SP500 updateThe recent rally does not appear to be a wave 3 type thrust. Wave b triangle forming which means wave c down is still in the future, probably before end of the year.
ABC
EURUSD Wave 5 ComingEURUSD is currently finishing a wave 4 and getting ready for a wave 5. There are two entries; a buy miniumum at the -27% of the ABC of wave 4 and a buy maximum at the -61.8% if wave 4 corrects lower. Keep in mind that the ECB has their interest rate decision and press conference on Thursday Oct 24th at 7:45-8:30am EST. This will cause a lot of volatility in the market. It could either push prices immediately higher or it could push them lower to our buy zones. First take profit (TP) is at the fib cluster of -27% & 50% @ 1.12300. Second TP at the fib cluster -61.8% & 61.8% @ 1.13000 round psychological number. The first & second TP's are both confluent at fib levels of 50% & 61.8% of entire year. The high of the year is at 1.15700 on January 10th and the low of the year made on October 1st. Will update upon completion of wave 5. This is for educational purposes only. This is in no way intended to be financial advice. I am not a financial advisor.
XAUUSD Getting Ready for Take OffXAUUSD has been consolidating and bouncing around in a falling wedge pattern aka bull flag since it made a 2019 high in the beginning of September. In this analysis we have 2 scenarios which could play out. First one, from a purely technical perspective, we have a cluster of Fibonacci levels right at the psychological $1450 level. Price could potential come down to this strong support before launching toward $1600. The fib cluster consist of a 38.2% retrace of the entire swing low to swing high, 50% from the June 11 low, 61.8% from the July 1 low, -61.8 from the abc correction, and a -27% from the most recent 61.8% retrace. The second scenario would be a clean break and close above the rising wedge in which price would head straight for our ultimate target of $1600. Either scenario has equal probability of occurring. I will note I would definitely NOT look to short gold as it is in a strong bull market and highly driven by fundamentals. If price breaks to the upside with a strong bullish engulfing candle stick we can look for a long. If price dips down to the fib cluster that will just give us an even better entry for our long. Keep in mind the FOMC federal funds rate decision and press conference is Wednesday October 30th 2-2:30pm EST. This will most likely be the catalyst to either immediately push prices higher OR push them lower to our fib cluster for the long. Will update in either case. This is for educational purposes only. This is in no way intended to be financial advice. I am not a financial advisor.
GBPUSD Corrective Wave 4 ComingGBPUSD looks to have finished wave 3 of a larger Elliot wave cycle on the daily timeframe. After a wave 3 is a corrective pullback (wave 4) before a final wave 5. In this analysis we can see price made an impulse wave 1 then made a corrective pullback to the 61.8% to complete wave 2. Then another impulse wave up for wave 3 which has reached a critical resistance zone confluent with a cluster of 3 Fibonacci levels which are 1) -61.8% (of the initial 61.8% retrace of wave 1), 2) 71.0% retrace of the swing high to swing low (yearly high and low), and 3) 127.2% of the swing high (X) to swing low (A). With a confluence of fib clusters in this area (as well as being very close to the round psychological 1.30) we have a high probability resistance zone which should be our turning point to begin the next corrective wave 4. Profit targets for the short position are the 38.2% @ 1.26 & the 50%/61.8% fib cluster @ 1.25 (boxed area). The cluster at 1.25 is strong support and is most likely the best place to take profits. Once price begins to consolidate around this area and shows an implusive movement upward that will be our indication wave 4 is completed and we will look for a long position for wave 5. Will update after the wave 4 correction. This is for educational purposes only. This is in no way intended to be financial advice. I am not a financial advisor.
AUDUSD ABC Correction ComingAUDUSD has bounced from a yearly low and is starting to show signs of a reversal pattern. Waves 1,3,5 are impulse waves which you can see broken down in the 5 wave (light blue). Waves 2 & 4 are corrective ABC waves (pink). The purple shows the completion of the first 5 waves which represents wave 1 (white) of a larger Elliot wave cycle. Wave 2 (white) would be the ABC correction of the larger wave 1 (white). Following the fifth wave (purple) is usually a larger ABC correction (pink) of the entire first wave (white). This upcoming ABC correction would represent wave 2 (white) of a larger Elliot wave cycle. Potential targets for shorts would be 0.67900 & 0.67500. If price consolidates around the 0.67500 and begins making a impulsive movement up we will look for a long opportunity. This long would potentially be wave 3 (white) of the larger Elliot wave cycle. Will update after the completion of the ABC correction. This is for educational purposes only. This is in no way intended to be financial advice. I am not a financial advisor.
