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Elliott Wave Analysis: BTC Futures Approaching GAP ResistanceHello Crypto traders! Today we decided to take a look on BTC Futures chart, mainly because of its open GAP in MAY, which can now act as a strong resistance area. Well, as you can see, BTC made five waves down from the highs, which in Elliott Wave theory indicates a change in the trend. After every five waves, a three-wave pullback follows and as you can see, BTC can be now unfolding and finishing a three-wave A-B-C correction. Wave C is a motive wave and it should be completed by a five-wave cycle that can ideally stop in the golden 50%-61,8% Fibonacci retracement, from where we should be aware of a reversal down, probably once May's GAP is filled. What we want to say is that Crypto market is generally in the strong resistance zone, testing June highs, so be very careful in upcoming days, because a reversal down may occur anytime soon, maybe already during the weekend. Be humble and trade smart! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
CME:BTC1!Short
by ew-forecast
6
SP500 Broke 2018 Highs In Gold Price; Time For A Pullback?!Hello traders and investors! Today we want to update our SP500 against GOLD, SPX/GOLD ratio chart, which we see it now breaking 2018 highs, clearly within an extended wave 5 of III, which means that we should be now aware of a pullback that can cause limited gains on SP500, while GOLD may become supportive. Notice that GOLD is currently trading at strong 2019 trendline support, which was resistance from March 2020 COVID crysis, so in case of bounce and recovery from that projected support, bulls would be still in control. We also want to mention that SP500 can be finishing potential ending diagonal (wedge) pattern, while GOLD can be forming a big bullish triangle, now at the lower side of a range. However, more about this in our next article as the price action unfold. Be humble and trade/invest smart! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
SP:SPX
by ew-forecast
2
Elliott Wave Analysis: Crypto Market Nearing Strong ResistanceHello Crypto traders and investors! We have seen a bigger recovery in the Crypto market, but mostly due to BTC and ETH, while other ALTcoins remain quite slow and weak. The main reason is BTC.dominance which is kicking back in. Now that cryptocurrencies are in the mixed recovery, some stronger, some weaker, it's important to keep an eye on Crypto Total Market Cap chart. As you can see, Crypto market dropped with five waves from the all-time highs, which is first leg (A) of a three-wave correction. Currently it's approaching important June highs resistance within a three-wave A-B-C corrective recovery for wave (B) that can stop around 50%-61,8% Fibo. retracement, from where we should be aware of another decline for wave (C). All that being said, as long as Crypto market cap is trading below or around 2.0T, watch out for another sell-off that can push the price back to June lows. It's not about being right or wrong. This is normal. The point is not to lose the money, when you are wrong. That's why confirmation are very important. In this case, if Crypto market cap starts dropping below channel support line and 1.5T, then we can easily confirm that bears are back in the game. Be humble and trade smart! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
CRYPTOCAP:TOTALShort
by ew-forecast
6
Elliott Wave Analysis: BTCUSD Is Turning Bearish UPDATEHello Crypto traders! We just want to update previous BTCUSD intraday chart, where we see pretty nice intraday A-B-C irregular expanded flat correction within wave (B)/(2), from where we should be aware of another decline for wave (C) of a correction or wave (3) of an impulse. Watch out for another sell-off ahead of the weekend. Be humble and trade smart! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
BITSTAMP:BTCUSDShort
by ew-forecast
7
Elliott Wave Analysis: BTCUSD Is Turning BearishHello Crypto traders and investors! Today we will talk about Bitcoin, its price action from technical point of view and wave structure from Elliott Wave perspective. As you can see, BTCUSD has completed intraday five-wave cycle and after recent sharp decline + broken channel support line, seems like BTC is turning back to bearish mode, at least in three waves (A)/(1)-(B)/(2)-(C)/(3). Currently BTC is still unfolding first leg (A)/(1), which can see even more downside pressure or maybe even extended decline. However, we see and we want to share a potential short opportunity, which may come in play once a corrective recovery in wave (B)/(2) fully unfolds, where we later see room for more weakness within wave (C)/(3). Be humble and trade smart! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
BITSTAMP:BTCUSDShort
by ew-forecast
10
