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By tradinglounge · Posted
Cocoa Elliott Wave Analysis Function - Counter-trend Mode - Corrective Structure - Double Zigzag Position - Navy blue wave ‘c’ Direction - Navy blue wave ‘c’ is still in play Details - Prices breached 8626 to confirm the progress of wave c (circled). Further sell-off is expected toward 5,000. As an Elliott Wave analyst, the current trajectory of cocoa prices presents a compelling narrative. Cocoa is nearing the lows observed in May 2024, continuing its decline from the all-time high recorded on April 19, 2024, at 11,722. The commodity has since dropped by 33% from this peak. This downtrend is expected to persist, potentially driving prices toward the 5,000 mark in the coming days or weeks. A detailed examination of the daily chart reveals that cocoa completed a significant bullish impulse wave cycle starting in September 2022, when prices were around 2,000. By April 2024, this impulse wave had driven prices up by over 430%, culminating in the all-time high. According to Elliott Wave theory, such impulse waves are typically followed by a three-wave corrective structure. The current pullback from the all-time high is thus interpreted as a corrective phase, expected to unfold in an a-b-c wave pattern. In this context, waves a and b have already been completed, and the price is currently in the midst of wave c. Projections indicate that wave c is likely to extend to a price range between 5,000 and 5,352 before the trend potentially resumes. This projected decline aligns with the typical behavior of corrective waves following an impulsive move. On the H4 chart, the sub-waves of the decline appear to form a potential 5-3-5 corrective structure. Within this structure, wave c is currently in its 4th sub-wave, expected to complete below the 8,958 level. Once this bounce concludes, the decline is anticipated to continue, targeting the 5,000-5,352 range previously mentioned. An alternative scenario also warrants consideration. If the current decline morphs into a bearish impulse wave starting from the 11,722 peak, it could lead to an even more pronounced drop in cocoa prices. This scenario underscores the importance of monitoring key support levels and wave structures to accurately forecast future price movements. In summary, the Elliott Wave analysis indicates that cocoa is in the midst of a significant corrective phase following its all-time high in April 2024. The primary expectation is for the price to decline to the 5,000-5,352 range as wave c of the corrective structure completes. However, the potential for a more extended bearish impulse wave remains, highlighting the need for vigilance in tracking price developments. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
By Penguin1958 · Posted
The UK customer agreement for share dealing contains the text: "When we consider it reasonably necessary, or when requested by you, we may also convert balances and/or money standing to your credit in a non-Base Currency into your Base Currency;" One obvious condition for "we may consider it reasonably necessary" is where there is insufficent balance in the Base Currency to pay charges denominated in the Base Currency and so it is necessary to convert a portion of the non-Base Currency balance to a Base Currency balance. However "we may consider it reasonably necessary" is totally open to IG interpretation so could you please explain what other reasons you might have for unilaterally converrting my non-Base Currency balance to a Base Currency balance. As a frequent trader I use manual conversion to avoid paying Fx charges on every transaction and accept the comission charges for dealing under this regime in return. I do not however wish to wake up one morning to find my USD cash balance has been arbitrarily converted to a GDP cash balance withut explanation. Thank you. -
Asian stocks hit 27-month highs on Thursday as soft US data increased odds of a September rate cut, boosting bonds and commodities while weakening the dollar. Markets await UK election results, with Labour expected to win decisively. The MSCI Asia-Pacific index rose 0.9% to its highest since April 2022. Japan's Nikkei and Topix, along with Taiwan's main index, reached or neared record highs. The ISM services activity measure fell to its lowest since mid-2020, with weak employment data preceding Friday's payrolls report. Economic indicators suggest cooling, aligning with Federal Reserve goals. Markets now price a 74% chance of a September rate cut. The dollar weakened broadly, benefiting the euro and Australian dollar and the yen remained low against multiple currencies. Commodities gained from the weaker dollar, with gold prices rallying significantly.
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Question
Amrhossam
When connecting to 4G data I can’t access live pricing and my account balance & margins are not updated
this is happening on IPhone app as well as web version on my desktop when I connect over 4g , but when connecting over wifi everything works fine
has anyone faced such a problem: everything works fine on wifi but not in 4g data ?
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