AUD/JPY nice risk to reward pullback tradeIm expecting AUD/JPY to make a 3-wave abc. We potentially could now start the C wave to the upside.
Still missing one more leg up in the US MarketsI am still missing one more leg up in the US Markets. The overall picture is bearish in my count however I am expecting that the recent downturn will be corrected in a 3 wave structure. We can see this structure a lot more clearly in the European Markets already, however in the US Markets not so much this might be due to the Trade Deal shenanigans we have experienced over night.
Potential Shortswing coming in USD/JPY keep on WLA interesting setup with a good chance to risk ratio could play out in the USD/JPY. I expect this pair to be in a corrective channel making a 3-wave corrective structure to the upside. Once we reach the highlighted target area the pair should be observed more carefully. Please dont make an entry blindly there needs to be confirmation in the smaller timeframes as well as in the price action. As of now its just something for the WL.
Dow Jones with possible ABC korrektive move to the upside. The US Markets could make a corrective 3-Wave move to the upside. If this scenario plays we should see a c-wave to the upside which has the 100-123.6% fib. ext. as target area. Chance vs. Risk would be about 2 or higher at the moment. Note that my overall picture on the US Markets is still more to come on the bearish side.
Bitcoin down to 7700If bitcoin falls below 8000 we will quickly see this drop back down to 7700
I will be setting a sell order on the break of B wave on the 4 hour chart, trade will only be active if this price is broken.
We can see the 4hour forming an inverted cup with handle, as mentioned wait for the break of B wave to enter and set target to 7700
We can see on the weekly chart bitcoin is currently finding support on the 50ema.
Daily shows price could drop back to the daily support level
US oil trade setupoil has shown a lot of volatility over the past couple of weeks, currently, the price has retraced to cover the gap between the previous event of geopolitical tensions raised in the globe. On a technical perspective, price respected the key 55.00 psychological zones, which also has a key trendline in support, we could observe this as a lower high been formed.. looking at medium-term targets of 56.00 and possibly even higher.
Still Bullish on SilverMy next target for Silver is $20.
Disclaimer:
Always do your own research .
We are not registered or licensed to provide investing advice or anything of an advisory or consultancy nature.
Silver ABC consolidation Silver is tracing out a classic ABC consolidation pattern which points to a resumption of the uptrend in the days/weeks ahead.
Equal legs target the $24 area in next few months.
SPX500 small trade small trade to practice levels and abc corrections. Wave 2 was shallow wedge so wave 4 shall be steep expanded flat.
EURUSD Tading PlanThis is my EURUSD Tading Plan, and my ABC Count.
Maybe you have a different view, and I would like to know about it .
Write your comments here!
Disclaimer:
Always do your own research .
We are not registered or licensed to provide investing advice or anything of an advisory or consultancy nature.
BCHABC/BTC (1D): Where Is Going to Be the 1st Strong Resistance?The coin stopped updating its minimums. That's a 1st sign that the trend is switching to a bullish gradually. Right now we are in an accumulation period. If the market maker will give us a chance, then a good entry point will be from a lower dynamic line. Targets are marked on the chart. Good luck everyone!
Worst Performing Cryptocurrencies : AIONAion (AION) is a third generation blockchain project that competes with ICX and others by focusing on increasing interoperability between various chains.
Some potential use cases listed on the project website include supply chain logistics, Internet-of-Things, online media marketplace, fundraising, and digital identities.
Some people have said that the project is too ambitious and it finds itself with the biggest percentage drop in market cap 2018/19.
Now I am tempted. Aion is on my Watchlist.
Disclaimer:
Always do your own research .
We are not registered or licensed to provide investing advice or anything of an advisory or consultancy nature.
DAX corrective ABC finishing around 12200? I am assuming the index to be in a corrective ABC 3-Wave move up which should end around the 12200-12280 Zone. If this count is correct there should be a nice short swing opportunity in this price area.
ETHUSD Perpetual BITMEX Futures ;Waiting to Short Potential ABCETHUSD BITMEX Swing trading : Waiting to Short potential ABC Correction.
I would like to see $104,4 Retest.
The information provided here is not financial advice.
