Bullish reaction swing sets up buy for July Silver.
A bullish reaction swing has formed after Silver dipped down to $17.85 on April 28th. The market traded had traded through the 20-day SMA on the decline, but reversed and traded up through the 20- day SMA on Thursday. The “double cross†pattern enhances the potential buy signal provided by the bullish reaction swing signal pattern. This pattern could be the precursor to a new bullish leg in the Silver. Check the new issue of the Traders Market Views Swing Trade Report for updated recommendations.
July Silver
Swing Trade signal for Soybeans reaches target objective! [chart]
On April 5th, July Soybeans posted a low close of $945 1/4 inside the 60% buy window. Two days later, Soybeans rallied out of the buy window and traded through the trigger price for a long entry signal. The reverse/forward count projected a new upward price swing of twelve days from the low close from April 5th. I also used the count to project a target objective at the down-sloping reaction (red) line. After the buy signal was triggered, July Soybeans rallied over 60 cents into the April 21st reversal date and touched the down sloping reaction line - at $10.17 – on the following (trail) day. Soybeans reversed at the reaction line and are currently trading sharply lower. By understanding how to use the “action-reaction†price behavior I could have  identified the target objectives two weeks in advance. To learn more about this trading technique read “Unlocking Wealth, Secret to Market Timingâ€.
Reaction swing portends new rally in Crude oil. [chart]
The International Energy Agency said that it expects world oil demand to average 86.6 million barrels per day (mbd) in 2010, slightly more than the previous record high of 86.5 mbd in 2007.
Crude zoomed through the ascending median line and closed above the prior swing high of 85.43 on April 6th. From this new high, Crude oil dropped back to the support provided by the up-sloping median line and the 20-day SMA. This price action has formed a bullish reaction swing above the median line, and set up a potential upward price move towards the reaction line target objective, currently at 90.00.
May Crude oil
Is Silver poised for a another fall? [chart]
Silver has completed a 5-wave continution pattern that may mark the center of the longer-term downward cycle. The market is currently forming a bearish TR swing pattern and has retested the downward sloping parallel line as well as the 20- day SMA. A confirmation of the pattern will trigger the next downward slide to the descending median line or into the April 5 reversal swing date. I will updates and possible recommendations in the Traders Market Views.
May Silver
Short swing trade for Yen has reached the median line target objective! [chart]
The sell recommendation made in the March 24, issue of the Traders Market Views was triggered at 1.1019 in the overnight session. The market has contnued to trade lower under heavy pressure and has reached the descending median line target objective at 1.0879. Â This is the initial target objective and typically offers support after a wide range day. This is a good place to step out of the trade, bank the nice one-day gain and wait for a bounce to form a new reaction swing sell pattern.
June Japanese yen
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