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Correctionwave

EURJPY Break & Retest Structure SHORT!Welcome back! Here's an analysis of this pair! **EURJPY broke daily structure and now the pair is retesting previous broken support which will become resistance. Price is also rejecting off the 50 MA. SHORT! Targets 133.98, 133. 64, 132.95 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! Brian & Kenya Horton, BK Forex Academy
Short
by BKTradingAcademy
EURJPY | Perspective for the new weekFollowing the strong bullish momentum identified on the daily time frame, and considering the reversal structure noticed on the daily time frame it appears that we are on a verge of a retracement phase which could probably tend towards between 50 to 78.6% retracement of the impulse leg from a long term perspective. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
GBPCHF | Perspective for the new week | Follow-up detailsPrice action has been consolidating right above the key level at Fr1.25 since my last publication (see link below for reference purposes) as indecision continues to grip the market. Like I stated in my last publication, the key level remains a very sensitive borderline where the probability of bullish and bearish momentum is almost of the same possibility. A significant engulfing candle, either way, could send the price all the way hence the need to have a critical observation coupled with parameters that will give a clue into what direction price is likely to move towards in the coming week(s). This being said, I still hold on to my previous perspective as I expect bears to come in any time soon! Tendency: Downtrend (Bearish) Structure: Supply & Demand | Channel | Reversal pattern (Breakdown) Observation: i. Following the bullish momentum that gripped the market since the 6th of December 2021, the Fr1.254 level has held price "resisted" since mid-January 2022 hereby revealing an underlying strength in favour of the sellers at this juncture in the market. ii. The momentum that guided price to higher highs in the last 2 months appears to be diminishing as buyers continue to find it difficult to push the price beyond Fr1.256. iii. After observing market structure since price hit Fr1.3000 in March last year, I noticed that price has been consolidating within a descending channel where the demand level is turning into a supplication area as we can see a successful breakdown of this level in October 2021. iv. In this regard, I shall be looking to take advantage of a bearish move anywhere below the key level @ Fr1.2500 with the hopes that the price continue to respect the boundary of the channel in the coming week(s). iv. However, considering the long-term bullish perspective and the significance of this juncture in the market; a significant breakout of the channel could render this narrative invalid as might actually be witnessing a retracement of the bullish momentum... Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 400 pips. Risk/Reward : 1:5 Potential Duration: 12 to 25 days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
GBPNZD | Perspective for the new weekThe GBPNZD pair seems to be on the edge of a cliff and it appears to be on the verge of tumbling down into 50 to 78.6% retracement in anticipation of a bullish trend continuation. How do we take advantage of this counter-trend opportunity without getting our fingers burnt? Tendency: Downtrend (Bearish) Structure: Supply & Demand | Trendline | Reversal pattern (Double Top) Observation: i. Since November 2021, the Pound recorded approximately 9% growth against the Kiwi to set the tone for bullish momentum. ii. The visual representation of a line drawn under pivot lows reveals the prevailing direction and speed of price action in the last 3 months. iii. However, multiple rejections of N$2.05 since January 28th signals the possibility of price action transposing into a correction phase that might dip into 50 to 78.6% retracement before the rally continues. iv. The multiple rejections at N$2.05 evolves into a double top look-alike which is an extremely bearish technical reversal pattern that forms after action tests a new high two consecutive times with a moderate decline between the two highs with confirmation of structure at a break below a support level at N$2.025. iv. Coupled with the reversal pattern, we also witnessed a breakdown of the bullish trendline during last week trading session to give credibility to my bearish bias. v. In this regard, below the key level at $N2.025 remains a comfortable area to take on a short position as I strongly anticipate a breakdown/retest of this level in the coming week(s)... Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 500 pips. Risk/Reward : 1:4 Potential Duration: 7 to 20 days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
BTCUSD Market in Fibonacci (pullback to neckline accomplished)BTCUSD Price Action PULLBACK to Head & Shoulder's neckline accomplished. Real correction expected. Lower low expected. Fisher Transform oscillator's confluences/divergences in Fibonacci ratios time frames (daily candlesticks) Technical Analysis - ATH-2ndTop'swing = 100% Fibonacci; - 2ndTop-3thTop'swing = 88.6% Fibonacci; - strong divergence till 10 Nov ’21 ATH; - Fisher crossing near Ehler's Smoothed Stochastic's same overbought condition of All-Time-High with clear crossing near *Weekly bearish wave expected
COINBASE:BTCUSDShort
by firmestudio
1
XAUUSD Elliott Wave Forecast – Wave C UpdateI previously highlighted a Zigzag which was nearing completion (please see linked idea below). Following the impulsive breakdown last week, the Zigzag (Wave ii of C) now appears to be complete. As depicted in the chart, price should now be in Wave iii of C with last week's price action forming the lower degree wave 1 of iii. A lower degree wave 2 of iii should follow in a corrective structure (commonly a Zigzag). The near term price objectives of 1808 and 1825 are in proximity of the 38.2% and 61.8% fib levels. A further extension towards 1836 is possible and also a level where price should see stronger resistance if reached. From thereon, I expect to see a continued decline progressing towards the completion of Wave iii of C. Please do leave your thoughts in a comment below. As always, a 'like' and 'follow' provides encouragement to share further ideas. Thank you for taking the time. BeyondEdge Your Edge Is Your Perception. Go Beyond.
