Litecoin Trapped In A Bullish TriangleLitecoin has turned nicely lower after only three waves up into 70.60 area as we expected. That been said, we have now started tracking a big triangle in wave B, currently with sub-wave C in progress down to 40 area and 78,6% Fibonacci retracement, where new bounce may show up.
Clearpattern
CADJPY Looking Higher After Complex CorrectionFX:CADJPY found support at 89.00 and made impulsive rally last week after long one month complex correction. So, we see five waves up with Bullish Market Truncation in fifth wave, broken channel resistance and three waves down correction, which is our signal for longs. We expect a bounce in days ahead into third wave up back to new highs. FX:CADJPY is bullish as long as 89.00 invalidation level holds.
OmiseGO(OMG) Forming Bullish Triangle PatternOmiseGO made five waves up into wave A between July 2017 and September 2017, which is a signal for bulls. Since last month is moving sideways, which is a signal for a correction. We can clearly see that OmiseGO is forming a big triangle pattern into wave B, which tells us that OmiseGO could continue higher.
In a lower degree we see that OmiseGO is pointing into wave D to arround 10.0 and 61,8% Fibonacci retracement, so from there be aware of another decline to arround 7.0 - 8.0, where see a support for wave E and where triangle should be completed.
Ripple At Temporary ResistanceRipple hit our projected resistance for wave d and went slightly higher, but triangle is still valid. So be aware of decline in three waves back beneath 0.20 level for wave e, where we see a completion of big bullish triangle, which means that Ripple could explode to the upside out of triangle, probably at the beginning of next year.
Ripple Stuck In A Sideways TriangleRipple is sideways already for a long time and it follows our count (triangle into wave B) perfectly. For now it looks very clear. Even if it lost 50% since August 23, decline is still in three waves. So Ripple bounced from our pojected wave C support and we expect now three waves up into wave D back to 61,8% fibonacci retracement and 0.24-0.25 levels.
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Ethereum Update: Still Looking For A TriangleEthereum is still sideways in a triangle corrective pattern as we mentioned in earlier updates. It's pointing up into wave D now with double zig-zag, similar as correction into wave C. Keep in mind that upside can be temporary limited arround 78,6% Fibonacci retracement and 350 level. So be aware of another decline into wave E after reached wave D!
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Dash Showing Bullish SetupDash is trading nicely in A-B-C correction with triangle in B as we mentioned and projected in the last update, so it may decline beneath 300 before turn to the upside. Ideal support is between 275-295 levels and 50%-61,8% Fibo. retracement. Five waves up, broken channel resistance and three-wave correction are reasons for clear pattern, bullish view and also perfect setup.
US Dollar IndexUS Dollar getting ready for the next big move to the upside. It has been in a uptrend since May of this year, last big move happened after election day retesting the 50EMA, breaking the resistance trend line and 100.25 resistance that has also been resistance since March of 2015.
Then found resistance on 102.00 for a pullback since election day. It already broke out of the 1H downtrend resistance and now retesting it. My goal is not to tell you the entry points, since every single individual is different and entries varies. But pay close attention to the market (Especially EURUSD) to start 2017 in the best way possible :)
Any idea, constructive criticism, addition or disagreement are welcome.
USDJPY: Beautiful Reversal SetupHi Trader,
Thanks for checking out this idea.
Here we have a beautiful 2618 setup formed on the hourly timeframe. It's not often that the double bottom is so nicely formed with symmetry and all, not that it changes the plan in any way :) The 2618 is a reversal strategy, so this is therefore a counter-trend setup.
Price is currently around 100 pips above my entry point of 108.400, therefore it is very likely we will make new highs before pulling back. If this happens, I adjust the fibonacci levels accordingly, and the entry is moved up to whatever price the new 61.8% retracement comes in at.
The reason we enter at the 61.8% is because it provides a greater than 1:1 risk to reward on the trade, and that is the entry point I have back-tested.
If you like this setup, leave a like, it's free and I really appreciate the feedback.
Good trading,
Luke