Stocks Report: The Goldman Sachs Group
Goldman Sachs reversed from resistance zone
Likely to fall to 155.00
Goldman Sachs recently reversed down from the resistance zone surrounding the resistance level 161.80, which has been repeatedly reversing the price from the end of January (as can be seen from the daily Goldman Sachs chart below). This resistance zone was further strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci correction of the previous sharp intermediate impulse wave (1) from November of 2015. Given the strength of the resistance zone surrounding the resistance level 161.80 – Goldman Sachs can be expected to correct down to the nearby support level 155.00.
Commodities Report: Light Sweet Crude Oil (WTI)
WTI reversed from resistance zone
Likely to fall to 35.60
WTI opened this week with the sharp downward gap – following the earlier downward reversal from the resistance zone lying between the pivotal resistance level 41.70 (which stopped the previous intermediate wave (A) of the active primary ABC correction Ⓒ from the middle of February), upper daily Bollinger Band and the 50% Fibonacci correction of the previous sharp downward impulse from June. Given the bearish divergence on the daily Stochastic indicator – WTI can be expected to fall further to the next support level 35.60 (low of wave (B)).
Index Report: Dow Jones Industrial Average
Dow Jones Industrial Average reached resistance level 17840.00
Likely to rise to 18145.00
Dow Jones Industrial Average recently corrected down – after the index reached the resistance level 17840.00, which was set in our previous forecast as the likely upward target for this index. The latest downward correction (ii) recently stopped at the support trendline of the sharp daily up channel from the middle of February. This up channel has enclosed most of the active intermediate impulse wave (3), which belongs to the primary upward impulse wave ③ from January. The index is likely to rise further to the next major resistance level 18145.00, which reversed the price in June and July of 2015.
Forex Report: AUD/USD
AUD/USD rising inside minor impulse wave (iii)
Likely to rise to 0.7800
AUD/USD continues to rise inside the minor impulse wave (iii) – which started earlier, when the pair reversed up from the support zone lying between the support level 0.7500 (which also previously reversed the pair sharply at the end of March), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse from the end of February. The active impulse wave (iii) belongs to the intermediate (C)-wave of the primary ABC correction ② from January. AUD/USD is likely to rise further toward the next resistance level 0.7800 (which reversed earlier waves A and (2) in June of 2015).