Brazil stocks to break downward
EWZ is in the resistance zone
Italian stocks expected to decline
The upward correction probably won’t shoot much higher
Natural Gas via UNG Update
As you know, I’ve been watching UNG for a possible significant cycle low nearby and expecting a rise into early next year. While prices have slipped a little lower, that is consistent with the main forecast on the daily chart from the last update. UNG is now near weekly and daily supports and is worth monitoring closely.
Yen ETF preparing for a breakdown
out of an Elliott wave triangle
Natural Gas via ETF (UNG) Update
Making a UNG update since I spent time staring at the daily. First, the weekly chart. Nothing new from when I last posted it. I think UNG is trying to feel out for a low in the 62 week cycle. Price needs to be over 21.65 to cause bears to cover.
iShares MSCI Italy ETF (EWI) Update
At the start of 2018, EWI ended wave [e] of a triangle and dropped in the first five wave impulse lower at the end of last year. Since then, EWI has been bouncing in a three wave move for a wave (ii). While having tested a possible target at 28.83 two weeks ago, it strikes me as too aggressive to say that wave ‘c of (ii)’ is complete while above 30.00 as the overhead target tested so far is a bit short of what is typical for a wave (ii).
iShares MSCI Brazil Index ETF (EWZ) Update
Treating this overlapping bounce in EWZ up from the low last year as a ‘b’ wave and expect prices to turn down again in an impulse over the next few weeks.
Dollar Index coiling for a break higher
Traders should watch for a pullback or a breakout
Japanese Yen and ETF (FXY) 2019-07-09
One of the reasons that I have been skeptical about the gold rise is the correlation that it has had with the Japanese yen and I’m still bearish yen as the triangle is still valid here.
Expect a reversal in treasuries soon
Don’t be fooled by the steep rise