I hope everyone benefited from the alert on June 6th. Target $6.345 was perfectly hit this week (33% loss) and now it’s time to forecast the next moves.
On June 30th, the quarterly and semi-annual candles will be formed. So far, their shapes promise to provide a direction and an approximate target for the next move. Let’s listen to the candlespeak.
This overview contains:
– analysis of the monthly/weekly/daily candles and TA;
– the perspectives for quarterly and semi-annual closures;
– a long term Elliott Waves forecast.
This analysis is part of the InvestingAngles Weekly Series – US Indices, Cryptocurrencies, Commodities, Currency, Large Cap stocks that can be viewed here.
The monthly is threatening to form a bearish Engulfing if it closes “as is”. In case of a closure below $6.430, it will be a complete Engulfing that will almost guarantee lower prices for at least July.
Friday was a day of closure on the 15-day chart. As you can see, a strong bearish Engulfing of the previous two periods closed just a tad below 8 EMA line. Considering technical support, we can say that a move lower for at least 15 days will be the most probable outcome of such formation.
After engulfing 6 candles, the weekly pushed below 20 EMA and made a MACD cross. Nothing bullish in this picture.
With such extremely bearish set of large frame candles, the daily candle is likely a pause before moving lower.
As we are getting closer to the end of June that is also the end of Q2 and the end of H1, the perspectives for the quarterly and semiannual candles become gloomier every day.
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