Get started

Bwave

Eur/Zar Potential Complex "B" waveIf you did not already get the first sell level I posted, or if you are in it... Watch out for an ending diagonal which would measure out perfectly to the 1.236 extension. From there, we may get a head and shoulders or flat type structure which could then turn into a WXY structure for a complex "B" wave. I suggest you watch the short video I posted on my channel. Link below. I do see some nice downside coming but that doesn't mean we can't get something to double top or break the high, but I see the sell as the next move.
Short
by thillygoosth
GBP/NZDGN is at overlapping trend fibs, pitchfork, and at a spot in the pattern where it could make a "C" wave to break the trend line. It is over extended and showing divergence on all time frames, on TDI and bollinger bands except for the monthly. It is possible that it did complete a contracted flat pattern and is on its way up considering how this wave looks though. But considering where the trend line is, I think there may be a very nice sell coming. It could even extend up to that larger 1.236 and still come back down, but it may be ready now. Good risk to reward. It is extended way out of the bollinger bands on weekly, with a candle extending above the 200MA. Just keep in mind Gbp/Nzd is an unruly beast. LOL.
Short
by thillygoosth
Aud/Nzd Weekly Wave analysisI see audnzd to be on its "B" wave. Considering everything, I think it would make a lot of sense for this pattern to make one more up, possibly to break trend line and then downside. I think that would complete this small corrective wave it is on on the daily/4hr. If it follows that structure, that should mean nice sell upcoming. Then considering the pattern, there would be a very nice buy for a "C" wave once it breaks the low and completes. It may not do exactly like I have drawn up.....Just saying.... If it did....
by thillygoosth
2
Eur/chfEchf coming off .618. The truth is, I have no idea how the pattern will play out, but consider the measurements of that 3 wave I expect further corrective structure to develop upward. I circled that pattern to the left just to show you one possible way it can do it. Maybe we are just looking at a running flat and it continues up, to break the high. I just don't see it making such a sharp move down from the major high and then only doing a stunted 3 wave to 50% for a wave 2. That's just not Eur/Chf's personality...
by thillygoosth
USD/CHF UpdateAt this point we simply measure and count out to have a double combo pattern for a "B" wave. I said I would prefer to see Uchf retest zone. It did and I circled where the "Real" sell setup was. The thing about trading these combo "B" wave patterns is you have to understand the possibilities and time your entries properly. Can it correct and go up more for a triple combo?.... Yes... And if it did that I would then probably be looking for it to do a running flat, not breaking the low (which I think Usd/Jpy is doing). But we have a completed pattern that barely broke the high and is coming down. I would think we should be looking for sell setups (smaller corrections) for continuation down. If you got in near top, I would let it run.
Short
by thillygoosth
Nzd/cad updateNcad appears to be producing a buy setup. The sell long term (on the weekly) is what you want. Cad is looking like it may retrace. Should Ncad continue to breakout and continue to produce buy setups we may get something that goes all the way up and breaks the high and possibly breaks trend line. Remember that it never reached. I believe it completed a corrective wave pattern up, so I am expecting correction. Doesn't mean we can't get a large expanded flat that goes up and breaks the high.
Long
by thillygoosth
Eur/GbpI feel at this point, considering the overall pattern and price action along with the fact it has been holding at this angle, EG will go up to break the high. I'm considering this whole move to be a complex "B" wave. It is possible it corrects in a 3 wave fashion before it goes (See marker drawing) but it doesn't necessarily have to. I feel like we need to at least get a triangle up to top trend line, but I feel like a combo flat coming back up to high would be more likely at this point. If that is the case it should not come back down to low if my analytics are correct.
Long
by thillygoosth
BTCUSD Perspective And Levels: Wave B Means Bull Trap?BTCUSD update: After retracing to the swing low of 5365, price appears poised to retest 6k again, but what to expect from here? I wrote in my previous BTC report that this market has more bearish signs in light of the Elliott Wave count, but after this bullish swing, the count may be thrown into question. Is this market nearing the peak of Wave B of 4? Or is this Wave 1 of 5? At the moment, price is sitting within the 5863 to 6009 minor resistance zone which is the .618 area of the recent bearish swing. IF price sells off from here, it will be establishing a lower high which is a sign of weakness. Lower highs often lead to lower lows, which in this case would unfold as the possible C Wave which can retest the 5365 low, or even the 5169 support (.382 of recent bullish structure). Keep in mind it is possible for B Waves to establish a higher high which would lead to a large head and shoulders formation in the current environment. Either way the current levels are too risky to establish any new swing trade longs. What IF price does not make a new low on the next retrace? What IF instead, it makes a higher low somewhere within the 5603 to 5500 area which happens to be the .618 of the most recent bullish swing? This scenario will more likely lead to an alternate count where the current bullish swing would be Wave 1 of 5 (instead of B of 4). The bottom of the higher low would be Wave 2 which would open the possibility of an upcoming Wave 3 which we know is never the shortest wave. This scenario would reveal a stronger possibility of the market working its way up to Wave 5 of 5 which can take price into the 6500 area. This count all depends on how price behaves upon the retest of the 5603 area. If it falls through, then it is safe to say that the bearish C Wave scenario is in play. In summary, the market must decide which path it is going to choose, and the best we can do is be prepared for both scenarios. In the short term, it is more important to be flexible and have no opinions, especially if you are shorting or day trading because things change so quickly in these markets. Using Elliott Wave along with projected support and resistance levels can at least narrow the possible outcomes to a more manageable number and offer some sense of short term direction. And right now, the short term looks more bearish. As far as swing trades go, I am avoiding this market until the next support is tested and then evaluate from there. Comments and questions welcome.
BITFINEX:BTCUSD
by MarcPMarkets
31