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ABC

FAKEOUT: Markets are deceiving usUSDCAD is under a trendline in daily chart, on Friday price broke the resistance area and the trendline but today it has come back again under that area, so it is clearly a price manipulation. Stochastic shows a divergence and I think price will have an ABC CORRECTION till wave 4 bottom in h4 ( I m talking about 1.3200 area). Fundamentals suggests a probable rate cut for FED on 18th of march due to Coronavirus, instead on 4th of march Bank of Canada could even avoid a rate cut (analysts say that the chance is about 40%). If you open a short trade set a stop loss about 50 pips over the high of today and a first take profit at 1.3200.
Short
by Dragon_Investments
1
IMW may bottom out in mid-MayFor context please note we are dealing with weekly candlesticks here, I'm pointing that out b/c people are used to seeing shorter time frames and I don't want anyone to be confused. Overall I think we are in the beginning stages of a large degree C-wave in an ABC correction. I am neutral on the Russell as of now b/c I think we need a smaller degree B-wave up in the ABC pattern of the C-wave itself. Also note that a curved arrow in my chart represents a huge gap that must be filled sooner or later. Once IWM starts to dip again I am targeting the 123 region in May of this year, price is based on the notion that the large degree C-wave may be roughly equal in length to the initial A-wave and duration may be similar as well, Obviously this is a rough guide and once she starts to bottom we may take note of bullish divergences and/ or volume patterns indicating it may be time to reverse up. Again, I am bullish short term and bearish months out. Please ask any questions and share any thoughts, thanks.
AMEX:IWM
by TNasr
DAILY SAM TECHNICAL ANALYSIS MONDAY 2 MAR 2020 SAM HAS MADE AN ABC CORRECTION IN BETWEEN APRIL 2019 AND SEP 2019 @3.9000 PRICE HAS TESTED SEVERAL TIMES FORMING A HEAD AND SHOULDER PATTERN PRICE HAS BROKEN THE 3.3855 INDICATING A FURTHER DECLINE WITH PROJECTION TARGET: @ 3.0605 1.618% FIBONACCI EXTENSION WHERE PRICE WILL ENCOUNTER JUN 2016 LOW @ 3.0980 AT THIS POINT PRICE COULD GIVE A POSITIVE REACTION BACK TO 3.9000 BREAK BELOW THE 3.0605 NEXT PRICE PROJECTION: @ 2.8290 200% FIBONACCI EXTENSION FURTHER BELOW ON A WEEKLY CHART: @1.7500 THERE IS A 100% SYMMETRY FROM NOV 2007 AND MAR 2009 AT THIS POINT THE SPANISH BANK COULD GIVE A STRONG POSITIVE REACTION NOTES: THE SPANISH BANK HAS FILLED ALL GAPS UNTIL THE 25 JUL 2011, UNFILLED GAPS BELLO: 25 JUL 2011 @ 7.3015 9 DEC 2014 @ 7.1240 14 APR 2014 @ 68900 RESISTANCE @46820 SUPPORT @3.0980
BME:SANShort
by TradeChartPatternsLikeThePros
ABC (D) (E|A)Note: this is not backtesting, just an observation of some pairs in the last week. All of these can be seen as ABC, but I like to chart it as ABCDE and see that E is not coming in the way. I spotted this behaviour on various pairs and time frames, but the last week provides nice summary to be put in one place. They provide nice RR, but require patience :) And of course this is not the every time winning case - you also have to take in account trend on larger time frame and support/resistance levels. Anyway, hope somebody will find this useful and will benefit his/her trading. ABCDa rising AUDCHF: AUDNZD: ABCDa falling USDCAD: Failed ABCDE = ABCDEA USDCHF: Or just ABC with breakout and pullback USDCNH: Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
Education
by rludvik
4H NZDUSD Elliott Wave CountLet's count waves. Do you see the same potential upside for this pair? I am a beginner in Elliott Wave Analysis and this is my sentiment. The minor impulsive wave in RED has been completed and corrected via an ABC structure with 5-3-5 sub-waves. The parallel lines connecting the end of wave B and the end of wave A usually forecast the end of wave C as shown. Price is currently at a key level marked in the red rectangle which has shown to be resistance and in the past was support level. Finally, the RSI indicator is currently at 31.20 as I type this and signifies that the price is oversold. Comments, critiques, and anything else is accepted.
Long
by mrdiin
2
Bitcoin making an ABC to test the Bull Trend at 7000/7600In my previous analysis i showed we would probably make a drop and bounce up, just as we did almost a year ago. Those weeks before we broke the big 4200 resistance. As soon as i happened i noticed that the volume was low and therefore doubting a continuation of the move up. Instead of going up, the move up only completed a bear flag and we have been dropping since. Now the whole move up we had past weeks is pretty strong and real, mostly because volume was good but also because the alt market was even greater. So unless whales are playing with us, the rally was carried through the whole market, which is something i like to see. For the ones who are not aware of my bigger picture plan, assuming this wave up has ended, i want to see a retest of the lows at least one more time before becoming a mid/long term bull. Prefer to even see 7000/200 get tested, but 7600/7800 would be decent as well. This could happen with the ABC correction i have shown on the left. Important to see volume doesn't get too big, preferably see it stay lower than the volume we had during the rally. On the right i am showing something that looks like a wedge. Since we dropped quite fast since the 9200, it would fit the picture perfectly to see a move up before we continue down again. 8500/50 is a resistance here, think if that one breaks, the ABC up will become likely. Ideally we see it move up towards 8800/850 and then down again. Think 8900 should be the max here. While i am writing this, can see we are already making a smal bounce, but as bulls need to break 8500ish before becoming short term bullish. If this all plays out and we test low 7K's again, i might try my luck and build a position to hold for a few months. Please don't forget to like if you want to support me :) Previous analysis:
COINBASE:BTCUSD
by botje11
71
USDJPY: SELL OPPORTUNITY SOON!USDJPY has been on a run lately but with the very long 3rd wave completed, and making a move to the 4th wave, we can expect the 5th wave to be very small, with a chance to be in a good short position around the 110.35 price level as it corrects down. There is a trend-line that should run right below wave C. This may be a good area to buy at but it's too early to tell. Note: Expect wave 4 to correct no more than around the 38.2% of the move. Good luck traders! I am not a financial adviser. This is for educational purposes only.
Short
by PierreFX