Elliott Wave Analysis: TESLA Is Still Looking For Wave CHello traders! Today we will talk about Tesla, its price action from technical point of view and wave structure from Elliott Wave perspective. As you may already know, we have been looking for that wave C decline for a while, but seems like it's temporary on a pause as price action is slow and sideways, so wave B correction looks to be bigger and longer, ideally as part of a bearish triangle formation. Well, we are still expecting TESLA to drop into 500-400 support zone, but probably once a bearish triangle pattern is fully completed as subwaves "d" and "e" are still missing. After Tesla stocks split last year from $2,213 to $444, price can retrace to similar levels, a year later as A-B-C correction seems incomplete. Trade smart! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
NASDAQ:TSLAShort
by ew-forecast
1
Elliott Wave Analysis: ICXUSD Can Be Forming Wedge PatternHello Crypto traders! Today we will talk about ICON cryptocurrency in which we are tracking the final wave C that can be completed within a bigger ending diagonal (wedge) pattern, where ideal support would be around 0.50 - 0.40 area, where we also see 161,8% Fibo. extension target of wave A. An ending diagonal a.k.a wedge pattern is a type of pattern that can occur at the completion of a strong move. It reflects a “calming” of the market sentiment such that price still moves generally in the direction of the larger move, but not strongly enough to produce an impulsive wave. Ending diagonals consist of five waves, labeled 1-2-3-4-5, where each wave subdivides into three legs. Waves 1 and 4 overlaps in price, while wave 3 can not be the shortest amongst waves 1, 3, and 5. As you can see ICXUSD can be trading in final stages of wave "v" of C, but final subwave (c) of "v" is still missing, so watch out for that final drop, maybe even a spike before bulls show up. Be humble and trade smart! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
BINANCE:ICXUSD
by ew-forecast
9
Elliott Wave Analysis: SP500 Is Nearing 2018 Highs In Gold PriceHello traders and investors! Today we will talk about stocks, specifically S&500 against GOLD (SPX/GOLD ratio chart), in which we see an interesting development we want to share. As you can see, stocks remain in the strong uptrend and there can be room for more gains, we just have to be aware of another, higher degree correction as S&P500 is approaching 2018 highs in gold price, clearly for the 5th wave. We know that after every five waves, a three-wave correction follows, so be aware of limited gains on stocks, while GOLD may find the support soon. Of course, it's a weekly chart and there's still room for slightly higher levels to break into 2018 highs, so it may take some time before we will see a change in the trend, ideally till the end of summer. Be humble and trade smart! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
SP:SPX
by ew-forecast
2
Elliott Wave Analysis: GBPJPY Is Still Corrective Within UptrendHello traders! We want to update and share GBPJPY chart, as we saw deeper and complex correction within wave (4). As you can see, GBPJPY dropped in slow price action and overlapped wave structure, which usually indicate for a correction, ideally a complex one W-X-Y, especially if it's nicely connected within corrective channel range. So, now that GBPJPY retraced back to the former "iv" and base channel resistance line, it may easily act as strong support for a higher degree wave (4) and 148.55 level, from where we can expect a reversal and bullish continuation for wave (5) back to 29018 highs, especially if breaks back above resistance line of a corrective channel. Be humble and trade smart! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Long
by ew-forecast
Elliott Wave Analysis: USDMXN Is Forming A Bearish TriangleHello traders! We want to share a chart with interesting and known pattern called triangle on USDMXN currency pair. As you can see, USDMXN is trading sideways since the beginning of 2021. With slow price action and corrective sideways wave structure, we believe it's just a correction within downtrend, ideally a bearish triangle formation within a higher degree wave (IV) that can send the price even lower within wave (V). Triangles are continuation patterns which consist of five waves A-B-C-D-E and seems like the final wave E can be now in progress, so watch out for a drop back to lows towards 18.x area soon. It’s also worth to mention that three weeks back the central bank of Mexico (Banxico) hiked the benchmark interest rate by 25 basis points to 4.25%. This seems to be very bullish for MXN across the board and it may last until other banks will start increasing the rates as well. However, a lot of CB seem to be waiting on the FED first. Today, Powell will definitely talk about inflation, but recent retracement on some of the commodities, like Lumber, may give more time to the FED, so they can wait with aggressive taper- talk, possibly till September or maybe even end of the year. Under that situation dollar may face limited upside. Be humble and trade smart! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Short
by ew-forecast
