HY Newsletter – Cotton Reversed From Support Zone

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Stocks Report: The Goldman Sachs Group, Inc

Goldman Sachs broke support level 155.00

Likely to fall to 140.00 

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Goldman Sachs recently broke below the support level 155.00, which stopped the earlier minor impulse wave 1 and which was set in our previous forecast as the likely downward target for this company.  The breakout of this support level is likely to accelerate the active minor impulse wave 3, which belongs to the intermediate downward impulse wave (3) from the middle of April. Goldman Sachs closed last trading session near the support level 150.00. If the price breaks below this support level – Goldman Sachs can then fall to the next strong support level 140.00 (low of the earlier impulse (1)).

 

Commodities Report: Cotton

Cotton reversed from support zone

Likely to rise to 0.6630 and 0.6800

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Cotton recently reversed up sharply from the support zone lying between the pivotal support level 0.6440 (former major resistance level which has been repeatedly reversing the price from October of 2015, as can be seen from the daily Cotton chart below) and the 38.2% Fibonacci correction of the previous sharp upward impulse from the end of May. Cotton is likely to rise further in the active minor impulse wave 3 (which belongs to the C-wave from February) toward the next resistance levels 0.6630 and 0.6800.  Buy stop-loss can be placed below the support level 0.6440.

 

Index Report: Hang Seng Index

Hang Seng Index reversed from resistance zone

Likely to fall to 20000.00


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Hang Seng Index continues to decline – after the recent downward reversal from the resistance zone lying at the intersection of the resistance level 21500.00 (which also previously stopped the earlier impulse wave (1)), 61.8% Fibonacci correction of the previous sharp downward impulse from October of 2015 and the resistance trendline of the wide daily down channel from last year. The downward reversal from this resistance zone stopped the previous minor impulse wave 3 from the middle of May. Hang Seng Index is likely to fall further to the next round support level 20000.00.

 

Forex Report: GBP/JPY

GBP/JPY broke strong support level 152.50

Likely to fall to 147.50

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GBP/JPY continues to fall – following the earlier breakout of the strong support level 152.50 (which stopped the previous minor correction A in the middle of April, as can be seen from the daily GBP/JPY chart below). The breakout of this support level continues the active minor C-wave, which earlier reversed down from the resistance zone lying between the resistance level 157.50 and the 50% Fibonacci correction of the previous sharp downward impulse from the end of May. GBP/JPY is likely to fall further to the next support level 147.50.

 

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