Foreign Exchange (FX)
Use this discussion board to talk about anything relating to FX. Fundamental and technical analysis is encouraged. From GBP to USD and everything in between.
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Our picks
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International Workers' Day & Early May Trading Hours
KoketsoIG posted a blog entry in IG Community Blog,
Please be advised that our opening hours will be adjusted on 1 May 2024 for International Workers’ Day and 6 May 2024 for the UK Early May Bank Holiday. Where appropriate, the times listed are in GMT.
Picked By
KoketsoIG, -
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Are these the best AI stocks to watch in May 2024?
MongiIG posted a blog entry in Market News,
Microsoft, Apple, Nvidia, Amazon and Meta could be the best AI stocks to watch next month. These stocks are the largest AI stocks in the US based on market capitalisation.
Picked By
MongiIG, -
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Natural Gas Commodity Elliottwave Technical Analysis
tradinglounge posted a topic in Commodities,
Natural Gas
Mode - Impulsive
Structure - Impulse Wave
Position - Wave (iii) of 5
Direction - Wave (iii) of 5 still in play
Details: Price now in wave iii as it attempts to breach 1.65 wave i low. Wave (iii) is still expected to extend lower in an impulse.
Natural Gas is currently breaching the previous April low, marking a decisive move as the impulse initiated on 5th March continues its downward trajectory, further extending the overarching impulse wave sequence that commenced back in August 2022. This decline is anticipated to persist as long as the price remains below the critical resistance level of 2.012.
Zooming in on the daily chart, we observe the medium-term impulse wave originating from August 2022, which is persisting in its downward trend after completing its 4th wave - delineated as primary wave 4 in blue (circled) - at 3.666 in October 2023. Presently, the 5th wave, identified as primary blue wave 5, is underway, manifesting as an impulse at the intermediate degree in red. It is envisaged that the price will breach the February 2024 low of 1.533 as wave 5 of (3) seeks culmination before an anticipated rebound in wave (4). This confluence of price movements underscores the bearish sentiment prevailing over Natural Gas in the medium term.
Analyzing the H4 chart, we initiated the impulse wave count for wave (3) from the level of 2.012, which marks the termination point of wave 4. Notably, price action formed a 1-2-1-2 structure, with confirmation established at 1.65 and invalidation set at 2.012. The confirmation of our anticipated direction materialized as price breached the 1.65 mark, signifying a resumption of bearish momentum. Presently, there appears to be minimal resistance hindering the bears, thereby reinstating their dominance in the market. It is projected that wave iii of (iii) of 5 will manifest around 1.43, indicative of the potential for the wave 5 low to extend to 1.3 or even lower. This comprehensive analysis underscores the prevailing bearish outlook for Natural Gas in the immediate future.
Technical Analyst : Sanmi Adeagbo
Picked By
MongiIG,
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