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Showing posts with label 6C. Show all posts
Showing posts with label 6C. Show all posts

Monday, October 29, 2012

Elliott Wave Analysis of Oil and CAD futures

I have been tracking ideas in 6C (CAD futures) and Oil since the September 14th highs, and i suspect that the decline will end up being a 3 wave decline in both markets

As per this weeks article, (see last 2 posts ) we have what appears to be a 3 wave advance on the US$ (DX), it just so happens that that too started from Sept 14th , so tracking a potential high in the DX, should see a low in both 6C and Oil

If you look closely there appears to be a potential 5 wave decline ending on Oil, so that is a great clue for an end to both 6C and USDCAD spot markets

 Remember 6C is the CAD futures so opposite to the USDCAD spot market

A small low towards the measured 1x1 fibbo target at $83.80, i suspect align with a low in 6C and high in USDCAD, so traders can also watch the DX to see if a strong rejection under 80.50

Saturday, September 1, 2012

Divergences Forex Markets

The divergences still appear to be mounting, (they can of course reverse).

In this market there is a series of forex pairs that i personally follow to keep looking for ideas on the direction of the trend in risk markets etc.

Now every market should be viewed on its on merits, but there are times that you can use a combination of similar markets to look for important clues to a trend reversal

Back at the March 2012 highs i started to notice the forex risk pairs NZDUSD and AUDUSD bleed lower, then slowing the AUDJPY followed, and the last to reverse was the 6C aka CADUSD (USDCAD in reverse)

I could not understand why US stocks had not puked and followed AUDUSD, AUDJPY, NZDUSD and the European markets lower (all those markets were in sell mode)

But the clue finally came from the USDCAD aka 6C in reversal, and that was the link as to why the US markets held up into the May 2012 highs

The same appears to be happening again and that 6C has gone it alone and is supporting US stocks, so when the USDCAD/6C markets reverse, its my belief that you will see a reversal in the US stock markets

So i suggests those that are looking for a reversal in US stocks, is to watch the patterns and price evidence on USDCAD/6C

Don't take my word for it, see for yourself (or you can sign up and follow my work)