EURUSDIs EURUSD due for some major correction. As the pair already complete the 5 wave count and already break bullish parallel channel. Now the pair is ready for major correction.
5wavestructure
UasCad 5 wave done now lets go for ABCWhat I see!
Looking for Impulse down.
UsdCad completed wave 1,2,3,4, & 5 now its waiting to move down to complete wave abc. Make sure you have your own rules on RR and follow them. This is just a trading idea to help you/ give better knowledge. If you have any question ask me in comments.
Learn & Earn!
SPX- surprise Rally aheadThe 5 th wave fall on 3rd Nov'22 had not moved down the index significantly.
hence we must recall the wave count that ,the correction (5 wave downfall ) is completed in the form of a neutral triangle abcde.
Provided the low of 3rd Nov'22 (3698) respected(should not break).
If this is so, until 11th Nov, all 5 waves of Expanding triangle A,B,C,D,E has been completed, and a new recovery wave ABC (3 waves)will start.
This may begin with a santa claus rally from 14th Nov'22
$TSLA Is Still Likely Heading Down To $38.60 From HereThis is an Update/Reminder of a Previous Similar Bearish Idea I had on $TSLA before the stock split. I'v felt that it is necessary to post a fresh updated readjusted chart to account for the post-split price action. If you want to compare this chart with the original chart check the Related Ideas Section Below.
$TSLA as we look at it today continues to Bearishly Diverge at the PCZ of this Logscaled Bearish AB=CD and has formed a Bearish Head and Shoulders Pattern at the Highs. The target pre-split was $38.60 but post-split i can now seet going all the way down to even $13 or lower, however to be conservative i will continue to target $38.60
BE READY for further decline in indicesAfter a 5 wave decline ,we are in recovery wave (B) which has the potential to lift the index to 4422, watch todays price action and trade accordingly,
The ART of profit booking I am posting a chart for educational purpose using S&p 500 index with heikinAshi candle and elliott waves
trading is an art of buying at low and selling at high, looks easy to do? if so why more people loosing and big players minting money?
trading is a money making process when the crowd has extreme interest in one direction(buy /sell).
when everyone in the street is buying, it is the RIGHT time to sell.
The ART of profit booking without harming buyers(they don't know what's happening) is described in the chart.
Because if they knew in advance then to whom the seller has to sell?
Actually speaking the BULLS AT THE BEGINING OF THE TREND NOW BECOME BEARS!
SELVAM BE, MBA
option trader
GRT at PCZ of Logscale Gartley Targeting $2.00 to $4.00 We are at the PCZ of Logscale Gartley and what could be a massive double bottom formation that could take us back up between the levels of $2 and $4 so long as we hold the zone between the Logscale .786 and .886 Retrace
$TSLA Likely Heading Down To $38.60 From HereTSLA has had 5 waves upwards and within these waves has formed somewhat of a Logscale AB=CD Harmonic Pattern. The minimum targets for these AB=CD patterns are typically back down to the C level which in the case for TSLA should take us down to around $38.60.
As far as the Technicals go we have the MACD beginning to curl down and will be crossing bearish soon and the RSI has shown extreme amounts exhaustion at these levels; Lastly we have a confirmed Evening Star Doji Visible on the Monthly Chart.
Everything simply just points down for TSLA.
Bearish momentum (BTC) $42,999 within 24 hours (5 wave count)Hello traders,
if history repeats itself with waves 1 & 2 we will end up at $42,999 for wave 3 before heading to $44,666 to complete wave 4 before the last wave 5 down to approximately $41,555.
Next update will be when I'm flipping long.
Please like/comment to show your support for my daily technical analysis and updates.
