Stocks Report: Tesla Motors
Tesla Falls in impulse waves 3, (3) and ③
Likely to fall to 200.00
Tesla has been falling sharply in the last few trading sessions inside the intermediate downward impulse wave (3) – which belongs to the primary downward impulse ③ from the start of April (which started when the pair reversed down with the daily Bearish Engulfing from the major long-term resistance level 270.00, which reversed the price in September of 2015 and which was set as the likely upward target in our previous forecast for this instrument). Tesla is likely to fall further to the next round support level 200.00 (target price for the completion of the active impulse wave 3).
Commodities Report: Light Sweet Crude Oil (WTI)
WTI rising inside minor impulse wave 3
Likely to rise to 50.00
WTI has been rising in the last few trading sessions inside the minor impulse wave 3, which belongs to the intermediate (C)-wave from the start of April. The active impulse wave 3 started earlier this month – when the price reversed up from the support level 44.00 (which is the upper boundary of the strong support zone lying between the support level 44.00 and 42.00, which reversed earlier waves (iv), a and c). The price earlier broke through the resistance level 46.70 (top of the previous impulse wave 1) – which accelerated the active wave 3. WTI is likely to rise to the next resistance level 50.00.
Index Report: Hang Seng Index
Hang Seng Index reversed from pivotal resistance level 20000.00
Likely to fall to 19520.00
Hang Seng Index recently reversed down from the pivotal resistance level 20000.00 (former major support level which reversed earlier waves 2, 4 and (B), as can be seen from the daily Hang Seng Index chart below). The downward reversal from this resistance level stopped the previous intermediate correction (2), which belongs to the primary downward impulse wave Ⓒ from the end of April. Hang Seng Index is likely to fall further to the next support level 19520.00 (which stopped the earlier intermediate impulse wave (1)). Sell stop-loss can be placed above the resistance level 20000.00.
Forex Report: USD/CHF
USD/CHF broke resistance zone
Likely to rise to 0.9900
USD/CHF continues to rise – following the earlier breakout of the resistance zone lying at the intersection of the resistance level 0.9800 (which reversed the price sharply in April) and the upper resistance trendline of the daily down channel from the start of February. The breakout of this resistance zone is likely to accelerate the active minor impulse wave 3, which belongs to the intermediate impulse wave (C) from the start of May. USD/CHF is expected to rise further to the next resistance level 0.9900 (standing close to 50% Fibonacci correction of the previous intermediate (B)-wave from December).