Dollar ETF (UUP) Update

Since I just updated the DX monthly and weekly charts, thought I would plough ahead and update the ETF UUP as well. Same story, expect a wave (iv) has been set and looking for a new high over that of the early 2017 high in the next 18-24 months.

Natural Gas via UNG

UNG, the ETF that tracks natural gas, has elected to take the alternate path from when I last posted these charts by pushing to a new low under that of the 2016 low. The dominant cycle has shifted a few weeks to the right making the ideal cycle low now the first week...

British Pound futures update

I’ve been asked for an update on GBP and since the equity indices should quiet down over the next 1.5 hours till the FOMC statement, think I have enough time to get this done.

Overall think GBP, like many of the major USD crosses, has spent the last year correcting up in a wave [iv] and should be close to pressing lower in a wave [v] over the next 18 months.

Gold Miner ETF GDX

I have included charts of this ETF, GDX, in the last couple of gold posts and thought I should make a separate post on it for completeness sake. The main hypothesis shown on the following monthly and weekly charts is pretty similar to that of gold except that I am assuming an ending diagonal here as opposed to a simple impulse lower essentially allowing for a couple retests of the of the early 2016 low before a climb out of the hole.

Gold futures monthly/weekly update

The wave count that I last had on the big picture in gold just didn’t sit well with me and have put some thought into it over the weekend. The overall main and alternate ideas in general are the same, it is more of just a technical wave counting issue.

Could Italian equities be the canary in the mine?

I find the iShares MSCI Italy ETF interesting for two reasons. One, so far, it is a textbook example of a triangle formation that has spanned nearly nine years. Two, if the triangle pattern holds and the Italian markets turn down, could that be a precursor to other European equity markets topping and even mark a turning point in the Euro?

I don’t know if the triangle pattern will hold or if it will be an early warning to other problems on the continent, but it does look like a trading opportunity is nearby.