👍
AMAZON - MY FORECASTAfter an ABC correction Amazon finished wave 2 at the 61.8 retracement. Amazon broke the wave 1 high and confirmed further bullish price action:
Minimum target for this impulse is around 3800. Main target between 161.8% & 176% extension. From there i expect a corrective movement (wave 4) before we can aim for prices above 4000!
gbp usd fourth wave correction gbp usd in fourth correction wave.
we expect retrace to 0.38% or 50% than rise again in fifth wave . it has been following wave principle very well
5TH WAVE ENDED ALREADY! HOW LOW CAN IT GO?I AM SEEING MANY WAVE COUNTS PREDICTING AN INCOMING 5TH WAVE!
FROM MY COUNT HOWEVER THIS IMPULSIVE MOVE HAS ENDED!
WAS THE CORRECTION TO 3148.33$ PART (A) OF AN (ABC) CORRECTION? PERHAPS A (WXY) RUNNING FLAT?
IS THIS THE THIRD WAVE OF AN IMPULSIVE MOVE DOWN?
STAY TUNED :)
BTC uptrendwell guys BTC seems not completed its 5waves uptrend yet. so if the chart I draw is validate the last wave (5) should act like that after the last ABC correction(the green one) done at the red box area.
I am waiting to see if it is true . let me know if U agree or disagree.
wish the best luck :)
CME Gaps and BTC Correction?!!!There are two new CME gaps and BTC appears to be finishing the fifth impulse wave before an ABC correction. This makes sense since the correction would fill both CME gaps (BTC like to fill CME gaps pretty quickly after they are made before taking off again).
If there is a strong rejection around were we are now I will consider an ABC correction is in play at which point, if it is validated, BTFD!
Thanks friends, and before you go please smash the like and follow if you are not already doing so.
NOT FINANCIAL ADVICE. I AM NOT A FINANCIAL ADVISER. I CAN BE A FREAKING MONKEY AT A ZOO THAT LEARNED HOW TO TYPE FOR ALL YOU KNOW, LOL. SO DON'T FORGET, ALWAYS, ALWAYS, ALWAYS DO YOUR OWN RESEARCH!
BTC / USD - Long position ideaI think we are on a possible reversal zone.
BTC is testing the neckline + fib retracement 0.50.
Also if we stay above the neckline we can start a new wave.
If wave 4 remains outside wave 1 teritory then we might go up and retest the last higher high.
USD/JPY -- 400 pip sell off??USDJPY has continuously been supplied by 105.000 for quite sometime now, every bounce that has came from 105.000 has produced a Lower High in price.
The 109.709 level is the high close of 2019, and has consistently held price below. I believe this big bullish push back into the high this week could be a very big "Fakeout".
**Multiple Confluence levels** 5 Wave Structure completed, 3rd touch of the downtrend, triangle, etc. I am sure there are many different chart formations that can be found bearish in this structure. I won't waste time trying to identify them.
I will be looking to see if we get some rapid volatility back at the 109.700 psychological level, and look for a sell stop on any daily inside bars to minimize my exposure from any bull trap spikes above the 109.709 level.
Disclaimer: I stand behind my analysis 100% of the time. you should trade this set up the way that you know how to trade it, not based on me simply saying price will fall 400+pips from the 109.709 level.
ORBEX: EURUSD - Correction Likely To End Soon! Then Going For 5?EURUSD could move a tad higher to complete minor wave 4 near 1.1145 before continuing lower. The said level is the 1.618% FE of wave 1/2 correction and also the 50% FR of minor waves 2/3.
Look for a valid breakout below 1.099 for medium-terms shorts but keep a cautious eye on short-term longs as the correction could end soon.
Should prices move above 1.1194 it should be received as an early sign of invalidation.
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
S&P 500 - Buying at the end of the 5th wave lowerTrade Idea
The rally has posted an exhaustion count on the weekly chart.
Broke the sequence of 6 negative daily performances.
The overnight rally has been sold into and there is scope for further bearish pressure going into this morning.
A break of bespoke support at 2799, and the move lower is already underway.
The bias remains mildly bullish but there is scope for a move in either direction at the open.
Preferred trade is to buy on dips.
