The DOW has lost its upwards momentum completely, as evidenced by the momentum indicators in both the 30 minute and 4 hr chart. A bearish downwards cross of the centerline happened again today on the 4hr RSI and MACD. The wave count off the high is unusual, as we don't often see the wedge pattern, BUT, the rarity could signify the rarity of this moment. A turning point to remember, so to say.
Posted in: Premium Elliott Wave Analysis,
EURUSD was trading higher post FOMC and it closed the week at 1.0736,two months high. I expect this market to continue to the upside given ECB’s positive note and bullish speculative positions this week.Last week we noticed that speculative positions are leaning towards bearishness in GBP futures. Speculators sold GBP futures and the price dropped accordingly. This week, the same bearish sentiment prevails but the price rallied and closed at 1.2389, highest in weeks. It seems like speculators hold historically extreme amount of short GBP. Market tends to reverse during these conditions.
Posted in: Premium Fundamental Analysis,
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