NZDUSD bounced off from multiyears high

Weekly chart NZDUSD.
Bounced off exactly at recent multiyears high.

recent article:
NZDUSD touching multiyears high.

MAC DONALDS (MCD) POSSIBLE TRIPLE TOP

Weekly chart MacDonald's shows potential triple top, especially recent sharp down inspite of overall bullish market.

AUDNZD pair at multi-years support

AUDNZD monthly chart.
Trading at multi-years support now.

Kiwi Dollar NZDUSD pair touching multi-years high

Weekly chart NZDUSD.  Price touching resistance.

Southwestern Energy (SWN) hitting resistance for fourth time

Weekly chart of SWN.

Twice hitting resistance 52.69 in 2008 and 2009 respectively; and almost hitting resistance 2011 and now 2014.

The three times that it hit the resistance, the price would retrace 50%.

For 2014, it seems to have already turned down.

Palladium longer term weekly chart shows another same resistance level

Weekly chart Palladium up till 1996.
My previous post post on palladium (see link below) shows recent 4 year high as a possible resistance point.
With a longer term chart, there is another resistance level back in 2002 that is exactly at the same level.
The resistance may be a long term resistance level.
Chance for shorting or buying puts for palladium.


http://chartwaves.blogspot.com/2014/06/palladium-symbol-pa-hits-4-year-recent.html

Cheniere Energy (LNG) Smashing bull run

Cheniere Energy (LNG) weekly chart.

Unrelentless climb after 2008.
Parabolic bull run, with no indications of pausing or corrections.

But quite surprising that the rise is not supported by any strong financials.
Instead, revenue has been declining, leading to consecutive losses for the recent 3 years.
Net Tangible Assets declining into negative numbers.

So, what can be the real reason?

LNG is involved in liquefied natural gas business.
But the price of natural gas is not supportive of this trend.
See below corresponding 10-yr weekly chart of natural gas price.

Intel (INTC) broken recent high with an impulsive wave

Intel Corp (INTC) weekly chart.
Broken recent high with strong impulse wave.

From previous wave counts, the impulse wave count is wave 3, which is the usually the strongest and longest wave.

By breaking previous high with an irrefutably impulse wave 3, Intel shows it is extremely bullish.
If the impulse wave is wave 3, then we can expect this wave to extend further another 60% of wave 1, targeting around $38.

Hewlett Packard (HPQ) - perfect example of Elliot Wave in action

Hewlett Packard (HPQ) weekly chart.
Perfect manifestation of Elliot Waves.

From early 2010, formation of Wave 1 down in 5 subwaves.
Wave 2 correction in 3 zig-zag subwaves
Wave 3 impulse in 5 subwaves
Wave 4 correction in 3 zig-zag subwaves
Wave 5 impulse in 5 subwaves
Zig-zag correction correction wave "a" in 5 subwaves
correction wave "b" in 3 subwaves
correction wave "c" in 5 subwaves.

On top of that, double top formation provided a reversal pattern that saw prices trending down in Elliot wave formation.

Fantastic!

Palladium (Symbol: /PA) hits 4 year recent high

Weekly chart Palladium precious metal.
After lengthy correction starting from early 2011, hits recent high.

The complex correction can be summed up as comprising 3 parts.
1) zig-zag abc
2) zig zag abc
3) triangle abc

From the triangle abc, an up move usually occurs, as shown in the chart.
From the length and complexity of the correction, having gained considerable strength, it may be that Palladium will be on another strong up trend starting with wave 1 impulse which may well be underway now, and breaking the recent high resistance.

And as for platinum - completely messy and undecipherable!!
See chart below.

Nikkei index in ascending triangle correction

Nikkei index Daily chart in lengthy triangular correction (ascending).
Currently, completed waves a, b and c, and expected to go towards wave d and finally wave e.
After wave e, continuation of uptrend is expected.

Previous post showed two triangles which are now combined into a large triangle.
Click for link to previous post

Spot Gold daily chart triangle consolidation

Currently, gold is in a corrective pattern, pausing after the strong downtrend since mid-2012.

The correction increasingly becoming a triangle, having completed 4 of the expected 5 waves (waves a to e) within.
Now, price is trending up from wave "d" to "e".
For a triangle correction, price is expected to move from end of wave "e" onwards.
Expecting down trend again.

Previous post shows triangle before wave "d" was complete.
Previous post showing triangle

DR HOrton INC (DHI) - Cup & handle pattern

Weekly chart DHI.

Textbook Cup & Handle pattern.
According to the wisdom of chart patterns, the handle of the cup will provide the base for an up thrust.
In this case, an impulse wave 3 up.

