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Correctionwave

CADCHF | PERSPECTIVE FOR THE NEW WEEKWeak economic data and pressures on the oil market are taking a toll on the CAD as it continues to find it difficult to raise the bar. The sharp fall after reaching a peak of 0.70000 appears to hold ground. Tendency: Uptrend ( Bullish ) Structure: Trendline | Supply & Demand| Reversal Pattern (Head and Shoulder) Observation: i. Even though we are generally on an uptrend, it appears that correction into the Daily trendline is the aim of price action at this juncture. ii. Selling pressure continues to increase after the Breakdown of Neckline @ 0.69200 a couple of weeks ago. iii. Canada's retail sales index at 0.6% as showcased on Friday's data was also below expectation which increases doubt in the strength of the currency. iv. I am looking out for a Bearish signal in the following week(s) as the aim extends to hit Bullish Trendline on Day chart. Trading plan: SELL confirmation with a minimum potential profit of 110 pips. Risk/Reward: 1:2.5 Potential Duration: 2 to 6 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, 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
2
Market moves down for 2 weeksWith fresh stock splits, tightening election polls, eviction madness about to start, more schools open, the Fed, Congressional inaction, COVID positivity rates ready to climb, and maybe football, The first 2 weeks in September will bump lower. I am not using those events to justify the analysis but the catalyst could be in there somewhere. I am using enhanced Elliott Wave analysis for the following modeling and projections. Intermediate wave 3 was strong, but was set to end. Initial forecast was for it to last around 42 days, it made it to 43 on Friday. Intermediate wave 4 should last around 7-13 trading days. My specific target is 10.1 days based on my models. Wave A typically lasts 39% of the the overall length of the larger wave (Intermediate wave 4). Wave B typically lasts 25%, and wave C is 37%. The price drop could be greater than 225 points, but my specific forecast is a drop to around 3310 or 199.23 points from the ATH. Wave A typically moves 74.5% of the overall drop. Wave B typically gains 45% points of the overall drop and wave C drops about 67%. All told. I have wave A lasting about 3.9 days and dropping 149 points. Wave B could gain for 2.5 days and claw back 90 points before wave C drops 134 points over 3.7 days. I have placed all of this on a 2 hour chart in order to track the movement better. I am overall long for now, but will be short through September 11, 2020.
SP:SPXShort
by StockSignaler
12
The Greatest Depression In Our Lifetime Is Here According to..The stock market is on the verge of an epic collapse set to occur now. The greatest depression in global economies that any of us have or will see is here according to this accurate model. My 'crystal ball' is not based on the quarantined talking heads filling air time with circular-referenced positivity in an utterly negative market. Some loyal readers are wondering why I have not publicly published in more than a year, and no it was not a jail sentence. Up until May 2019, I had been manually running and tweaking an algorithm based on Elliott Wave Theory. I ran my algorithm and model in June 2019 which forecasted the beginning of a major market crash beginning in the first quarter of 2020. You can find the public mention of it at After running the model and seeing what was to come, I needed to find a better way of running models in the future that is quicker. I spent the last year learning how to code and write computer programs. I knew there was a learning curve and it would take time, but I would be able to get much more work done in the future with the investment of time now. Previously, I manually studied about 5 stocks and ETFs at a time, and each one required hours of work and crunching numbers through Excel and Google Sheets. Now I am running algorithms against hundreds in a matter of minutes. My hiatus from public market forecasts has been worth it. Now back to what you care about, the looming market drop. My program calculated every wave according to my interpretation of Elliott Wave Theory for the S&P 500 dating back to June 1, 1932. This is the estimated date that the index began its epic 5-part Grand Supercycle Wave 1. I reference waves and durations based off of the chart on my website which is also floating around on the internet. Grand Supercycle 1 is comprised of 5 Supercycle waves which tend to last between 40-70 years, but there is no concrete duration. The cycle that I have charted has lasted approximately 21,671 trading days from June 1932 until February 19, 2020 which is nearly 88 years. These 5 completed waves have only ended Grand Supercycle 1 meaning we have just entered Grand Supercycle 2, which is a significant and lengthy correction wave. On average, corrective number 2 waves last about 16 years from top to bottom and are reflected in a 3 wave ABC pattern. Wave A (comprised of 5 waves) goes down, wave B (3 waves) goes up, and the final wave C (5 waves) hits the bottom. We are in the very early stages of wave A slated to take the market and index down for 4-6 years, which I cover potential causes below. Wave B is projected to rise over 4-8 years possibly creating a new all-time high (ATH) in the index before Wave C finally hits the bottom in 4-12 years after B ends. Although the index has charged hard and nearly recouped all losses observed during the early COVID-related shutdowns, the steam is gone. This 'V-shaped recovery' has been more mythical than actual recovery. The index is back to where it was before jobs were lost, schools were closed (forcing some parents to quit their jobs or find new childcare expenses), restaurants operate at half capacity or less, tourism died, travel was restricted across states, nations, and borders. The market says everything is fine, but the hidden reality is things have been propped up to appear great again on the surface. I input all of the data from the last 88 years into my program to reveal where the next market top will occur from the March 2020 lows. I currently have the index in Minor wave C of Intermediate wave 2 of Primary wave 1 of Cycle wave 1 of Supercycle wave A of Grand Supercycle wave 2. This means the end of Minor wave C will also end Intermediate wave 2 and beginning a new chapter down. The data from the minor waves were entered into the program to find reversal points. Minor wave A lasted 53 trading days and moved 1041.27 points. Minor wave B lasted 15 trading days and shed 233.39 points. As of the close of trading on August 11, 2020, Minor wave C has lasted 30 days having seen a maximum upward move of 381.27 points. My program returned 110 market tops and 110 reversal dates. I currently have the market topping between August 7, 2020 (Minor wave C day 28) and September 10, 2020 (Minor wave C day 51). This range was determined by the following chart of potential lengths of Minor wave C. The specific reversal levels and reasons for reversal are found on my website mentioned in the signature block below.