Elliott Wave Analysis: WHEAT Is Still Looking For The BottomHello traders and investors! Today we will talk about commodities, specifically WHEAT, in which very interesting development. Well, as you know, commodities have been very bullish for the last year and some of them made strong and impulsive rise, but this is not the case for WHEAT, as we see slower price action and corrective wave structure from the lows. We are talking about (A)-(B)-(C) flat correction where wave C has ended within an ending diagonal (wedge) pattern. The whole structure belongs to a higher degree wave IV correction of a bigger monthly wedge shape that can send the price back to lows for wave V before market finds the bottom. What we want to say is that maybe it's time for a slow down in the commodity market, where WHEAT could be on of the weakest, especially after recent strong and impulsive decline back below lower ending diagonal pattern, which confirms that correction from the lows is completed, but real bears may show up below 600 region! Be humble and trade smart! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
CBOT:ZW1!Short
by ew-forecast
2
Elliott Wave Analysis: NIFTY Is Finishing Wave 3Hello traders and investors! Today we will talk about NIFTY 50, its price action from technical point of view and wave structure from Elliott Wave perspective. Well, most of stocks across the globe are an impulsive rise since March 2020 lows, so as NIFTY50 which we see it trading in an extended wave (5) of 3 that can be approaching the end soon, ideally during the summer. So, shorter-term there's room for more upside, while it's above channel support line and 15000 level, but we have to be aware of a higher degree wave 4 correction that can occur later this year. Trade well! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
NSE:NIFTY
by ew-forecast
2
Elliott Wave Analysis: GBPJPY Is Hunting 2018 HighsHello traders! Today we will talk about GBPJPY pair, which is trading nicely bullish within a five-wave cycle and there's room for more upside, at least towards 2018 highs. We are tracking five waves up from 133.00 low, which looks to be unfinished. The main reason is current three-wave A-B-C corrective decline from the highs, which should belong to a higher degree wave (4) and from where we can expect a continuation higher for wave (5). Well, wave (4) can be sometimes very complex, so we have to consider longer or deeper wave (4) correction as well, which means that we have to be aware of a retest of base channel and 149-148 support zone labeled as ALTernate wave (4) before the uptrend within wave (5) resumes. Anyway, in any case GBPJPY should remain bullish as long as it's moving above that base channel. Trade well! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Long
by ew-forecast
Intraday Elliott Wave Analysis: USDCHF Unfolding Five Waves UpHello traders! Today we want to share with you an interesting intraday setup formation on USDCHF pair, where we potentially see a five-wave cycle in progress from 0.8925 lows. Current slow price action and corrective wave structure we see as part of an a-b-c pullback within wave "iv" that can find the support ideally around 38,2% Fibonacci retracement and 0.9135 level, from where we can expect bounce and recovery back to highs for wave "v". USD is making quite big pullback, but not against CHF as it's also weak, so be aware of a continuation higher this week. Be humble and trade smart! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Long
by ew-forecast
1
Elliott Wave Analysis: NIKKEI Remains BullishHello traders and investors! Today we will talk about Japanese Index NIKKEI 225 in which we see very clear bullish pattern. As you can see, NIKKEI made an A-B-C corrective decline from the highs and the main reason why we think it's a correction within uptrend is because of a triangle within wave B in the middle. We know that triangles cannot occur in wave 2, so it must be wave B as part of an A-B-C correction. The Next very important evidence that A-B-C correction is completed is recent five waves up from the lows and we know that a five-wave reversal indicates a change in trend, so NIKKEI will probably stay in the uptrend. However, in EW theory, after every five waves, a three-wave pullback follows, so before we will see a continuation higher, be aware of a corrective slow down with ideal support in the 28800 - 28300 zone. Of course, pullbacks could be even deeper, so count remains valid as long as the price is trading above 27400 May lows. Be humble and trade smart! If you like what we do, then please like and share the idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
TVC:NI225Long
by ew-forecast
1
Elliott Wave Analysis: ETHBTC Turning Bearish!?Hello Crypto traders! Today we will talk about ETHBTC cryptocurrency pair in which we see quite clear Elliott Wave pattern. Well, ETHBTC turned down from the highs with five waves which suggest at least a temporary top, so we labeled it as a first leg A/1. Well, after recent three-wave a-b-c corrective rise in wave B/2 with nice resistance around 78,6% Fibonacci retracement, we can now see it sharply down that can be indicating further weakness within wave C with room at least down to the previous lows and 0.055 area or in case of wave 3 much much lower. What we want to say is that seems like ETH is losing it dominance, while BTC.Dominance can be kicking back and it may easily stay here for a while, so watch out for more downside pressure on ETHBTC pair. Be humble and trade smart! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Short
