Stocks Report: Microsoft Corporation
Microsoft completed primary ABC correction IV
Likely to rise to 52.00 and 53.00
Microsoft has been rising in the last few trading sessions – following the earlier sharp upward reversal from the support zone lying between the support levels 50.00 and 48.50. This support zone has been repeatedly reversing the price from the middle of January (as can be seen from the daily Microsoft chart below). The upward reversal from this support zone completed the earlier primary ABC correction IV from December. The price is likely to rise to the next resistance level 52.00 (top of wave (4)) – the breakout of which can lead to further gains toward 53.00 (top of wave (2)).
Commodities Report: Light Sweet Crude Oil (WTI)
WTI falls inside C-wave
Further losses likely toward 43.50
WTI recently fell sharply – following the earlier failed attempt to break above the resistance zone surrounding the resistance level 50.00. This resistance zone stopped the earlier waves (A), B and (ii), as can be seen from the daily WTI chart below. The active minor impulse wave (iii) bellows to the C-wave of the intermediate ABC correction (C) from the start of June. Having recently broken below the support level 46.00 (low of the previous waves A and (i)) – WTI is expected to fall further to the next support level 43.50 (50% Fibonacci correction of wave C from April).
Index Report: S&P 500
S&P 500 reversed from support level 2080.00
Likely to rise to 2120.00
S&P 500 recently reversed up from the support level 2080.00. The upward reversal from this support level started the active intermediate impulse wave (3) – which belongs to the primary impulse ③ from the end of June. This primary impulse started when the index reversed up from the support zone lying between the support levels 2020.00, 2000.00, lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp upward impulse from the middle of February. S&P 500 is likely to rise to the next major resistance level 2120.00 (top of the earlier waves (B) and Ⓑ).
Forex Report: EUR/NZD
EUR/NZD falling inside impulse waves 5 and (C)
Likely to fall to 1.5000
EUR/NZD continues to fall inside the minor impulse wave 5, which belongs to the extended intermediate downward impulse wave (C) from the middle of January. The price earlier broke the three consecutive support levels – 1.6200 (former major support level which has been reversing the pair from March), 1.5870 (low of the previous minor impulse wave 3) and 1.5600. Each of these support breakouts accelerated the active impulse waves 5 and (C). EUR/NZD is likely to fall further to the next round support level 1.5000 (forecast price for the termination of impulse 5).