Elliott Wave Analysis - Crude Oil In a S/H/S Bottom

Elliott Wave Analysis - Crude Oil In a S/H/S Bottom 

Crude oil is currently in a S/H/S bottom, that will be triggered upon a break above the neckline resistance at 79.29 and a break above here will call for a rally towards the 95.03 high. This high should only prove to be a temporary stop on the way higher towards the 129.30 high. 

Support is currently seen at 75.52 which is expected to act as a solid floor for the break above neckline resistance. 

 

Elliott Wave Analysis - EUR/USD Headed for 1.2860

Elliott Wave Analysis - EUR/USD Headed for 1.2860 

In my February 5 post, I called for EUR/USD to move lower to test support at 1.0760. We have seen a low 1.0695 before EUR/USD bottomed and turned higher. Perfectly on the cycle low on February 14. 

I will now be looking for EUR/USD to break above minor resistance at 1.0898 to confirm that wave (2) indeed has completed and wave (3) higher towards 1.1830 is in motion. At 1.1830 wave 3 will be 1.618 times the length of wave (1), however, I wouldn't be surprised to see wave (3) extend ever further towards 1.2505 where wave (3) will be 2.618 times the length of wave (1) and maybe even closer to the 3 times extension of wave (1) at 1.2860.

Look for EUR/USD to gain upside momentum in the weeks ahead. 

AI Mania Is Here

 

Welcome to the AI mania. If you can remember the late 1990's and the dot com boom, this was what it looked like. and it will not end well. 

Now it's just a question whether this mania will end during 2024, 2025 or maybe it will last all the way to 2026? 

I don't know, but when it ends "Oh dear"...

Super Boom - DJI in 38,820 in 2025

Super Boom - DJI in 38,820 in 2025

In 2011 Jeffery Hirsch released his book "Super Boom". The main theme of the book was that Jeffery expected the Dow Jones Industrial Index to hit a high of 38,820 in 2025. 

Jeffery build the case on the back of his father, who made a similar call back in 1974 when the DJI was at 570 to rally 500 percent to 3,420 by 1990 which is did. 

Well the Hirsch family did it again as the DJI just hit an all-time high of 38,927 on February 2024. Well it was a year early, but I personally will not hold that against him. 

We do see a clear divergence from the RSI, where the RSI indicator no longer confirms the high made in the DJI. Price has hit the upper resistance-line of the price-channel and finally a five wave rally can be counted from the 1932 low at 40,56. So the possibility of a major top in 2024 or 2025 is higher and should result in a lager correction towards 18,640 as we approach the end of the century should not come as a surprise.

That said, it's also important to stress, that once the correction is complete more upside is expected and a new major rally is in the cards. 

So hats off for Jeffery Hirsch call back in 2011. 

 

Elliott Wave Analysis of EUR/USD - Close to a bottom near 1,0760

 

Elliott Wave Analysis of EUR/USD - Close to a bottom near 1,0760

In my January 24 post I call for a continuation lower towards support near 1,0724 and we still could see this support tested, but we might not see EUR/USD reach that support, as we see a support just above at 1,0760 too, which could be enough to complete wave (2) and set the stage for the next impulsive rally in wave (3) higher towards at least 1,1885 and likely higher. 

Short-term a break above minor resistance at 1,0898 will confirm that wave (2) has completed and wave (3) higher is in motion.