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By tradinglounge · Posted
Natural Gas Mode - Larger degree bullish correction Structure - Impulse wave wave C (blue) of Flat Position - Wave (3) Direction - Wave (3) is still in play Details: The surge above the key resistance zone marked has called for a re-analysis. Thus daily and H4 have changed to the alternative scenario in mind. Recovery from 1.524 emerging into an impose and now into wave (3). Natural Gas has extended its recovery from the February 2024 low, and the commodity is now anticipated to rise further in an impulse Elliott wave pattern. Meanwhile, the bigger picture indicates that prices are in a corrective phase following the bearish cycle that concluded between August 2022 and April 2023. On the daily chart, a bearish impulse wave can be identified, lasting from August 2022 to April 2023. After such a decline, a corrective recovery is expected in the opposite direction, moving upwards. The emerging pattern in this case is an expanding flat. Expanding flats are 3-3-5 ABC structures where the second 3-wave segment breaks the starting price of the first 3-wave segment. Additionally, the third leg, which is a 5-wave segment, surpasses the endpoint of the first 3-wave segment (or the starting price of the second 3-wave segment). On the Natural Gas price chart, the emerging flat began at 1.944 (April 2023 low) and completed the first three-wave segment—blue wave A—at 3.66 (October 2023 high). The second three-wave segment, blue wave B, then started and extended below 1.944 in a three-wave structure, reaching 1.524 (February 2024 low). The final leg, blue wave C, is currently ongoing and is expected to extend above 3.66 with an impulsive move. The price is currently in wave (3) of blue wave C. On the H4 chart, we examine the sub-waves of wave (3). The price is currently in the third sub-wave, which is targeted to reach the 2.998 Fibonacci level or potentially higher before the fourth sub-wave begins to move downwards. In the near term, the potential for further upside in Natural Gas prices remains strong. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
By lyngrefrath · Posted
Lego is still good (maybe my boys are young for their age too). I’d go with a gift card, to be honest. A gift card at EB games, JB Hifi, or Rebel if the kid likes sports could go down well. -
The S&P 500, Nasdaq, and Dow Jones soared to new records on cooling inflation and Fed rate cut hopes, despite rising import prices. Key economic indicators and Fed minutes loom. Written by: Tony Sycamore | Market Analyst, Australia Publication date: Monday 20 May 2024 05:51 Last week, the S&P 500 and the Nasdaq reached fresh record highs, while the Dow Jones closed above 40,000 for the first time, locking in its fifth straight week of gains. Cooler US inflation data fuelled last week's record-breaking run, bolstering hopes of Fed rate cuts this year. The Nasdaq added 2.12%, the S&P 500 gained 1.54%, and the Dow Jones added 490 points (1.24%). Taking some gloss off Wednesday's post-CPI euphoria, import prices on Friday night rose 0.9% MoM in April, the most since March 2022, accelerating from an upwardly revised 0.6% gain in March. Nonetheless, the US rates market started the week pricing in a 70% chance of a 25 basis points (bp) Fed rate cut in September. While there is now a lack of tier one macro data, until Core PCE inflation data on the 31 of May, there is still plenty to keep traders busy this week, including the Feds meeting minutes, flash PMIs, durable goods, and a roster full of central bank’s speakers. On Thursday morning at 7:00am, AI super stock Nvidia's earnings are scheduled to drop, which my colleague Hebe Chen previews here. What is expected from FOMC meeting minutes Date: Thursday, 23 of May at 4am AEST At its meeting in May, US policymakers kept interest rates unchanged at 5.25%-5.50% as widely expected. Fed Chair Jerome Powell indicated a high threshold for additional rate hikes. However, he also highlighted a "lack of further progress" towards the Fed's inflation objective, which needs to be seen before considering rate cuts. This has been echoed by a slew of Fed officials' comments lately, with the high-for-longer rate outlook likely to be reiterated in the upcoming minutes. The minutes will be slightly backward-looking, given that they will not factor in the recent patch of softer economic data, including weaker-than-expected jobs growth and cooler inflation data, which has bolstered hopes of Fed rate cuts before year-end. Nevertheless, clues will be sought from the minutes on the timeline for possible rate cuts and policymakers' views on the inflation and growth outlook. S&P 500 technical analysis Last week's surge in the S&P 500 cash above the March high of 5264 negated the view that the correction viewed in April was missing a final leg lower and, in theory, suggests the uptrend has resumed towards 5400. However, before that can occur, the S&P 500 must first see a weekly close above the weekly trendline resistance at 5300/25is, which comes from the 4818 high of January 2022 and picks up the March 5264 high. On the downside, a break below 5150/20ish, the same level we leaned against in March and April, would indicate that the rally has run its course. S&P 500 weekly chart Source: TradingView Nasdaq technical analysis Last week's surge in the Nasdaq cash above the March high of 18,464 negated the view that the correction viewed in April was missing a final leg lower and, in theory, suggests the uptrend has resumed towards 19,000. However, before that can occur, the Nasdaq must first see a weekly close above the weekly trendline resistance at 18,650/70ish, which comes from the 16,764 high of November 2021 and picks up the March 18,464 high. On the downside, a break below 17,750, the same level we leaned against in March and April, would indicate that the rally has run its course. Nasdaq weekly chart Source: TradingView Source: Tradingview. The figures stated are as of 20 May 2024. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation. This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
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