OANDA:XAUUSD
by BeyondEdge
5
Crashing or Correcting? I say...This appears to be perfectly in line with an expected correction. Cycle 1 just end at the beginning of January, which was about 2 earlier than my initial estimates but that is why I call them estimates. Cycle 2 should bottom around early March. Historically speaking, the second Cycle wave retraces the length of its wave 1 by 10-23%. The largest retracement was 39%, but corrections appear to be quicker and steeper these days so I am sticking with the 10-23% range as the likely zone for this one. A 23% could have this wave last 104 days which is late May. I would call this retracement the least likely. This date can serve as the maximum possible bottom. The majority of historical datapoints suggest the end of this Cycle wave could end 44-48 trading days after it begun. This is the early March endpoint, discussed above. I have painted these narrow zones based off of typical wave 2 retracements of wave 1. The major zones for the bottom are between 3989.09-4166.66, 3800-3989.09, and 3605.84-3800. My initial rough math guess was a bottom around 3636, but I am favoring the middle zone here. We still have hundreds of points to shave off the index so I expect the next months to be rocky. Remember Cycle wave 2 is a 3-wave pattern down (in this case). That means wave A will be down, wave B will move up, I will provide better estimates on that soon. Lastly wave C will take us home to the bottom. My second analysis will be where I project the current SuperCycle to end, based on the end of Cycle 1.
SP:SPXShort
by StockSignaler
1
How And When We'll Know Whether Bitcoin Is Ready For New All-TimBitcoin is once again at a crossroad. In this analysis we'll look at the bullish versus bearish setups. In this case we'll look at how and when we'll know (yes, KNOW) whether Bitcoin is still in a bigger correction mode, or whether it's ready for new all-time highs. Stay tuned, and if you appreciate this analysis then please return the favour by caressing that like button. And pop a line should you have any comments or questions. Let's get to business. First and foremost, Bitcoin is in the midst of a potential channel outbreak after having dipped by -40% - a magical retracement number in Bitcoin to anyone who knows their Bitcoin history. As long as this breakout can remain intact, things do in fact look promising. And especially so as this downwards spiraling range has been rather narrow. This low volatility has on its own paved the way for a significantly expected move. What's next is that Bitcoin has respected this key horizontal support zone ... ... at which we've now also seen a local double bottom. If we look crassly at the graph we can easily identify that we're up against some serious, wide EMA ribbons ahead ... ... but given that we're highly likely still in a primary corrective mode, this is one of those indicators that could in fact act as noise when utilized in the wrong fashion or at the wrong time. How then do we motivate Bitcoin still being in corrective mode? Well, if we look at the RSI on the daily chart we see that it has swapped back and forth between a bullish red and bearish blue RSI channel. And to those of you who may not know, an RSI channel automatically shifts to a bullish red upon closing above the upper bullish red line, typically set at 70. The same applies in reverse at which we automatically get a bearish blue channel upon closing below 30. For more on this, please watch the extensive RSI trilogy. Now, why is it relevant at all whether Bitcoin moves within a bullish red or bearish blue channel? The answer is simple: Whenever something is trending, it'll stick to either. As you can see if we zoom out a bit, Bitcoin has been in a long, persistent bullish red RSI channel all the way back to April 2020 at which Bitcoin was trading at $8 800. And mind you, not once since then - corrections included - has the RSI swapped from its bullish channel. Then came last year during which the spring plunge changed the tune. On the graph below you can see precisely where the RSI swapped channels. Given that we did NOT get a lower bullish red line closing prior to making our way up, this was in fact a dire warning to the attentive analyst that we, despite our new recent all-time high, were still in a corrective mode. Unless we can make a clear lower bullish red line closing on the daily ... ... we are by no means done with this seemingly flat correction.
BITFINEX:BTCUSD
by LongLifeTrading
2
GBPCHF I It Will Head Upward Welcome back! Here's an analysis of this pair! ** We may see a gradual rise in the coming days because it's on an uptrend. The first wave or "push" has been completed, followed by a correction, and we next target would be 2595 zone (previous resistance), followed by 2665 resistance. 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 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! Brian & Kenya Horton, BK Forex Academy
Long
by BKTradingAcademy
4
GBPAUD I Correction and Push HigherWelcome back! Here's an analysis of this pair! COMMENT BELOW and let us know your thoughts or questions! ** Price is currently retesting a previous area of daily resistance and may retrace to the support zone highlighted. We suspect many traders will start shorting and market makers may push the price a bit higher to take out liquidity before a correction. After potentially collecting stop losses, we expect a brief correction and continuation to resistance at 9100 zone. Enter when the entry criteria of your strategy is met. Please support this idea with a LIKE 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! Brian & Kenya Horton, BK Forex Academy
by BKTradingAcademy
1
GBPNZD Bounce from Monthly HighsWelcome back! Here's an analysis of this pair! COMMENT BELOW and let us know your thoughts or questions! ** GBPNZD is strongly bullish, however, it's approaching previous monthly highs from July and August 2021. Massive selling pressure appeared from the level taking the price from 2.0000 zone to support at 9813. We expect a bounce from the previous monthly highs to first target of previous key support at 9820 area, and second target 9700 zone. If you use our popular B-Swing Strategy, simply follow the entry criteria rules and use strategic risk management. Pip pip HOORAYYYY! :) Keep this pair on your watchlist and enter when the entry criteria of your strategy is met. COMMENT, LIKE, AND FOLLOW for more! Thanks for your continued support! Brian & Kenya Horton, BK Forex Academy
by BKTradingAcademy
4