EMS Singapore

EMS daily chart.

Price has completed waves 1,2, 3 amd 4, now ready to take off to wave 5.
Wave 4 in the form of corrective a-b-c waves, with subwave c in a triangle/wedge formation.
Perfect flat correction with wave "c" stopping at the low of wave "a".
Some price bars have broken out of the upper boundary of the wedge, so it seems likely it may take off.

However, judging from previous wave 1, the length of wave 5 may not be big, so the reward may not be good.  The price needs to also overcome two levels of resistant at 0.08 and then 0.10.

Archer Daniels Midlands (Symbol: ADM) approaching major resistance

10-yr weekly chart of Archer Daniels Midlands (ADM).

Approaching 5-year high at $48.95.
Simultaneously, the touch at the high may coincide with wave 5.
Both events (hitting resistance and ending of wave 5) may perhaps lead to a correction.

Euro US Dollar Pair in major triangle correction

Weekly chart EURUSD.

EURUSD in major triangle correction after prior up trend wave 5 completion end-2007.

It is forming a triangle, with waves "a-b-c-d" completed.
It is expected to move down for a while to complete wave "e".

From wave "e", it may form smaller waves to move nearer to the apex; or just begin with wave 1 up.
As wave 5 was about 4400 pips in size, wave 1 can be expected to be at least equal to wave 5.
Based on this, wave 1 can at least reach and meet resistance at top of wave 5 at around 1.60; with the next target at 1.67 if it breaks 1.60, highest in the past 15 years.

Euro Canadian dollar pair EURCAD completes wave 4

Daily chart EURCAD.

Completes wave 4 in the form of a triangle "a-b-c-d-e".
Sub-wave "e' just turned and targetting to form wave 5 in a continuation of the up trend.

The length of the prior wave  was about 1500 pips; and with at least an expectation of wave 5 equals wave 1, then we can expect a similar massive move of 1500 pips, bringing the pair to about 1.6200, 5 year high and another resistance on the weekly chart.

Copper futures /HG forming large wedge, possible reversal of downtrend

Weekly continuation chart Copper futures.

Forming extended diagonal (wedge) after down wave early-2011.

Within the diagonal, subwaves "a" to "d" have completed.
Currently trying to complete sub-wave "e".
After sub-wave "e", time to sell for the next wave 3 down trend, continuing previous down wave "1".

If a reversal were to happen, then after wave "e", a wave X containing 5 subwaves should show first before buying at the end of the subwaves, and this could take a number of weeks or months to complete.

Light Crude Oil \CL Major wedge

Weekly chart 2011-2014 Jun Light Crude Oil.
Major wedge / triangle from 2012.
All five sub-waves completed.
Anticipate up action from tail of subwave e onwards.

If up move breaks top of wave d, then we can expect a new impulse wave measuring the length of prior up wave that may bring price of crude to $140 again.

USDSGD Wave Analysis - almost symmetrical triangle on weekly chart

Interesting consolidation on US dollar Singapore dollar pair.
Forming a nice symmetrical triangle.
a & b waves completed; currently undergoing wave c, completed sub-waves i-iv, waiting for a small trend up to complete sub-wave v, thus completing wave c.
Based on wave count and the previous trend, the chances are that the pair will drop further after breaking out of the triangle.
For a reversal to happen, then a wave X has to form, usually in 5 subwaves, and preferably in a kind of descending wedge/diagonal triangle and buying at the end of sub-wave 5.

Corn /ZC interesting cup & handle pattern

Weekly corn chart.
Interesting parabolic Cup and handle pattern.
If the pattern works, then will confirm the reversal of Corn to uptrend.

Crude Oil /CL completes correction, poised for a new impulse wave UP

Weekly chart crude oil (light).

From the impulse wave in 2011, uptrend, there has been a lengthy consolidation till now.
The pattern of the consolidation obviously approaches that of a triangle, two converging trend lines.
Currently, the convergence is approaching the apex of the triangle.
With Elliot's wave counts, the triangle has actually completed subwaves a-b-c-d-e.
From the point of subwave e, there is a minor uptrend.

Overall, crude oil will either blast off in a new impulse wave or will meet resistance at the high of 2011 and retreat into another correction.

AUDNZD Aussie Kiwi dollar pair completes correction

AUDNZD looks to have completed an ABC zig-zag correction of the previous down trend wave 5.

The correction, that initially looked like a triangle, has now morphed into a zig-zag ABC.
Considering that the C wave has 5 subwaves, the correction is complete.
It is time to short.

On the contrary, the correction looks shallow, compared to the overall downtrend.
Therefore, the correction may manifest into something more complex, e.g. ABC zig,zag, then an X, and finally a Y either in zig zag or flat.

