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Correctionwave

DXY's CRASH Course To 101Here I have DXY on the 4Hr Chart! After DXY's failed attempt to rise into the 105's we seen quite the Downslide! I believe we are witnessing a Correction Wave given that Point A was BROKEN after the failed attempt to go HIGHER AGAIN at Point B! NOW, with our LOWER LOW @ 102.358, we are seeing Price Retrace into our Fib'd Golden Zone @ ( 103.211 - 103.097 ) With price showing a SOLID move down from this level, this leads me to believe we could see price continue down from here all the way to the Target Range @ ( 101.797 - 101.208 ) Fundamentally, the DXY has a busy Thursday with RETAIL SALES, PPI & Unemployment! *Adverse results could change the story but .. Long story short ... BEARISH ON THE DOLLAR!
TVC:DXYShort
by Novi_Fibonacci
Strong Breakout confirm for the 5th wave of ImpulseWaveOn week chart I figured out the Impulse Wave has begun from $15,4xx and now it's been happening the fifth wave with target around $40,000 and can be further at $42,000. You easily spot the strong Valid Breakout happened around $31,300 within volume higher 130% Avg. Vol 30 days and now, it will retest or keep up climb higher and higher cause the bullish candle has a bit little wick that shows strength of buyer. However, my view Bitcoin can reverse a bit before go up again because ADX > 80 and RSI Overbought these signals is good for reversing. Wait and see around $31,300 Time will tell
Long
by trieutv
Market Correction?Bitcoin has recently undergone a significant surge, breaking through a major resistance level in its first attempt. This breakthrough is a strong positive signal for the cryptocurrency market, indicating robust momentum and potentially inspiring new investments. Despite the surge, caution is advised due to the current state of the Fear and Greed Index, which has reached extreme levels of greed. Such high levels often precede a market correction, suggesting that a minor pullback in Bitcoin's price may occur shortly. After its substantial rise, Bitcoin has encountered another strong resistance area around the $45,000 mark. The price's reaction to this level suggests a possible slight pullback. A potential retracement to around $42,000 is viewed as a healthy correction within the context of an overall bullish trend. This pullback would align with normal market behavior, where prices often retrace slightly after hitting resistance levels before continuing their upward trajectory. The Relative Strength Index (RSI), a momentum indicator, stands at 79.70, with the RSI-based Moving Average (MA) closely following at 79.60. An RSI level above 70 typically indicates that an asset is becoming overbought, which means that the asset's price may be getting too high and could potentially face a downturn or consolidation soon. The closeness of the RSI and its MA at these high levels further reinforces the possibility of an impending pullback or period of price stabilization. This analysis is for informational purposes only and should not be considered as financial advice.
by MonoCoinSignal
EURAUD I Daily correction in process and intraday on 8 hrWelcome back! Let me know your thoughts in the comments! ** EURAUD Analysis - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support!
Long
by BKTradingAcademy
1
Elliot Correction Wave?! - UJHere I have USD/JPY on the 1 Hr Chart! Our failed Lower Low @ 146.841 (Point B) Kicked off my Bullish Bias on UJ today! I believe this is coming to us in the form of a Elliot Correction Wave! When UJ was in this area back in Mid Sep', it was used as Support! Price has now broke the Confirmation @ 147.905 and is still climbing! Fundamentally this morning the major news for USD was enough to support the Bullish Rush! All currencies have OPEC today! USD has Chicago PMI and Home Sales left today!
Long
by Novi_Fibonacci
EURJPY EW Analysis: Bearish OutlookThe EURJPY currency pair recently completed a 5-wave upward move, terminating at 159.773 . Now, it's in a corrective phase. In my analysis, the larger corrective wave A likely finished at 156.568 . Currently, the pair seems to be forming a contracting triangle as part of corrective Wave B, after which we expect a drop in wave C. Here's the key: If the price breaks below 157.380 , it confirms a bearish trend and we jump in, and if it drops further below 157.063 , it strengthens our bearish view for Wave C downward move. This analysis holds unless the price breaks the 158.452 price level to the upside. Our target price for the bearish move is 155.720 .
