The S&P 500 fell to an intraday low of 2583 yesterday, bringing its total decline to 12.1% from the top at 2941 in September. In Wall Street’s dictionary, a pullback of more than 10% is officially a correction and many are already worried about the big bear market ahead. On the other hand, it was…
Here is Why BTCUSD is Down 40% in Less than a Month
The price of Bitcoin is declining at an unprecedented speed. Less than a month ago, BTCUSD was hovering above $5500. Last week it fell to as low as $3210, prompting Peter Mallouk, chief investment officer at Creative Planning Inc., to call Bitcoin a “dead man walking”. However, the truth is it didn’t take a professional money manager…
Gold Tests $1240 Resistance after Elliott Wave Setup
Gold is trading at levels last seen over a month ago, following mixed signals from U.S. and China on trade, Brexit worries and protests in France. The demand for safe haven assets is thought to be increasing at times of political and economic uncertainty, which helps explain the surge in the price of gold. On…
GBPNZD: Support Ahead, Downtrend Still in Progress
On November 2nd, GBPNZD was trading above 1.9550. As of this writing, the pair is hovering slightly below 1.8400, meaning the British pound lost over 1150 pips against the New Zealand dollar in a single month. Fortunately, the Elliott Wave Principle put traders ahead of this sharp selloff. The chart below, published on November 5th,…
EURNZD Bulls Look Better Going into December
Yesterday, we shared our view that despite being down by over 460 pips this month, a bullish reversal can be expected in EURAUD around 1.5500. Now, we are going to take a look at EURNZD, which lost even more in November. The pair plunged from 1.7359 to 1.6515 in the last thirty days, following a…
EURAUD Bears Getting Tired. Bullish Reversal Ahead?
With only one day left, the Euro seems poised to end November in positive territory against the U.S. dollar, following a sharp decline in October. Unfortunately for the bulls, the European currency is still losing to some of its other rivals this month. EURAUD, for example, is down by over 460 pips since the start…
AUDUSD Looking for Support near 0.7160
AUDUSD climbed to 0.8136 in January, but similarly to other major currencies, spent the rest of 2018 declining against the U.S. dollar. The pair fell to 0.7021 on October 26th, but recovered to 0.7338 on November 16th. As of this writing, the Aussie trades at 0.7267 versus the greenback. Should we expect the downtrend to…
Bitcoin Was Going “to the Moon”… And Then It Wasn’t
What a difference a year can make. This time last year Bitcoin was thought to be going “to the moon” by a great majority of people. BTCUSD was approaching the $20 000 mark at the time and financial gurus, hedge fund managers, celebrities and small individual investors alike were rushing to join the bulls. Many…
Gold is a Bad Inflation Hedge. Still Watching CPI?
Similarly to crude oil, gold did not start November in the best possible way. The price of the yellow metal reached $1237.50 on the first day of the month, but was down to $1196 by November 13th. Unlike crude oil prices, however, bullion managed to reverse the negative trend and bounce up to $1230 yesterday.…
USDCAD Rewards the Most Patient Among Bulls
USDCAD climbed to 1.3318 yesterday and seems determined to reach a new 2018 high. The most important reason for the decline in the Loonie is maybe the decline in the price of oil. Unlike crude’s sharp drop, however, USDCAD’s recovery did not develop so smoothly. For every step forward the bulls have been making one…
Ford Stock Looks Attractive Near Fibonacci Support
Ford stock holders did not have a lot of reasons to celebrate in recent years. The stock climbed to $18.12 in July 2014, but has been sliding ever since. To make matters worse, 2018 brought a decline from $13.48 in January to as low as $8.17 last month. Ford stock closed at $9.25 yesterday, which…
Nordstrom Crashed. Was EPS Miss the Real Reason?
Nordstrom shareholders were enjoying a smooth ride so far in 2018. The stock was up by as much as 38.8% by the end of October, crushing the return of the S&P 500 by a large margin. November, on the other hand, is not that generous. JWN fell from $67.75 to less than $50 a share…
Bitcoin Selloff Crushes Bulls’ Faith in $6k Support
The last several months have been unusually quiet for the price of Bitcoin. The largest cryptocurrency first touched the support area near $6000 in February and has been testing it multiple times since. This support looked so strong for so long that traders and investors started believing BTCUSD was getting ready for the next major…
LEG Stock Lost 38% in Two Years. Time to Buy?
Less than two years ago, in February 2017, the price of Leggett & Platt shares was hovering above $49 a share. LEG stock was still thought to be in an uptrend, following a steady rally from $10.03 in March 2009. However, stocks get more risky as they rise, not less. Following a 400% rally in…
3M Stock: Another Elliott Wave Reason for Skepticism
2018 has not been very kind to 3M stock investors. The share price was hovering in the vicinity of $260 in January. Fast-forward to October 26th , it was down to $181.98 for a 30% plunge in just ten months. Now let’s take a look at the 4-hour chart of 3M stock, which we shared…
