Stocks Report: Bank of America
Bank of America falling inside impulse waves 5 and (3)
Likely to fall to 12.00 and 11.00
Bank of America recently reversed down from the resistance zone lying between the resistance level 12.80 and the 50.00% Fibonacci correction of the previous sharp downward impulse wave (v) from the end of January. The downward reversal from this resistance zone started the active impulse wave 5, which belongs to the sharp intermediate impulse (3) from last November. Bank of America is likely to fall further to the next support level 12.00 – the breakout of which can lead to further losses toward the next strong support 11.00 (low of the previous impulse 3).
Commodities Report: Light Sweet Crude Oil (WTI)
Light Sweet Crude Oil reversed form resistance zone
Likely to fall to 30.00 and 28.00
Light Sweet Crude Oil continues to fall after the earlier downward reversal from the resistance zone lying between the pivotal resistance level 34.00 (which also previously reversed the price with the daily Evening Star in January), the upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse (i) from January. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing. WTI is likely to fall further to the next support levels 30.00 and 28.00
Index Report: Deutsche Borse AG German Stock Index
DAX reversed from resistance zone
Likely to fall to support level 9000.00
DAX recently reversed down from the resistance zone lying between the resistance level 9400.00 (former strong support from August, September and January, acting as resistance now – after it was broken by the previous sharp intermediate impulse wave (3), as can be seen below). The downward reversal from this resistance zone started the B-wave of the active intermediate ABC correction (4). DAX is likely to fall further to the next round support level 9000.00 (forecast price calculated for the termination of the active B-wave).
Forex Report: EUR/JPY
EUR/JPY falling inside accelerated impulse wave 5
Likely to fall to 121.00
EUR/JPY has been falling strongly in the last few trading sessions inside the active minor impulse wave 5 – which recently broke the pivotal long-term support level 127.00 (which has been reversing the pair from last year, as you can see from the daily EUR/JPY chart below). The breakout of the support level 127.00 accelerated the active impulse wave 5 – leading to the breakout of the daily down channel from June – which further accelerated the downward movement of this currency pair. EUR/JPY is likely to fall further to the next support level 121.00.