Welcome to your members’ update.
Markets analysed: EURUSD, GBPUSD, USDJPY Dax, Dow Jones, Gold, Crude Oil.
The Stock Indices in the US continue to push high but it’s the Oil and EURUSD markets that we are concentrating on mainly. This is where the opportunities are alongside some of the Yen pairs.
We have called these moves exactly again as we see the market pushing up to complete its 4th wave. The question is – when will we
get a red PTS sell signal and will wave 4 be a more complicated wave? Time will tell as we want to start lightening up any long trades now and look for a short signal. The chart shows us a simple wave structure combined with the PTS.
We are starting to see some weakness today in the Pound and I believe that this is only the start. With sentiment increasing to the long side, it’s now time to look for shorts. However, we have one thing missing and this is a sell signal. We wait patiently for this. Short bias but could push higher this week.
We could well be making an ABC. If we see a red PTS short signal, we will take the trade and let you know here. Lower high could be in place.
We continue to rise after the PTS buy signal and the first target is just above. If the wave 2 structure stays in place, we cannot see the price go above wave 2, which started at the 25820 zone. In the short term, we are bullish but from a wave principle, we need to be careful as we have a bearish weekly momentum on the Storyteller Indicator. Outlook is bullish
We are still looking for the lower high in the B wave to short. Nothing has changed but it’s just a down day today. Our weekly head and shoulders pattern is still in place.
Crude Oil Daily
Check out the free market update as we discuss the Crude Oil chart and trade from today. We have a 4 hour 3 wave pattern so that took the market higher. Oil is holding a weekly trend line so we could push back further to 6730 where we would look for more short selling.
Daily is very choppy but today we had a green PTS buy signal. The trend is still down but we have to respect this buy signal. We could push to 1310 but the weekly still has bearish signals. No trading in Gold for us.
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