by ew-forecast
2
Elliott Wave Analysis: TLT Has An Unfinished Five-Wave DeclineHello traders and investors! Today we will talk about TLT treasury bond in which we see very interesting development. We are observing a bigger A-B-C correction, where a five-wave decline within wave C looks to be unfinished. Currently we are tracking a three-wave A-B-C correction within wave 4) that can stop at the strong trendline connected from the highs, so watch out for another drop for wave (5) of C towards 130 support level before bulls show up. Be humble and trade smart! If you like what we do, then please like and share our idea. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
NASDAQ:TLTShort
by ew-forecast
3
Elliott Waves Analysis: TESLA UPDATEHello traders and investors! We want to update Tesla chart, which is moving nicely lower as expected and looks like there's room for more weakness. Well, on April 15th we have noticed nice and clean bearish setup formation and as you can see, since then it's moving perfectly to the downside towards projected 500-400 support zone. We are talking about A-B-C corrective movement from the highs and because wave C is a motive wave, it has to be completed by a five-wave cycle. As you can see, wave "v" of C is still missing, so watch out for another, maybe final decline before we will see a bigger recovery on Tesla again. Trade smart! If you like what we do, then please like and share our idea. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
NASDAQ:TSLAShort
by ew-forecast
9
Who Is Driving BTC Price? MicroStrategy Based On Elliott WavesHello traders! Today we want to show you how strongly MicroStrategy and Bitcoin are correlated, so it can be telling us who is driving the price of Bitcoin. As you can see, charts are in tight positive correlation and looking at the wave structure of MicroStrategy from Elliott Wave perspective, seems like one more leg down is missing to complete a five-wave cycle within wave (C), therefore BTC may stay down or sideways for some time. From psychological point of view, many new Crypto traders are buying dips now in fear, desire, and greed not to miss again, so in Crypto market is always dangerous when the price turns for 50% from the highs, so we have to be very smart and patient. We actually believe that BTC is still trading in a correction, it's just a higher degree corrective phase which can be a bigger one and it may take some time to make traders insecure and impatient before bulls show up again. Be humble and trade smart! If you like our idea, then please like and share it. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
NASDAQ:MSTR
by ew-forecast
6
EW Analysis: Bearish Looking Treasuries May Push USDJPY HigherHello traders! Today we will talk about treasuries (10Y US Notes) and its negative correlation with USDJPY. As you can see, 10Y US Notes turned sharply down after a corrective movement in wave 4), which means that it can be now on the way back to lows for wave 5), especially if breaks below channel support line. At the same time USDJPY may continue higher as we know they are in tight negative correlation, so be aware of more upside on USDJPY with room even up to March 2020 highs and 112 area. Trade smart! If you like what we do then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
CBOT:ZN1!
by ew-forecast
Elliott Wave Analysis: ICXUSD Is Hunting New HighsHello Crypto traders! Today we will talk about ICON (ICXUSD), its price action from technical point of view and wave structure from Elliott Wave perspective. Well, ICX is in a clear impulsive uptrend within a five-wave cycle from March 2020 lows and seems like the final (5) can be now in play after we noticed nice a complex W-X-Y corrective movement in wave (4) with perfect support at the former wave 4 and 1.7 level. Anyway, as you can see, ICX bounced sharply and impulsively with five waves on the intraday basis, which suggest more upside as part of a new five-wave cycle within wave (5) that can push the price even up to 4.0 area, especially if we see broken channel resistance line. Be humble and trade smart! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
BINANCE:ICXUSDLong
by ew-forecast
2
Elliott Wave Analysis: NZDUSD Is Still Pointing HigherHello traders! Today we will talk about the Kiwi (NZDUSD) its price action from technical point of view and wave structure from Elliott Wave perspective. NZDUSD is turning higher with impulsive price action, out of a downward corrective channel, so we assume that correction is finished and that pair can be back in bullish mode, especially because of a five-wave rise from the 0.6939 lows. However, nothing moves in straight line, so recent reversal down is normal and ideally it represents a lower degree correction that may form a base at 0.71-0.70 support area. At the same time this pullback can represents the right shoulder of H&S pattern, which is also a bullish development, but it would need broken neckline as a confirmation for an uptrend. Invalidation level is at 0.6939 previous lows, so as long this holds resumption of an uptrend remains in view. Trade well! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Long
by ew-forecast