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Correction

Short-Term Market Fluctuations: Analyzing the NQ CorrectionIn this article, I'll explore the recent decline in the Nasdaq 100 (NQ) index from the 13,200 level, focusing on its corrective nature and potential implications for short-term price action. By examining the 15-minute timeframe chart and considering the impact of tomorrow's scheduled economic release , we can gain insights into possible market moves and make more informed trading decisions. Identifying the Corrective Nature of the NQ Decline From 13,200, the NQ has experienced a decline that appears corrective rather than impulsive. If you examine the 15-minute timeframe chart, you'll likely concur with this assessment. The current targets for this correction sit around 13,000 or as low as 12,980. Considering the Impact of Economic Releases on Short-Term Price Action What makes me skeptical of further short-term downside is the fact that economic data is set to be released tomorrow morning at 8:30 AM in premarket trading. If the NQ continues its decline to complete the correction, it's probable that we will witness a significant upside move following the release of the data. Analyzing the Initial Move and Providing Actionable Information My concern with the initial decline is that it consisted of three waves, rather than a clear five-wave impulse. For now, I'm ruling out the possibility of a major downside move tomorrow. Unlike some traders who provide vague content and only reveal their "conditional" orders after the fact, I aim to offer actionable information beforehand. If the NQ drops into the 8:30 AM release tomorrow, we are more likely to see an upward move. Conversely, if the index rises overnight, we can expect a downside move following the data release. Understanding the corrective nature of the NQ's recent decline and factoring in the impact of upcoming economic releases can help us better navigate short-term market fluctuations. By providing actionable information ahead of time and adapting my analysis as needed, we can make more informed decisions and improve our trading outcomes. Keep an eye on the NQ's price action as we approach tomorrow's data release and adjust your trading strategy accordingly.
CME_MINI:NQ1!Short
by bitdoctor
Ripple Is Making A Correction Within UptrendRipple is making a correction within uptrend, as we see it slowing down in wave 4 from Elliott wave perspective. Ripple with ticker XRPUSD is finally breaking higher in the 4-hour chart in an impulsive fashion. And, now that is back above September 2022 highs, there’s a high probability it’s in wave (3) of a five-wave bullish impulse. Well, currently we see it slowing down within wave 4 correction before the uptrend for wave 5 of (3) resumes. Ideal support comes here in the 0.48 – 0.44 zone. Once a correction fully unfolds, be aware of a bullish continuation up to 0.70 area or higher. Not sure if you noticed, but yesterday we had a webinar here on Tradingview, in which we covered ETH and BTC, so check the recording if you are interested.
BITSTAMP:XRPUSD
by ew-forecast
TSLA (TESLA) Favors Further DownsideTSLA Showing impulse Elliott Wave sequence as ((1)) higher started from 1/06/2023 low, which ended at $217.82 high on 2/16/2023. Below $217.82 high, it favors pullback in 7 or 11 swings correction in ((2)) against January low before upside resumes. It placed (W) of ((2)) at $163.91 low & (X) connector at $208 high on 3/31/2023. Below (X) high, it ended A of (Y) at $176.11 low & proposed ended B at $189.19 high. Below (X) high, it placed ((i)) at $192.20 low & ((ii)) at $198.74 high. ((ii)) was 0.382 Fibonacci retracement of first leg. It placed ((iii)) at $179.74 low & ((iv)) at $186.39 high. Finally, it ended ((v)) as A wave at $176.11 low in (Y). It proposed ended B wave $189.19 high in 3 swings bounce as 0.382 Fibonacci retracement as aggressive view. Alternatively, the bounce can be ((a)) ended at $189.19 low & favors corrective pullback in ((b)) leg followed by upside in ((c)) to finish B connector against (X) high as less aggressive view. In either the case, it favors weakness to continue in C of (Y) leg towards $154.03 – $120.61 area to finish ((2)). Below B high, it favors lower in (i) of ((i)) of C leg. It needs to breaks below A low to confirm the downside in C of (Y).
NASDAQ:TSLA
by Elliottwave-Forecast
Fibonacci Time Cycles and Price Action: Analyzing SPX CorrectionIn this idea, I will dive into the fascinating world of Fibonacci time cycles and how they relate to price action as the cycles reduce to zero. We will examine the current correction in the S&P 500 (SPX) index from the perspective of the 2008 lows and discuss the potential impact of interest rates and inflation on the market. By analyzing Fibonacci retracements and time cycles, we can gain a better understanding of the market dynamics and make more informed trading decisions. Understanding Fibonacci Time Cycles Fibonacci time cycles are a technical analysis tool used to identify potential turning points in the market based on the Fibonacci sequence. The sequence is a series of numbers in which each number is the sum of the two preceding ones, starting from 0 and 1. In the context of time cycles, traders apply the Fibonacci ratios (such as 38.2%, 50%, 61.8%, and so on) to the time duration between significant market highs and lows to predict future turning points. Analyzing the SPX Correction with Fibonacci Retracements When looking at the SPX from the lows in 2008, we can see that the current correction is only a part of a larger trend. Bigger corrections took place in 2018 and 2020. Although the current correction appears more natural, the combination of low-interest rates and rising inflationary costs of goods could create significant problems in the near future. The SPX has the potential to reach the 61.8% Fibonacci retracement level, which is around 4300. However, I believe it's highly possible that we could see the index drop to 3200 by late August. This current correction can be seen as a retracement of the bull run from 2008 to 2022, during which the SPX rallied by 622%. Fibonacci Time Cycles and the 55-Year Bear Market My analysis of Fibonacci time cycles suggests that we are currently at the end of a cycle that ended in ~2021/2022. This could potentially mark the beginning of a 55-year bear market. It's important to note that a 55-year bear market doesn't imply a constant decline for that duration. Instead, it suggests that we can expect many ups and downs over the next 55 years. While my prediction of the time frame could be incorrect, I will adjust my analysis accordingly if needed. Given the current market conditions, I believe it's more likely that the SPX will drop to 3200 by late August, rather than reach new highs in the same time frame. Fibonacci time cycles offer valuable insights into potential turning points in the market, and when combined with price action analysis, they can enhance our understanding of market trends. By examining the SPX correction through the lens of Fibonacci retracements and time cycles, we can better anticipate the potential impact of interest rates and inflation on the market. It's essential to remain vigilant and adapt our analysis as needed, while considering the myriad factors that influence market dynamics.