SP:SPXShort
by StockSignaler
13
QQQS longWe are looking at Inverse purchases QQQ long unit trust position is reaching $250 at a max, needing a strong correction. This double top scenario is looking plausible. This is not a signal, price will change and according to the rules of your plan, trade when price aligns to your levels. Technicals: Swing low - lowest ever price, creating double bottom to previous wick Fake V-shape recovery for the economy. market disconnect in favour of inflating greed. no real QE back into the economy, just inflating prices of stocks. QQQ long chart - price max reached. historic supply awaiting rejection wick candle or inside bar engulfing bearish. Use risk management accordingly here. note: our take is not final, this is not a signal, price will change and according to the rules of your plan, trade when price aligns to your levels. If you like our work, please leave a comment or private message to understand more about our analysis. Many thanks, Team Lupa
LSE:QQQSLong
by LupaCapital
Spx500 wave analysis shortHello traders and analysts, Here is our take on the Elliot wave 5 wave, now a larger 3 wave correction needed to take place? . Technicals? We have completed the the downward impulse of the wave pattern 1-5, with all waves forming without breaking the structure. we are now in the minor wave 2 structure. and next up is the 5 wave corrective structure and looking to complete wave on the trendline. From an imbalance method, we have a good double top retest which is showing profit and greed taking. Price has seen a bounce back to 'normal priced of demand' however this is not really how halted economies can return so fast. it is artificial. Divergence - we did not use this but looking at the pattern, we have a huge distinguishing gap. Fundamentals: US election rallies before taking place at the end of the year with campaigning. We have NFP numbers showing millions return to work.. but also high unemployment Trade war with China, Hong Kong unfolding with US responding High figures in multiple states which are concerns for large communities. Fiscal intervention in July, August for stimulus.. constant printing money is not good for the economy. US tech stocks have seen the highest returns and zero confirmation by Dow30 and S&P following suit. Dow 30 is in a fragile state and desperate to keep pushing higher but limited upside will cause a steep decline - refer to Dow chart.. around 27,000 is a good point for a previous monthly high. Why follow us? Updates on our pairs as and when we can. Swing trade out looks 10 years combined experience in capital markets simple breakdowns for beginners to advanced . KISS - keep it simple stupid. we trade purely from naked charts, less indicators - remove the noise. If you like our work, please leave a like or comment. To all our followers, we appreciate the follow and likes. Thanks, Team Lupa
OANDA:SPX500USDShort
by LupaCapital
NAS100 Swing Trade Long LoadingGood Day all, CURRENCYCOM:US100 Currently we have finally broken the middle Support trendline and we are so far just a few days from the market mover cycle finishing again as previously mentioned. We did reach our previous major swing very fast leading to consolidation for few days. I am currently seeing more short in the form of either straight down to bottom trendline or an ABCDE correction wave meaning a retest first on the middle support now turned resistance and then back down to our buy zone at bottom trendline My current buy zone is still rather large at 9684 - 9585 however I am waiting for a touch on the bottom trendline and Then I will go long which is currently looking around 9625(daily key level) - 9575(Previous support) Stop loss will initially be at 9550 however bigger account I recommend 9525. Once we see the rejection at the bottom we are entering our second wave within the new channel upwards to the top with confirmation on new channel which is starting to decline in slope. This is where our new rangebox will be created with zones of entry going up for more entries all the way to the top trendline. My first Take profit zone is currently sitting at 10 100-10135 with second Take Profit at 10310-10350 my last take profit zone which is a zone I want to see reached in Nas100 is sitting at 10450. Should we not be on the top trendline by this time I will be updating take profit to 10600 which was my next swings take profit zone. Please note this is a heavy volatile pair and there extreme risk management should be applied in only trading what you can afford to loose the risk to reward ratio is above 1:10 with the entry zone still not extremely narrowed down however I do find that most of these major swing is risk to reward between 1:15 and 1:20 minimum once entries has been confirmed. Previous swing we had zero draw down and was risk free within minutes of enetering and we reached all three our take profit zones, let us see if it can be done again.
