XAGUSD - Metals & Crude Oil | Elliott Wave | November 2019
XAGUSD - Elliott Wave Technical Analysis
Structure & Degree: Primary Degree Complex Correction (W)(X)(Y) (purple), Double Three
- Intermediate (W) (purple): Zig-Zag with a 5-3-5 sequence in its Minors ABC (red)
- Intermediate (X) (purple): Double Three Complex Structure
(conflict of trending degrees, corrective upon a correction)
Minor W (turquoise): Zig-Zag
Minor X (turquoise): Simple Flat
Minor Y (turquoise): Semi-Complex Flat
- Intermediate (Y) (purple): Simple Flat
3-3-5 Sequence
Extension in Minor C (red)
Structure could allow a support to be granted soon, and the sequence on the up-side would give more details.
If the swing on the up-side would be impulsive, then the view would remain bullish until new 2-3 months highs.
Current Position & Pattern:
- Impulsive 5-swings sequence in Minor C (red), 4th to 5th wave final stages
Expected Swing:
- Powerful Bullish Impulse, 5-3-5-3-5 sequence, shallow pull-backs, bullish territory, rally
Technicals & Confirmations:
- 61.8% Fibonacci Retracements of Primary C (green)
(May-September 2019 bullish swing)
- 100% Fibonacci Extensions of Intermediates (W) & (X) (purple)
- 261.8% Fibonacci Extensions of Minors A & B (red)
- 161.8% or 200% Fibonacci Extensions of Minutes i & ii (red)
- 61.8% Fibonacci Extensions of Minutes iii & iv (red)
- Bullish Divergence at Support
- Bullish Harmonic Structures: AB=CD & XABCD
- 16.30 - 16.00 range is a Point of Interest
Many pips ahead!
Structure & Degree: Primary Degree Complex Correction (W)(X)(Y) (purple), Double Three
- Intermediate (W) (purple): Zig-Zag with a 5-3-5 sequence in its Minors ABC (red)
- Intermediate (X) (purple): Double Three Complex Structure
(conflict of trending degrees, corrective upon a correction)
Minor W (turquoise): Zig-Zag
Minor X (turquoise): Simple Flat
Minor Y (turquoise): Semi-Complex Flat
- Intermediate (Y) (purple): Simple Flat
3-3-5 Sequence
Extension in Minor C (red)
Structure could allow a support to be granted soon, and the sequence on the up-side would give more details.
If the swing on the up-side would be impulsive, then the view would remain bullish until new 2-3 months highs.
Current Position & Pattern:
- Impulsive 5-swings sequence in Minor C (red), 4th to 5th wave final stages
Expected Swing:
- Powerful Bullish Impulse, 5-3-5-3-5 sequence, shallow pull-backs, bullish territory, rally
Technicals & Confirmations:
- 61.8% Fibonacci Retracements of Primary C (green)
(May-September 2019 bullish swing)
- 100% Fibonacci Extensions of Intermediates (W) & (X) (purple)
- 261.8% Fibonacci Extensions of Minors A & B (red)
- 161.8% or 200% Fibonacci Extensions of Minutes i & ii (red)
- 61.8% Fibonacci Extensions of Minutes iii & iv (red)
- Bullish Divergence at Support
- Bullish Harmonic Structures: AB=CD & XABCD
- 16.30 - 16.00 range is a Point of Interest
Many pips ahead!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.