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GDXJ Correction Maybe Completed
Gold and related Index such as Gold Miners Junior (GDXJ) may be ready to make the next move higher.
First Solar Inc. Priming An Explosive Move
Another sector that has really taken off since the March low is Solar Energy. This sector is hot, and trying to find value in a sector that has already had an explosive move is tough to do.
Gold Correction Lower Taking Place
Elliott wave view for Gold suggests that the correction lower approximately towards $1801- $1669 area or a deep test of the 24 September 2020 low should be taking place.
Google Made A Good Reaction Higher From Blue Box Area
In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of Google in which, the rally from 24 September 2020 low unfolded as an impulse structure.
AUDUSD: Trading The Impulse Wave Three
Every trader that uses the Elliott Wave theory as part of their trading analysis knows that the strongest and longest of an impulse wave pattern is the wave three. On October 8, we advised that the AUDUSD pair was forming this impulse wave pattern.
Nasdaq Futures (NQ) Extends Higher
The Index has resumed higher in wave ((5)) and the rally from wave ((4)) is unfolding as a 5 waves impulse Elliott Wave structure.
Facebook (FB) Reaching Support Area
Expect Facebook soon to find buyers from the blue box area for more upside or 3 waves bounce at least.
EURAUD: Trading The Move Lower
EURAUD eventually moved lower and hit the 1:1.5 RR – 1:2 RR target zone for over +100 pips.
Amazon: Reacting Higher From Elliott Wave Blue Box Area
Above is the Amazon 4 hour Elliott Wave Chart from 9/14/2020 update, in which, the rally from 16 March 2020 low unfolded as 5 waves impulse structure where wave (1) ended at $2475 high.
Wheat Continued Rally Higher After Zigzag Correction
The 4-hour chart update from September 9 shows that wheat has ended the cycle from August 12 low as wave 3 at 568.4 high.
GBPUSD: Visible Bearish Market Pattern Hitting A Resistance Zone
GBPUSD eventually moved lower and the price hit the 1:3 RR target at 1.2703 from 1.29973 for +270 pips.
USDCAD: Market Patterns Calling The Move Higher
On September 17, I posted on social media that “USDCAD will be looking for 'buys' as long as price stays above 1.3126.” USDCAD eventually rallied higher and hit the 1:5 RR buy target at 1.3402 from 1.3152, for +250 pips.
Support Area For Silver
Elliott Wave View of Silver (XAG) suggests the cycle from September 1 high has ended at 25.82 low. From there, the metal bounces higher.
FTSE Selling The Rallies At The Blue Box Area
The current view suggests that the Index is correcting the cycle from the 6298.8 peak. Recovery is having the form of Elliott Wave Zig Zag Pattern that should ideally complete at 6075.33-6203.45.
AUDJPY: Support Becomes Resistance
After sellers pushed the price lower, AUDJPY found a temporary lower low. Then, the pair started to make a correction pullback higher.
Correction In Oil Completed
The correction unfolded as double three Elliott Wave Structure. Down from August 26 high, wave ((W)) ended at 40.22 low.
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