Short
by Samuel124
4
Alphabet (GOOGL) -> Following The NasdaqMy name is Philip, I am a German swing-trader with 4+ years of trading experience and I only trade stocks , crypto , options and indices 🖥️ I only focus on the higher timeframes because this allows me to massively capitalize on the major market swings and cycles without getting caught up in the short term noise. This is how you build real long term wealth! In today's anaylsis I want to take a look at the bigger picture on Alphabet. Just 9 months ago Alphabet stock perfectly retested major previous resistance which was turned support and in confluence with a retest of the 0.618 fib level we saw a rally of 60%. Considering that Alphabet is now retesting the channel resistance it is quite likely that we will see a short term drop before I do expect new all time highs on Google stock. - - - - - - - - - - - - - - - - - - - - I know that this is a quite simple trading approach but over the past 4 years I've realized that simplicity and consistency are much more important than any trading strategy. Keep the long term vision🫡
NASDAQ:GOOGLShort
by basictradingtv
26
Shopify Corrective Move and Potential TargetsHi guys! This is a Technical Analysis on Shopify (SHOP) on the 1 Week Timeframe. Since its not the end of the Week, we have to wait till the end of week to see how this week's candle closes. We ATTEMPTED to break ->1. The ORANGE resistance zone above the 1 FIB level ->2. The "MAJOR RESISTANCE" labeled line that represents a RESISTANCE trend that formed from the PRICE TOP. WE WERE REJECTED after trying for 4 weeks (july 10th to August 7th). The 4th weeks candle closed as an ENGULFING BEARISH candle. Note: For price to break any trend line, it requires a minimum of atleast 3 major tests This current one in my opinion, ONLY MAKES 2 touch points. This strengthens the reason of why we got rejected. So far this weeks candle is showing a much SMALLER body than previous weeks. This can be an indication that perhaps SELLING is slowing down. But come end of week, the CURRENT BODY cannot close larger than Today August 9th Candle. We are currently: -> BELOW the 21 EMA -> Breaking the RED Channel i drew out -> 0.786 FIB Level Heading straight to the SUPPORT zone comprising of: 1. SUPPORT Horizontal black line 2. 0.618 FIB Level 3. The base of the DESCENDING Triangle. ***Being a confluence of 3 SUPPORT levels -> I believe us to attempt a bounce from the $53.00 area, maybe to retest the "MAJOR RESISTANCE" trendline In my opinion, its important that we can somehow get back above these key levels come end of week. If we cant, probabilities are pointing towards a small corrective move Especially the 21 EMA, looking left reveals patterns where price can fall for upto couple weeks to even couple months. Which can even validate or increase the probability of the descending triangle to play out If that happens we will test: 1. First, the 0.5 FIB level at $47.44 2. Then the 0.382 FIB level, which is also around a intermediate Resistance turned SUPPORT line. 3. Worst case scenario = Range of 0.236 FIB level at $34.91 to about $23.90 ----->*****going any lower would invalidate the current MACRO BULLISH trend**** -----> But going this low can have create some bullish patterns like a double bottom. But overall its just as of now, less probable. But we have to just focus one step at a time, worrying about a target level, if the previous trend is broken and confirmed. Ex). -> If we break below the 0.5 FIB level and confirm, only then is the 0.382 FIB lvl likely. The STOCH RSI is showing BEARISH move down to the 20 level, we can continue to move below the 20 level and even stay down here for weeks to couple months. But the longer we stay at low levels especially those below 20 level, price tends to decline further. So we need to pay attention to the level it ends up at. The RSI is testing a SUPPORT zone, below it can indicate further price drop. Also notice that the RSI line is below the BLACK moving average. If you look left, if we are below it for extended periods RSI continues to drop, along with price. Keep this in mind. Lastly, the ADX GREEN line, is on a decline, getting close to meeting with RED line. If a cross occurs, more BEARISH momentum can enter the stock. This could increase the probably that the correction continues for a longer timeframe. We would need GREEN line to curve up and try to get ABOVE resistance line. Stay tuned for more updates on SHOP in the near future. Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again. If you have any questions, do reach out. Thank you again. DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. When trading always spend majority of your time on risk management strategy.
NYSE:SHOPShort
by SafofAllTrades
EURCAD I 120 pips in profit NEXT MOVE🔥 Welcome back! Let me know your thoughts in the comments! ** EURCAD Analysis - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support!
Short
by BKTradingAcademy
14
CADJPY: Appears to be in a corrective phaseWe have witnessed a significant bullish ride on the CADJPY pair from the low of the 24th March at 94.069 to the high of 31st March at 98.745, accounting for over 450pips move. After this rally, it appears that the move has reach a termination point, where correction of the 467Pips bullish move is expected. My expectation of the corrective downward move is based on the following market realizations: 1. The formation of a bearish crab harmonic pattern on H1 TF. The long AB axis, confirming the possibility of an extended Wave 1. 2. Price divergence. (This divergence occurred on my indicator vs the price). This lend credence to the fact that buyers may be getting exhausted. And sellers are about stepping in. 3. The formation of rejection candles to the upside. Based on these parameters, I will be entering short on the pair with a target to 97.164 region, which also coincides with my fib golden ratio. I'm also aware that the corrective wave could be a flat and we may see a temporary price rally to 98.830, but my overall outlook is bearish until the correction is over.
Short
by Samuel124
2