EURUSD completed major corrections WXY, resuming downtrend

Daily chart EURUSD.

Following previous down trend, there was a correction for EURUSD.
The correction began with a zig-zag (labelled W), and an X and finally a ending diagonal wave Y.
In the diagonal, sub-waves a-b-c-d-e are complete, signalling the end of the diagonal as well as wave Y.

Based on wave counts, it is time for EURUSD to resume downtrend.
Enter short at pullback.

Assured Guaranty Ltd (AGO: NYSE) ending diagonal, set for down trend

AGO completed wave 4 and followed by wave 5 diagonal.
Wave 5 diagonal has itself completed sub-waves a-b-c-d and now attempting to complete sub-wave e in the form of a triangle.
The triangle has completed sub-sub-waves i, ii, iii & iv, and trying to finish with wave v.
Once wave v is complete, it is time to short the stock.

 Weekly chart shows after wave 4 a well defined channel.

 Daily chart showing details of the ending triangle of the diagonal.

GBPJPY renumbering

Earlier post expected GBPJPY to rise from the end of the corrective triangle after wave 5.
However, it didn't happen.
What looks likely now is that from wave 5, the first corrective wave a is a zig-zag, and followed by wave b in a triangle.
Following wave b, there should be a zig-zag wave c in 5 sub-waves.
At the end of sub-wave c, will enter with a Buy.

Heating Oil breaks terminal triangle after a long wedge formation at the top

Daily chart Heating Oil.
after the lengthy wedge formation, with an expected down move, it has finally broken a terminal triangle down.
It may become the beginning of a downtrend.
To Sell at a pullback later.

Natural gas in triangular wave 4

Daily chart of Natural Gas.
After impulse wave 3, Natural Gas is now consolidating at wave 4 in the form of a triangle.
Currently, sub-waves a-b-c-d are complete; now waiting for sub-wave e to touch a-c line before entering a buy.

Sugar /HB amazing large triangle

Interesting sugar chart - large triangle since 2011 with really sharp apex, in downtrend.
The triangle would have been a sign of trend changing explosively at the apex.
However, it did not happen.
Another smaller triangle is forming, a consolidation pattern.
Signs of taking off to the up side soon at the apex.
Let's see.

Nikkei index resumes uptrend from triangle consolidation

On the daily chart of Nikkei index, the strong impulse wave 1 has corrected with a triangle at first (corrective wave W), then a zig-zag wave X, and completed with triangular wave Y.

Currently, the index has just broken the triangle and surges up, continuing the previous wave 1 up, making this impulse wave 3 possibly as strong if not stronger than wave 1 - close to a whooping 7000 points.

Heating Oil /HO amazingly long wedge formed on top

An amazingly long wedge has been forming on Heating Oil continuation chart (weekly chart).
Started since 2011.

The upper boundary line seems to hold quite steady and price has bounced from this line consistently since then.

Also, clearly the two lines are converging into a triangle.
There is a possibility that price will rise slightly to hit the upper line again and bounces down again.
Another possible scenario is that the wedge (triangle) is already complete and soon price will break the lower line.
Once that happen, it could be a strong down wave.

Copper /HG in down trend

Copper is in lengthy down trend.

From a strong down wave 1, it has formed a complex corrective patterns.
Right after wave 1, an almost symmetrical triangle formed and completed.
This was not followed by an impulse wave 3; rather another correction occurred in a zig-zag a-b-c.
Zig zag wave c had completed.  The zig-zag pattern thus became a higher order corrective wave X.
Corrective wave X follows the trend.
Now corrective wave Y needs to follow from corrective wave X to at least complete the complex correction, and from there the down trend, that is, the impulse wave 3 may happen.

Overall, copper is bearish on technical analysis, consistent with global demand and supply situation.

Spot Gold in wave 5 corrective, more down move anticipated

Spot Gold has completed the 1-5 wave down trend.
Wave 3 is particularly obvious, being the most impulsive and longest wave among the impulse waves.

Gold is currently undergoing a triangular correction with sub-waves a-b-c completed.
Now, sub-wave d is formed, in a probably 3 sub-sub-waves.
The first two sub-sub-waves i and ii have completed, with the sub wave ii particularly interesting.
This subwave went into a lengthy minor triangle and broken down the lower converging line recently.
It is currently clearly blasting down towards the support of line 5-b.

If the downtrend is strong, the corrective wave of this trend will usher in another down trend after subwave e has formed.  That can bring the price of gold down to $600.