OANDA:NAS100USDLong
by Mark_Reyneke
USOIL in correction waveThe market is in uptrend reaching the price on the resistance at 39.38, following clearly the first five Elliot's waves. We expect a short sideway completing 3 more correction waves. Our first entry price (Short) could be when the market break the support at 35.00, taking a profit on the next support at about 31.00. Our second entry price (Long) could be if the market bounce on the previous support (about 31.00), trying to reach our TP1 and TP2. Let us know what you think, leave a comment and follow us for our next ideas! Enjoy Traders!
FX:USOIL
by GMPinvestors
WHA 1H Long - Touched 20MA as expected correction in relapse?Hi there, here's another idea on Wereldhave. In our previous post we saw that a correction wave was coming up and that it would hit the 20MA on the 1 hours time-frame. Well it did, now the next few hours might bring the chart up again. Considering other moving averages ar also still pointing upwards. I'd suggest opening a small buy position now, and another one once we get past the 20MA again (around 10.75). Trade safe, stay safe! ______________________________________________________________________________________________________ I'm purely a beginner in technical analysis . Please hit like, follow if you like my ideas or place a comment if you wish. Any of your feedback is my motivation to keep going and to learn more about Technical Analysis!
EURONEXT:WHALong
by AlgoSurfer
2
EURNZD, breakout or reversal? FX:EURNZD Eurnzd has created a wedge pattern. We can expect either a breakout or a reversal. Breakout - The resistance has many touches and price action seems like it wanted to break off its resistance as it made higher lows Reversal/Correction - Euro kiwi might not breakout this week but maybe later or sooner. Intraday, it made an impulse wave and we can expect a correction wave according to the Elliot wave theory. best thing for now is to wait for more confirmation and candles to be formed. like and comment, I am open for conversation, suggestion and corrections :) have a nice day everyone
by Jimbololoy
AUDUSD short, elliot wave analysis, double topFX:AUDUSD AUDUSD has done the impulse wave and finished the 5th wave at around 0.6550. Made it a top and traded in the range for two weeks. And it now made a double top this last trading week which shows weakness of the trend. We can expect a correction until it reach the 618 fib retracement which is pretty significant level. You can like and comment of my analysis, and i am open for conversation and suggestions. Thanks everyone have a nice trading week.
Short
by Jimbololoy
4
XAUUSD Triangular Correction - Is it Ascending or Symmetrical?The market isn't giving anything away as usual... what do you think this triangular correction is? Please leave a comment! *Disclaimer* This is not trading advice. All content/ information shared in this idea is purely educational in nature and is expected to be used for analysis and illustration purposes only. Do not trade or speculate based solely on the information provided. Trust you own analysis. Beyond Edge
FOREXCOM:XAUUSDEducation
by BeyondEdge
1
Zoomed out Hey, This is my Bitcoin view in the longer term. (EW) I zoomed out to get a better perspective where we could be in the larger picture. I was able to get a clear count in the bitcoin log scale chart, which makes me believe we still are in a larger big wave 4 correction. A very complex wave 4 correction but possible as the large wave 2 was pretty simple. What you see here is the wave 4 still incomplete, my lowest target would be the 0.5 fib level ($1800). Invalidation level at the top of the big Wave 1. I know we got the halvening coming up soon, maybe we all expecting to go the moon in 2021 and thats why it wont happen. Lets see how this ages. Goodluck yall'
BITSTAMP:BTCUSD
by Younez
1
S&P500 SELL SIGNALHey tradomaniacs, welcome to another free signal! Type: Daytrade Notice: We split this trade in two position each with 50% position-size. Position 1: Market Sell-Order: 2870,00 Stop-Loss: 2995,00 (125 pips) Risk-Reward: 2,0 Position 2: Sell-Limit 2950,00 Stop-Loss: 3075,00 (125 pips) Risk-Reward: 2,0 Target: 2615 Risk: 1-2% ----------------------------- LEAVE A LIKE AND A COMMENT - I appreciate every support! =) Peace and good trades Irasor Wanna see more? Don`t forget to follow me. Any questions? PM me. :-)
OANDA:SPX500USDShort
by Trading2ez