Stocks Report: Bank of America Corp.
Bank of America reversed from resistance zone
Likely to fall to 12.70 and 12.00
Bank of America recently reversed down from the resistance zone lying between the pivotal resistance level 14.00 and the 50% Fibonacci correction of the previous sharp downward impulse wave 1 from the major long-term resistance level 15.00. The downward reversal from this resistance zone started the active minor impulse wave 3, which belongs to the intermediate impulse wave (3) from the end of May. Bank of America is likely to fall to the next support level 12.70 (low of the previous (B)-wave) – the breakout of which can lead to further losses toward 12.00.
Commodities Report: Natural Gas
Natural Gas reversed from support zone
Likely to rise to 2.760
Natural Gas recently corrected down – after reversing from the resistance level 2.760 (which also previously reversed the minor corrective wave in September of 2015, as can be seen below). The subsequent downward correction was recently stopped by the support zone lying between the support level 2.630 and the 38.2% Fibonacci correction of the previous sharp upward price impulse from the start of May. Natural Gas is likely to re-test the aforementioned resistance level 2.760 in the coming trading sessions.
Index Report: Dow Jones Industrial Average
Dow Jones Industrial Average reversed from resistance level 18000.00
Likely to fall to 17200.00
Dow Jones Industrial Average recently corrected down sharply – after the index reached the resistance level 18000.00 – which reversed the previous minor impulse wave 1 and which was set in our previous recast as the likely upward target for this index. The downward correction from the resistance level 18000.00 recently stopped in the support zone lying between the pivotal support level 17400.00 (which reversed the earlier wave (2)) and 38.2% Fibonacci correction of upward impulse from February. If the index breaks below 17400.00 – the price can then fall to the next support level 17200.00. Alternatively, the index might correct up to 17600.00.
Forex Report: GBP/CAD
GBP/CAD broke support levels 1.8120 and 1.7600
Likely to fall to 1.7250
GBP/CAD recently fell sharply – breaking through the two strong consecutive support levels – 1.8120 (which reversed the earlier sharp downward impulse waves ① and 1, as can be seen below) and 1.7600 (which reversed the price in September and November of 2014). The breakout of the aforementioned support levels accelerated the active intermediate impulse wave (3) of the primary impulse wave ③ from the end of April. GBP/CAD is likely to fall further to the next support level 1.7250 (forecast price for the completion of impulse (3)).