USDJPY US Yen pair completed two flags in uptrend, ready to take off in another up wave

USDJPY completed wave1 with wave 2 ending in a wedge or flag.
Then, wave 3 completed, with wave 4 ending with another flag.
Wave-4 flag or triangle is nearing the apex, and is expected to form the last wave 5 in this up trend.

GBPJPY Pound Yen fails to take-off

GBPJPY fails to take off after the tail of wave 5.
Having completed a 5-wave trend, and the corresponding correction in the form of a triangle, the pair failed to continue into a new trend (wave 1).
The triangle was formed nicely with subwaves a-e; but from subwave e, the price did not fire off.
Instead it has continued into sort of a small rectangle.

From the wave counts, there is no way except up!

GBPAUD Pound Aussie pair ready for take-off

GBPAUD seems to have completed an uptrend 1-2-3-4-5 waves.
The pair has also completed an expanded flat a-b-c with the c wave undergoing 5 sub-waves in a rectangle.
The last sub-wave 5 has completed.
If this is the completed a-b-c correction, then GBPAUD is poised for a continuation of the uptrend, forming a new trend.

EURAUD EuroAussie pair inverted Head & Shouler

Interesting to see inverted Head & Shoulder that was formed from early 2012 to mid-2013.
Rather well-defined head and shoulders with the neckline drawn as shown.

The inverted H&S supported a trend reversal to the uptrend.
The uptrend has completed its last wave 5, and currently nearing the end of its zig-zag correction.
Within the zigzag correction, sub-wave 5 appears to have completed and we are now looking at the start of a new uptrend wave.
The zigzag pattern appears to be a correction wedge, may even end up with the two lines converging into the apex of a triangle.
In what ever way the two lines form, it is highly likely to be a continuation of the uptrend from this point onward.

EURJPY EuroYen pair looking to reverse uptrend with 5-waves wedge

After correction at wave 3, in the form of a triangle, wave 4 concluded and proceeded to form a wave 5 ending diagonal.
The diagonal has undergone well-defined 4 sub-waves and waiting to form the last sub-wave 5.
After the sub-wave 5, there can be a high possibility that it will reverse into a new trend down.

This diagonal appears like a descending triangle too.

Reversal in Nikkei looming

Interesting pattern on Nikkei225.

After a mighty impulsive wave 3 up, Nikkei index ended wave 4 in a typical triangle.
While wave 5 is obviously in an ending diagonal, pointing to a major reversal from uptrend to downtrend.
The ending diagonal (or wedge) usually predicts a reversal of trend.

within the ending diagonal, all waves have completed, at currently is at the end of wave e, the final wave in the diagonal.  Potentially, there will be a start of a downtrend from this point onwards.

Compared to other global indices (e.g. S&P500, DAX and Footsie), Nikkei is bearish.
the other indices are still maintaining strong uptrend patterns, in particular S&P500.

Other Asian indices like Singapore index is strong, while Hang Seng Index is haphazard without a particular direction.

So, is funds leaving Asia to US and Europe?

Seems likely.

APOLLO Education (APOL:NYSE) likely to continue downtrend

Technically, APOL price chart shows a prior clear down trend which had finished wave 4, then continued with wave 5 in an ending diagonal of 3 waves a-b-c.  Wave c in the diagonal ended in a mini-triangle.

Following wave 5, a zig-zag correction in waves a-b-c with wave c showing patterns of a triple top.

Combining wave C tail and a triple top can mean a strong resumption of the prior trend, that is downtrend.

The ending diagonal in wave 5 actually signalled a reversal of trend, to uptrend.
However, the subsequent zig-zag and a an obvious c-wave with triple tops most likely signal the end of the correction and mostly likely will lead to the continuation of the previous downtrend.

Gold breaks triangle and continues down trend

I will start off with the-awaited break of ending triangle.

The triangle is shown in the daily Gold chart below towards the right.

From a larger perspective, and based on wave counts, the downtrend of gold had reached wave 4, and is now undergoing a large ending diagonal in Wave 5, the final wave in this downtrend.

Within the diagonal, waves a-b-c-d are completed, and now undergoing the final wave e of this diagonal.

The triangle is within wave e.

What this means in the short term is that the downtrend may continue strongly to the support line of a-c.
In the longer term, and technically, Gold is expected to reverse trend to uptrend as soon as support line a-c is reached.

Stocks related to Gold mining are also trading at years' lows - e.g. AUY. ABX.

Introduction

This is where I will post interesting charts of stocks, currencies and commodities.


It will serve as my own records and also if readers appreciate it, could be educational as well as helpful to inform readers about where prices are heading.


Mostly based on Elliot wave counts and basic chart patterns.