Silver go to below 24.2Hi
Silver in ABC pattern in Elliot analysis
The goal of silver can be 24.2.
Have good trade
Coorection
BTC WEEKLY CORRECTION... UPDATEThis is an update from the afternoon of 02/20/2022.. if you haven't seen it, see the post with all the description and techniques used: -CORRECTION-trading-strategy/
WEDGE DESCENDETE AT 1H FORMED!!!
Upon entering the turmoil zone where there were a large number of waves, BTC formed a descending wedge pattern, a pattern that usually breaks out to the upside.
DESCENDING WEDGE.
Trend reversal pattern where the asset loses funds but does not continue to fall, generating a depletion in the buying force.
This pattern was formed in the price turmoil zone and on the oversold RSI. It took an update in the price entry zone sideways before entering the oversold zone on the RSI, which pulled it further down, sorry I wasn't home to post.
Now I continue operating this pattern by making entries at the base of the wedge, taking 10% profit on the resistance of the wedge and if there is a continuity of fall I add this profit to the base again to have the best average price. I canceled my stop and now I will accept the stop loss if we miss the bottom of the wedge.
This pattern is the same as when I took the bottom of the monthly, previous post, where when entering the buy zone it formed a descending wedge and broke up.
USDJPY updateSelling from current levels with a stop loss above the local hight provides Risk to Return of around 11x, as shown on the chart
GBP/USD - Long-term count sees a major expanding flat developingCable is fighting a lot of opposing forces at the moment. The rally in wave 1 stopped just below the 30 year horizontal resistance-line. This line acted as support for Cable since January 1986 and was broken in June 2016, which shifted its position from support to resistance. However, I think the dip below soon will break back above this horizontal pivot point near 1.3700.
From an Elliott wave point of the view, my long term count shows that an expanded flat B -wave is developing. We saw wave A rally from the 2009 low at 1.3504 to a high of 1.7191 in July 2014 from where wave B took over. The decline in wave B became almost exactly 138.2% longer than wave A and completed with the test of 1.1950 in October 2016 from where an impulsive rally is expected in wave C. We saw wave 1 rally from the 1.1950 low to a high of 1.3658, just below the horizontal pivot point near 1.3700 and the correction in wave 2 is currently developing, for a decline close to the support cluster between 1.2780 - 1.2822 from where a strong rally is expected in wave 3.
The long-term cycle analysis also supports a rally in the coming years. The long-term cycle bottom in November 2016, whereas the price bottomed the month before. The next cycle peak is not seen before November 2020, which supports the expectation of a continuation higher over the coming years.
Do you want more like this see: elliottwavesurfer.com
