To subscribe click here.]

DISCLAIMER

As always, it is essential that anyone using this analysis for trading advice manages risk carefully. Follow my two Golden Rules:

1. Always use a stop.

2. Never invest more than 1-5% of equity on any one trade.

Trading is about probabilities, not certainties. Failure to follow my two Golden Rules of trading indicates failure to manage risk.

Accept that this analysis may be wrong. It is impossible for any analyst to predict with certainty what a market will do next.

TRADING ROOM SUMMARY TABLES

OPEN POSITIONS

Trading Room Open Positions 2017
Click table to enlarge.

CLOSED POSITIONS

Trading Room Closed Positions March 2017
Click table to enlarge.

RECOMMENDATIONS

[Content protected for Elliott Wave Gold members only. To subscribe click here.]

 

This analysis is published @ 02:07 a.m. EST.

US OIL Elliott Wave Technical Analysis – 22nd March, 2017

A small correction unfolded over the last week as expected.

Continue reading US OIL Elliott Wave Technical Analysis – 22nd March, 2017

GOLD Elliott Wave Technical Analysis – 21st March, 2017

A fourth wave correction ended right at the lower edge of the Elliott channel and from there price bounced up to make new highs for a fifth wave.

Continue reading GOLD Elliott Wave Technical Analysis – 21st March, 2017

GOLD Elliott Wave Technical Analysis – 20th March, 2017

Sideways movement was again expected for Monday’s session. Price moved slowly higher in a small range, mostly fitting expectations.

Continue reading GOLD Elliott Wave Technical Analysis – 20th March, 2017

Trading Room – 20th March, 2017

Today’s Trading Room looks at US Oil only.

To learn what the Trading Room is about see first Trading Room analysis here.

Trading Room will focus on classic technical analysis. Elliott wave analysis will be for support and for targets / invalidation points.

US Oil (WTI Crude – Spot)

TECHNICAL ANALYSIS

US Oil Chart Daily 2017
Click chart to enlarge. Chart courtesy of StockCharts.com.

US Oil is in a clear downwards trend that is not yet extreme. There will be corrections along the way; price does not move in a straight line. Corrections within a trend present an opportunity to join the trend. The challenge is to find when the correction is over.

Price was previously range bound for a long period of time with support about 51.22 to 50.70. On the 8th of March price broke below support on a strong downwards day with strong volume. This was a classic downwards breakout.

It looks now like Oil is in a small correction, curving up to find resistance at prior support about 50.70.

ELLIOTT WAVE ANALYSIS

US Oil Chart Daily 2017
Click chart to enlarge.

A larger flat correction may be unfolding for a fourth wave (EWG members should refer to the US Oil monthly chart for the bigger picture here). Within a flat correction, intermediate wave (B) must retrace a minimum 0.9 length of intermediate wave (A) at 28.61.

Trading advice for members only: [Content protected for Elliott Wave Gold members only. To subscribe click here.]

DISCLAIMER

As always, it is essential that anyone using this analysis for trading advice manages risk carefully. Follow my two Golden Rules:

1. Always use a stop.

2. Never invest more than 1-5% of equity on any one trade.

Trading is about probabilities, not certainties. Failure to follow my two Golden Rules of trading indicates failure to manage risk.

Accept that this analysis may be wrong. It is impossible for any analyst to predict with certainty what a market will do next.

TRADING ROOM SUMMARY TABLES

OPEN POSITIONS

Trading Room Open Positions 2017
Click table to enlarge.

CLOSED POSITIONS

Trading Room Closed Positions March 2017
Click table to enlarge.

RECOMMENDATIONS

[Content protected for Elliott Wave Gold members only. To subscribe click here.]

 

This analysis is published @ 02:16 a.m. EST.

GOLD Elliott Wave Technical Analysis – 17th March, 2017

Sideways movement was expected for Friday. An inside day perfectly fits expectations.

Continue reading GOLD Elliott Wave Technical Analysis – 17th March, 2017

SILVER Elliott Wave Technical Analysis – 16th March, 2017

Last analysis expected a deep pullback was close to complete (the target was at 16.666). Price moved slightly lower to reach 16.831, 0.165 above the target, before turning.

Continue reading SILVER Elliott Wave Technical Analysis – 16th March, 2017