Technical Analysis - Commodity, Brazil, Euro And Dollar Index

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Technical Analysis - Commodity, Brazil, Euro And
Dollar Index
Adam Smith Associates Blog July 15, 2017
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COMMODITY - SOY BEAN NCDEX
Adam Smith Associates Blog July 15, 2017
Soy bean prices formed an expanding triangle near
the 61.8 mark. Last time I wrote that a bounce
can occur because of the triangle but as shown
why not a bottom? Possible Wave Y is over. Either
another X wave up retracing the Y or the start
of a major impulse. The trend should be up as
long as we are above 2650. Breakout of the
triangle above 3035 to go to 3286.
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COMMODITY - SOY BEAN NCDEX
Adam Smith Associates Blog July 15, 2017
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COMMODITY - COPPER MCX
Adam Smith Associates Blog July 15, 2017
Copper Closed the week down. Now 365 is the next
support. Halting near retracements it is still
possible that copper is within a larger
corrective structure. The recent rally is not
certainly impulsive. So if 365 breaks wee can
see it go back to test the 353 low below 2.62
to 2.48.
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COMMODITY - COPPER MCX
Adam Smith Associates Blog July 15, 2017
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COMMODITY - ZINC MCX
Adam Smith Associates Blog July 15, 2017
Base metals are showing a near term correction
after Lead, Aluminium and Zinc look like
completing near term 5 wave rallies. The
indication therefore is of a positive trend
ahead but after a pause correction or
retracement. The size of a pullback is hard to
say. For Zinc below the 20dma at 173 is the
immediate support. 167 is the 61.8 retracement
mark.
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COMMODITY - ZINC MCX
Adam Smith Associates Blog July 15, 2017
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COMMODITY - CRUDE
Adam Smith Associates Blog July 15, 2017
Crude has fallen in 3 waves so far to 66
retracement. If the low of 43.65 is not broken
we can start wave c up to 49.10 or higher.
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COMMODITY - CRUDE
Adam Smith Associates Blog July 15, 2017
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COMMODITY - SILVER MCX
Adam Smith Associates Blog July 15, 2017
Reccent data from CFTC shows that bulls that were
record long at the highs on Silver have given
back almost all of their long positions. With
sentiment at just 9 bullish we are at the fag
end of the decline in gold and silver. The chart
shows the falling channel for the price, that I
published a while back. At yesterdays low we came
close to the line and we may test it one last
time in wave z down. The channel is at 35000.
The RSI is also entering the oversold sub-30
range.
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COMMODITY - SILVER MCX
Adam Smith Associates Blog July 15, 2017
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COMMODITY - CORN CBT
Adam Smith Associates Blog July 15, 2017
Corn Prices surged with the rest of the Agro
prices on the international markets. Corn hit a
new high as it starts a larger degree 3rd wave
up. Wave 3 up points to 460 just based on 31.
That is a normal non extended wave over 12
months.
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COMMODITY - CORN CBT
Adam Smith Associates Blog July 15, 2017
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BRAZIL
Adam Smith Associates Blog July 15, 2017
Wave 5 ended in FEB. We are now in the third leg,
wave Y, which is a 3 wave decline marked as
A-B-C and wave B mostly completed at the upper
Bollinger band in a small 5 wave advance wave c
of B, so wave C down can go to 56000-55800 if
CA
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BRAZIL
Adam Smith Associates Blog July 15, 2017
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EURO
Adam Smith Associates Blog July 15, 2017
The Euro This morning on the hourly chart shows a
clear 5 wave decline in wave A, and a bounce
back which is mostly B. 38.2 at 1.138 or 61.8
at 1.14 may be achieved in wave B after which
wave C can drop to 1.125 or as far as 1.11. The
5 wave decline should mean that the 5 wave rise
from the April low is complete and being
corrected. The first pull back in a larger up
trend.
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EURO
Adam Smith Associates Blog July 15, 2017
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DOLLAR INDEX
Adam Smith Associates Blog July 15, 2017
Wave 4 up in the dollar is still not complete.
This especially as the Euro bullish sentiment
reached a multi year record of nearly 93. This
reading needs to cool off more and the dollar
should at least move up in wave c of 4 before we
see the decline resume. 95.225 was the recent
low and till it holds this is the view.
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DOLLAR INDEX
Adam Smith Associates Blog July 15, 2017
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Disclaimer
Adam Smith Associates Blog July 15, 2017
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