Correction
EURJPY I Next move and how to trade itWelcome back! Let me know your thoughts in the comments!
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NZDUSD creating a new IMPULSEHello traders, here we can see how NZDUSD is slowly correcting after a strong impulse, preparing for another one. We can observe that the previous resistance has now became support, and the price is testing the zone for the second time now. From here, if the price will manage to break above the 4H resistance, after the retest of the zone we can expect a move higher, creating another impulse. The EMAs and MACD show confluence as well, but only after the break we can react, as trading is about reacting not predicting:) Let's see what happens next!
CADCHF Sell ContinuationPrice is currently moving in the downtrend direction, we were recently in a corrective state. We know that corrections are always followed by motive waves. We are in an impulse state we might see a possible small correction before the next sell-off. We might make new lows it might take a while or perhaps get a bigger 1-2 sequence.
Litecoin - Looking To Buy Pullbacks In the Short TermD1 - Price has broken above a strong resistance zone and is holding above it.
No opposite signs.
H4 - Higher highs.
Currently it looks like a correction is happening.
Until the two strong support zones hold my short term view remains bullish here.
SPX: Must-know support/resistance levels for the short/mid-term!• The index is losing strength this morning, and if it loses the purple trend line in the 1h chart, this might be a sign that it wants to seek the next support level again, around 3,906;
• In order to avoid a sharper correction, SPX must react and break the 3,980 as soon as possible – however, there’s no bullish evidence to sustain this idea for now;
• The 3,906 is the key support, and if SPX loses it, the correction would persist and it could fill the last gap around 3,800 (yellow square below the price, daily chart);
• It all depends on how it’ll react in the next few hours and on how it’ll close the candlestick in the daily chart. I’ll keep you guys posted every day on this. The link to my previous analysis is below this post.
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Every time S&P 500 touches DJI a major correction startsIn December 2021 S&P 500 touched DJI. The past reveals that every time S&P 500 touches DJI a major correction starts. That happened in 1929, in 2000 and in 2008 as the following chart shows. The only thing I have to add is that it looks like we're at the beginning of the current major correction.
AUDNZD I Here's what to expect next week!
Welcome back! Let me know your thoughts in the comments!
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AUDCAD Local short and buy opportunity!Welcome back! Let me know your thoughts in the comments!
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NVDA, What is most likely future path ?Mighty NVDA reacted strongly to our first proposed support and first large down going wave might have been completed.
As shown on the chart , Major down going wave from ATH to last major low can be labeled as 5 leg down 12345 with wave 4 as inverted flat ( See related idea for details). Confirmation for completion of wave A is a trade above labeled wave 4 high and in this case we are now in wave B which is a great profitable counter trend correction to the major decline from ATH.
If true , What are major resistances on the NVDA's road map?
I showed less strong static resistances with orange while more strong ones were shown by red. Red static resistances coincide with 0.382 and 0.5 retracement levels of major decline from ATH . This makes these resistances important and noticeable. Moreover, 50 and 100 weeks moving averages coincide with 0.382 retracement level which makes this resistance even stronger therefore and for now, we should consider 195 to 208 USD resistance zone as a really important strong resistance area.
Please note counter trend corrections normally have 3 legs and NVDA is still in first leg which shows NVDA still has much room to go up if we are truly in wave B. It is wise to keep in mind that before taking wave 4 out, there is chance for this rally to be just counter trend correction of what has been labeled as wave 5.
while we are very close to NVDA's earning report, stochastic indicator is in overbought zone and please note time frame of chart is weekly therefore upcoming ER has very strong impact on future path of the stock.
In this proposed scenario, entire correction of NVDA will end around 70 USD after completion of 2nd large down going wave which has been shown as possible wave C with dashed arrow on the chart. Although I showed this possibility on the chart, it is too soon to talk about it especially in detail. If necessary, we will come back and make our updates in appropriate time .
Please do not hesitate to ask questions .
Wish you success and profits.
USDCHF Correction upward following PPIWelcome back! Let me know your thoughts in the comments!
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TASI Tadawul All Shares Index
Since Covid Bottom Level, market has taken 135% Bullish Rally until May 2022.
It has taken correction up to 22%.
It may retrace from any fib level.
H&S formation is complete and correction may lead to it's target.
However, a strong horizontal support will be help retracement.