SP:SPXShort
by bitdoctor
BTCUSDT Igniting the final bearish leg of this cycleThe price action is telling me that the next macro swing-downward, probably the last leg-down of this cyclical bear market is igniting. Now, after a retrace of the "thrust-false break" to the weekly supply in an greedy extensive wave v, the shape of this retracement triangle is indicating a reliable reversal point. On the other hand, the bears are slowly taking control and the price will not return to the "upthrust". The minute pattern points to demand, which is a expected retrace for the main triangle. I'm considering this peak as a head of a potential head & shoulders formation on macro.
Short
by firmestudio
Apple -> Short Term ReversalHello Traders, welcome to this free and educational multi-timeframe technical analysis . On the weekly timeframe you can see that Apple stock is currently retesting a quite obvious previous weekly downtrend resistance line exactly at the $165 area. Also just recently Apple stock created a weekly inverted head and shoulders so I definitely do expect the market to reject this downtrendline to retest the neckline of the inverted head and shoulders at the $155 area and then from there create more continuation towards the upside. On the daily timeframe you can see that market structure is still massively bullish so I am now just waiting for Apple to show me some more bearish rejection at the current levels and then there is a high chance that we will see a short term rejection away from the downtrend resistance trendline. Thank you for watching and I will see you tomorrow! You can also check out my previous analysis of this asset:
NASDAQ:AAPLShort
by basictradingtv
27
Sells development on USDJPYThe downside movement continues and yesterday we saw 130.60. Tomorrow and Monday are rest days for most of the markets and no movements are expected. Before such days, it is advisable to reduce the number of open positions and the risk of them. Therefore, we are looking at closing some of the profit on USDJPY today and looking for new entries early next week after a correction. This will be a good opportunity for all those who have not yet joined this movement.
Short
by ForexTrendline
2
Selling USDJPY Yesterday we commented that we are not looking for an entry on the EURUSD and are looking at other instruments with clearer movement. One of these instruments is USDJPY. The 133.10-133.20 sell zone was determined by a Fibonacci retracement. A 180-pips decline followed, which we expect to continue. All stops can now be placed above 133.20 or at entry levels if made on the bounce. The target for this move is 128.65 and is again one of the main instruments we will be trading today.
Short
by ForexTrendline
2
AUDJPY Same Sell, Choose The Best Pair So similarly, AUDJPY has the similar sell price action like CADJPY. Its important to understand currency correlation, and why we need to choose the best 1 or 2 pairs of the same currency to enter. IF JPY is going to get stronger, then likely all the JPY will move. But if we are wrong on our analysis, all the JPY could reverse. So its in our best interest to reduce our risk in trading, choose and focus on the best potential setup in the market. Ideally, we need to wait for the bearish continuation correction on the lower time frame to confirm another move down.
Short
by jojofang0901
11
Silver Higher Time Frame Outlook Hello everyone: Most of the time I only focus on technical side of things, but this time I will go over both the fundamental and technical of Silver for the long term. Silver was only trading around 8-9$ around the 2008 market crashed, and peaked at 50$ in 2011. IT had slowly but surely dropped down to the lows again around 13$ in end of 2015. Understand that the price of silver can not go lower as there are many cost associated with silver. Whether is production, labor, inflations..etc. Price is not sustainable at low cost. Which leads to people understand the likelihood of price rising again. On the other hand, purely from a technical perspective, we are see a period of consolidation phrase from 2015 - 2019. If Covid didn't happen, price wouldn't test the lows of 2013 again. Regardless of the short term push down, we see price had the massive bullish push to the upside, clearly break all previous highs. This can be the start of the HTF bullish run. Latest price action shows us a big potential consolidation in the making. Can be the next continuation correction to push the price up. My approach would be wait for this HTF correction to complete tp give me more confluence that we are likely to resume the bullish move to the upside, and wait for LTF continuation correction for the buys. Thank you
OANDA:XAGUSDLong
by jojofang0901
30
GBPCAD Short Term Bearish Possibilities Hello everyone: Similar like GBPUSD, we can see GBPCAD here is looking like there is one more short term move to the downside. After the initial move up to the previous highs, price failed to continue higher, and formed a double tops, rising wedge reversal. At the of the week, some bearish price action has begun on the lower time frame. Be interesting to see if price can form bearish continuation price action, that can confirm one more short term move down within the larger, higher time frame correction. thank you
Short
by jojofang0901
7