Entry: 2725
Stop: 2705
Target 1: 2914
Target 2: 2930
Bitcoin local downfallI guess if we won't just break out from this falling channel, we will continue our correction in its final wave with lows around 9200. The correction will go on and even might turn into a downtrend in case we break ~9000.
Bitcoin: Party Delayed? 2 Signs Of Vulnerability Now Present.Bitcoin is nearing the 9K resistance while the crowd is celebrating a little too early for a 10K target. The average retail sentiment went from predominantly bearish (everyone calling for 4500) to bullish (everyone is calling for 10K or higher) in just a couple of weeks. Are you new to investing in Bitcoin? Perhaps you got sucked in from all the nonsensical hype that is so prevalent in this space. I would first like to welcome you to the madness of the crowds and second, provide a helpful suggestion: step aside. Buying now means you are buying at retail prices, which means the risk is very high while the profit potential is comparatively low. These are levels where smart money locks in profits while the crowd happily takes the inventory off their hands while assuming much greater risk. How do we know this? No, it wasn't on a news site, or on some other internet analyst blog, it is clearly unfolding on the chart.
Following price action has great value when it comes to short term market timing because it involves interpreting the "actions" of the crowd, NOT what they say or write. And at the moment price action has been unfolding in a way that says the crowd has bought, leaving price in a vulnerable position to retrace back toward the low 7Ks. Where is this visible on the chart?
There are two very prominent clues: Bitcoin, along with many of the alts are exhibiting 5 Wave impulse structures. In Elliott Wave, once 5 waves complete, the chances of a corrective move of the same magnitude increase. That does not mean price will correct in an instant, BUT probability favors a broader retrace now much more than it did just a week or two ago.
The second clue is the ascending wedge formation that has appeared during the attempt to push the 9K resistance. These price patterns are rare on larger time frames, and often appear during the 5th wave of an impulse. For us it is a huge red flag and cannot be ignored. That coupled with the fact that the majority of the internet analysts are bullish all point to a greater likelihood of a pullback, and not a move to 10K or beyond just yet.
Keep in mind, this is a general probability. Price may very well push to 9K or slightly higher before the broader correction unfolds. We don't make the mistake of "predicting" how Bitcoin will unfold over the next week or two, and instead observe and weigh probabilities. There is no guarantee that the ascending wedge will assert itself, BUT since it is there, we will respect it and adjust our strategies accordingly. Over a year we managed to navigate the Bitcoin bear market effectively and patiently adjusted our portfolio which went from a -60% at the low to +5% as of this writing. The majority will not be impressed with such a performance because it's not 600% return on a leveraged $100 account. I share this not to impress anyone, but instead to reveal a glimpse of "reality" which most are not accustomed to in this space.
In summary, Bitcoin and many of the alts have shown impressive moves over the recent two months and with it returns the circus of hype and nonsense that this market has become known for. When the untrained eye feels that it is "safe" to invest now, that is a clear warning that it is NOT. I am not bearish on Bitcoin, and I would certainly NOT short this market, BUT I will refrain from buying in areas where the crowd is jumping all in. Bitcoin may touch 9K or even 10K, but the risk of retrace is too high in my opinion. Our objective from here is to WAIT for a support level such as the low 7Ks or even lower before considering any new swing trade ideas or inventory purchases.
ZAL 15% gain potentialThere is a clear wave count here with bearish divergence and normal wave extensions to back up the argument that a large drop down to at least wave (4) will occur now. Wave 3 was between 1 and 1.618 times the length of wave 1. Thus, wave 3 was the extended wave and so wave 5 is likely to be less than 1 x the length of wave 1. So far, wave 5 is around 0.786 times the length of wave 1 and I can count 5 waves, so this is a good time to go short imo. Stop loss should be placed generously to allow wave some space to run a little bit. Risk to reward is roughly 1.5 : 1 depending on how well you ladder your shorts.
Disclaimer, this is not financial advice and I am not responsible for any losses you may incur. This post is ONLY for research and educational purposes.
