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Showing posts with label copper. Show all posts
Showing posts with label copper. Show all posts

Saturday, March 2, 2013

Elliott Wave Analysis of Copper (HG) & Oil (CL)

Both markets appear to have declined in 5 waves, so i suspect a 3 wave correction to correct this decline should be close

The daily patterns on both Oil and Copper suggest far far lower prices over the coming months, and this 5 wave decline is just the start of it

You can see that Oil, Copper and even AUDUSD follow each other, so it don't bode well for AUDUSD and seeing 0.9200 is most likely going to be seen on AUDUSD over the coming months

Furthermore i suspect the Copper and Oil stocks in the FTSE and ASX will get hit once the markets really unravel to the downside

But for now it appears that we can see a bit higher in all 3 markets, i posted the AUDUSD idea earlier

This daily chart shows the correlation clear enough that its hard to be bullish on these markets over the coming months

I am VERY bearish on all 3 markets medium term

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Tuesday, January 8, 2013

Elliott Wave Analysis of Copper (HG)

Both these metals appears to move together, so it stands to reason that where one goes the other should follow

Well if you look at the overlay chart you can clearly see that to be the case, so if PA (Palladium) has topped and a major high in place at 719, one would think that HG (copper) would follow, dont you think? based on this overlay chart

Which then brings us to the question of what Copper is doing??

I suspect its in a larger triangle this past few months and potentially wave [E] has topped, if that is the case we should see a strong break lower and look towards the 2.80 area

So traders can look to sell any weak looking bounce against the last swing higher (blue line)

Friday, December 21, 2012

Time to get out? (ASX)

With potential patterns on all 3 markets, AUDUSD, HG (Copper) and ASX now met their objectives, we are seeing a reversal in AUDUSD and Copper, the ASX is a little behind the curve, but you can see how the AUDUSD and HG markets tend to give a little warning 1st

So the question is:

Q: Is now the time to get out of Australian stocks?

A: I think the bulls need to think about taking some $$ of the table, having hit my 4650 target, i would be a seller if i owned Australian stocks and take the $$$ and go and enjoy the New Year and Christmas time without any stress

If the ideas change you can always get back in, but you cant get your $$ back if you see a hard sell off and you are not prepared.

The ASX is getting ahead of itself and the patterns from the 2011 lows in many Asian markets are suggesting a setup to reverse, particularly the Hang Seng (HSI), which has a high correlation with the ASX, as does Copper.

The don't ring the bell at the top, but clues from other markets could be suggesting the time has come to take profits and be cautious.

Sunday, March 11, 2012

Elliott Wave Analysis of Copper (HG)

I have had to reflect and adjust the Elliott Wave again, as over the past 2 weeks we have seen a sideways tape, which suggests a potential triangle, so suspect a 4th wave and a spike high for a 5th wave

Its been a tough, i have been in this a few times and selling the high each time, getting out for small profits as the market has failed to decline

But we have a solid idea to use, so not going to do much until we see a completion of this idea


A strong break under 370

The back and forth, above/below its 200DMA is the issue atm its not great conditions to trade when its like this, hence i suspect a triangle

Thursday, February 2, 2012

Elliott Wave Analysis of Copper (HG)

Copper potentially has a completed Elliott Wave count and one that i am following along with Oil, both commodities have the potential to really accelerate lower from here if my interpretation is correct on the price structure

The decline so far warrants close observation as the Bulls and Bears fight it out over who owns the 200DMA

The Bears need an aggressive push lower to really see this puke hard from here