On May 30th USDCHF was trading near 1.0100 in an attempt to recover from a decline from 1.0238 to 1.0009. The bulls had managed to add more than 90 pips and seemed determined to get the job done. Unfortunately for them, there was an Elliott Wave pattern suggesting their efforts were most likely going to…
EURUSD Bulls Needed a Catalyst. Mr. Powell Obliged
EURUSD was trading near 1.1170 at the start of last week. The pair was close to levels last seen two years ago and most expected the slide to continue. But then, on June 4th, Fed Chairman Jerome Powell implied the Central Bank is considering interest rate cuts in response to trade issues. By Friday, June…
Crude Oil Shows Why Alternative Counts Matter
Trade war fears are officially back, causing indiscriminate selling of stocks and commodities alike. Crude oil has been hit especially hard as supply glut worries are also beginning to reemerge. Crude oil closed at $53.34 a barrel last week, but this selloff was triggered by the breach of a key level in the week before…
Copper Bulls Ready to Attack the $3 Mark?
A little over a months ago the price of copper was hovering above $2.92/lb., following a recovery from under $2.53/lb. For better or worse, trend-following has never been our favorite strategy. So instead of joining the bulls in anticipation of more strength ahead, we examined copper’s 2-hour price chart through the prism of the Elliott…
USDCNH Before and After Trump’s Tariff Threat
The negotiations between the two biggest economies are not going as well as investors hoped. Stock market indices are down across the board following President Trump’s new China tariff threat. Another side-effect was the sharp rally to over 6.82 in USDCNH. And while Trump’s tweet about China did, indeed, trigger the surge, the actual reason…
USDJPY: Analyze, Prepare, then Let the Market Decide
USDJPY reached its higher level so far in 2019 yesterday. The pair climbed to 112.166, extending its recovery from the 109.71 bottom formed last month. But the bulls didn’t always look that confident. Just a week ago, the pair was hovering around 111.15, down from 111.83 five days earlier. Instead of forming an opinion based…
USDJPY Proves You Don’t Need to Pick Tops/Bottoms
USDJPY closed at 111.72 last week and is now within striking distance of its 2019 high of 112.14. But just two weeks ago, the pair was down to less than 110.00 after a sharp selloff from 111.70. Instead of joining the bears simply because the price was falling, we looked for an Elliott Wave pattern…
Chipotle Stock Bulls Aiming at $900 a Share
The last time we wrote about Chipotle Mexican Grill, the stock was hovering around $470, following a rally from $248 in six months. The company was recovering from its 2016 E.coli, salmonella and norovirus outbreaks and Wall Street was once again embracing Chipotle stock. However, instead of joining the bulls right away, we decided to…
USDJPY: How to Buy and Hold a Forex Pair
USDJPY has been in recovery mode since the “flash crash” on January 3rd. The pair plunged to as low as 104.82 that day, but the bears couldn’t maintain their momentum. The market reached 112.14 on March 5th for a rally of over 730 pips. Of course, picking up all of it would have been pure…
USDCAD Bears Paying the Price for Failing at 1.3069
A week ago, USDCAD was barely holding above 1.3100. The pair was still in the doldrums following a steep decline from its late-December high of 1.3665 and it appeared the bears had no intention of leaving. But in order to confirm their ambitions to drag USDCAD even lower, they first had to deal with the…
Horizon Pharma Stock Was Cut in Half. Then it Tripled
Horizon Pharma (NASDAQ:HZNP), headquartered in Dublin, Ireland, is a $4.7B biopharmaceutical company operating primarily in the United States. In July 2015, its stock was in the vicinity of $39.50. By May 2017, it was trading under $10 per share. We first examined Horizon Pharma stock’s prospects in September 2016, when it was searching for direction…
In Gold ‘s Elliott Wave Footsteps from 1200 to 1350
Gold bulls can be very pleased with their progress in 2019 so far. Three days ago, the precious metal climbed past $1346, bringing its total year-to-date return to 5.2%. Furthermore, gold is up 12.6% from its mid-November low at $1196. “Uncertainty” is once again the usual reason people use to explain gold’s surge. Trade war…
EURUSD Reversal Needed “Breathing Space”
EURUSD plunged below 1.1260 earlier today. The pair has been steadily declining during the last twelve months and the latest drop suggests a new low is very likely to be reached soon. But it wasn’t all that clear two weeks ago, when the Euro was hovering around 1.1400 against the U.S. dollar. Then the Elliott…
A Month Ahead of USDCAD ‘s Bullish Reversal
USDCAD finished 2018 in a positive mood. The pair reached 1.3665 on the last day of last year, but 2019 has not been so generous to the bulls so far. By February 1st, the rate was down to 1.3069, losing over 4.3% in just a month. But let’s take a step back and see where…
EURNZD: Is February Going to Mimic December?
It was November 30th, 2018, when we last talked about EURNZD. The pair was trading near 1.6570, following a sharp selloff from as high as 1.7929 in less than two months. After such a huge and fast decline, traders were understandably very pessimistic about the pair’s prospects going into December. However, extrapolation is a dangerous…
