Stocks Report: Amazon.com, Inc
Amazon approached resistance level 583.00
Likely to rise to 600.00
Amazon recently reversed up from the support area lying between the support level 550.00 and the 38.2% Fibonacci correction of the previous sharp intermediate impulse wave (1) from the middle of February. The upward reversal from this support area completed the previous intermediate ABC correction (2), which belongs to the primary Ⓒ-wave from last month. Amazon recently closed near the resistance level 583.00 (top of the previous waves (1) and B). If the price breaks above 583.00 – Amazon can then rise to the next resistance level 600.00.
Commodities Report: Natural Gas
Natural Gas falling inside impulse waves 3 and (3)
Likely to fall to 1.700
Natural Gas continues to fall inside the minor impulse wave 3 – which started previously – when the price reversed down from the resistance zone lying between the round resistance level 2.000, upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp minor impulse wave 1 from January. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Dark Cloud Cover. Natural Gas is likely to fall in the active impulse waves 3 and (3) toward the next support level 1.700.
Index Report: S&P 500
S&P 500 reversed from support zone
Likely to rise to 2060.00 and 2080.00
S&P 500 recently reversed up sharply from support zone lying at the intersection of the support level 2020.00 and the 38.2% Fibonacci correction of the previous sharp intermediate impulse wave (1) from the start of March. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer – marking the end of the previous intermediate correction (2). S&P 500 is likely to rise in the active impulse waves (3) and ③ toward the next resistance levels 2060.00 and 2080.00.
Forex Report: USD/JPY
USD/JPY rising inside minor corrective wave (ii)
Likely to rise to 114.00 and 116.00
USD/JPY opened this week with the upward gap – continuing the active minor corrective wave (ii) – which started recently, when the pair reversed up from the support zone lying between the pivotal support level 111.00 (which reversed earlier waves 3 and (b) in February), lower daily Bollinger Band and the support trendline of the wide daily down channel from June. With the triple bullish divergence visible on the daily RSI – USD/JPY is likely to rise further toward the next resistance level 114.00 – the breakout of which can lead to further gains toward 116.00.