XAUUSDXAUUSD
Is XAUUSD due to for some major correction.?
This is XAUUSD Weekly chart and it seems like xauusd will head for 4th corrective wave.
Correctivestructure
#Silver bearish counter trend opportunityAs seen in the chart, silver has formed a 5-wave bullish impulsive move and has since begun a bearish move, which could be labeled as wave A.
As we know, corrective waves typically occur in three waves. I believe we are nearing the completion of wave B, which could lead to another bearish leg to complete wave C.
This entire 3-wave bearish move could then form wave 2 of 5 on a higher degree.
Therefore, while we might be looking at a short-term bearish move, according to Elliott Wave theory, there is still significant bullish potential in the coming weeks.
XAUUSDXAUUSD
A shallow drop of few more dollar and the gold is going up.
Currently the gold is near to complete its 4th wave , which corrective wave.
2590 is a good buying level.
Best of luck
Bearish Crab Signals Reversal on NZDJPY: Wave 4 Correction AheadHello Traders,
It's been a while guys.
Below is my analysis of the NZDJPY pair.
A bearish crab pattern has formed on NZDJPY after a bullish rally from 86.273 (September 16) to 91.222, suggesting a potential reversal. The rally from 86.273 to 91.222 is characteristic of an impulsive wave 3, and after wave 3, a corrective wave 4 is expected, which typically retraces a portion of wave 3’s gains. We expect a wave 4 correction targeting 89.341 initially. If wave 4 extends into a deeper correction, the next target levels are: 88.767 (second support level)
88.197 (third support level).
The bearish outlook is invalid if the price closes above 91.757.
Cheers and happy trading.
#GBPCAD Bearish move possibilityWe can clearly see a higher timeframe bearish move and lower timeframe corrective bullish move in this pair.
Therefore, I am only interested in selling unless price manage to break structure to the upside by closing above 1H timeframe lower high.
Other bearish confluences that we have is a bearish divergence in 1H timeframe and also hidden bearish divergence in the same timeframe.
#AUDNZD bearish continuation scenarioAfter a bearish impulsive move, the price appears to be completing a bullish corrective ABC pattern. So far, it has completed waves A and B and is currently in the midst of the bullish wave C.
This bullish move could take the price back to the previous lower high, as highlighted in the chart. From there, we could anticipate the start of another bearish move.
#GBPJPY Elliott wave analysisThere is a high possibility that we are approaching the end of wave 3 of a 5-wave bearish impulsive move.
At the end of this current minor bearish move, we could expect a bullish 3-wave corrective move, which could complete wave 4. After this correction, we should anticipate another drop to complete wave 5.
Let me know if you would like me to publish an analysis in a lower timeframe on this chart to take advantage of this rally.
Stock Pricing Above Fundamentals Ahead of EarningsWeekly Chart: NYSE:ANET reports today after the close.
The stock has a short-term topping formation that is nearly completed. The prior runs went speculative but then corrected. The top is similar to the previous peak and the depth of correction is likely to be similar.
The stock has simply moved beyond fundamental levels. This is NOT likely to turn into a long-term top unless there is something substantially wrong with the company and its products. To become an intermediate-term top, it must have lower highs and lower lows. That is not in the chart at this time.
Ideally, the stock needs to shift sideways to build a much stronger support level to sustain a longer-term uptrend. HFTs are in the mix and may gap the stock on earnings news.
#CHFJPY elliot wave analysisAs can be seen, it looks like we are dealing with an ABC bullish corrective wave pattern, currently in wave 4 of wave C. There is a possibility of another short-term bullish move to complete wave C.
From there, we could look for selling opportunities in the direction of the higher timeframe trend.
Let me know if you would like me to publish an analysis in a lower timeframe on this chart to take advantage of this rally.
Unlocking XAUUSD Secrets: Prepare for Gold's Next Big Move!Technical Breakdown of XAUUSD
Correctively Reached HTF Structure:
The price has reached a higher time frame (HTF) structure through a corrective movement. This structure serves as a significant resistance level observed on higher time frames.
Impulsively Got Here:
Following the corrective phase, the price made an impulsive move upward, indicating strong buying momentum at that point.
Forming Correction:
After the impulsive move, the price is forming a correction pattern, typically signaling a potential continuation of the previous trend. This pattern is evident as a descending channel or flag formation.
Support and Resistance Levels:
Resistance at 2,412.678: A significant resistance level that the price tested but did not break through decisively.
Support at 1HR LQZ (2,391.555): A key support level on the 1-hour chart where the price found temporary stability.
Support at 4HR LQZ (2,348.039): A more substantial support level on the 4-hour chart, providing a strong base for potential reversals.
Descending Channel Formation:
The price is currently trading within a descending channel. This pattern often suggests a continuation of the prevailing trend upon a breakout.
Key Level Highlight:
Break Back Above Lower High (LH): The chart notes that a break back above the identified lower high (LH) would indicate a further pullback. This level is crucial as it may signal a change in short-term momentum.
Potential Scenarios:
Bullish Scenario:
Breakout Above Descending Channel and LH Level:
If the price breaks out above the descending channel and the LH level, it may indicate a further
pullback and continuation of the upward trend.
The price is likely to test the resistance zone near 2,412.678 and could move higher if it breaks through this zone.
Bearish Scenario:
Failure to Break Above LH Level:
If the price fails to break above the LH level and descends further, it may indicate a continuation of the bearish trend.
The price could test the 1HR LQZ support level first and potentially move down to the 4HR LQZ support level if bearish momentum continues.
Consolidation and Patterns:
The chart suggests that the price is currently consolidating within a tight range, indicating indecision. This could lead to a significant move upon breakout from this consolidation pattern.
Conclusion:
Monitoring the breakout direction from the current descending channel and the reaction to the LH level will provide valuable insights for potential trading opportunities. Key levels to watch include the 2,412.678 resistance zone and the 1HR and 4HR LQZ support levels. A breakout above the descending channel would favor a bullish scenario, while a failure to break above the LH level could suggest continued bearish pressure.
Is the Correction Over?In each cycle, from the bottom to the high in the pre-halving rally, #BTC has seen an increase of 330%-370%, followed by a minimum correction of -38% or, with the exception of the rule (pandemic), -62%.
At this moment, a 38% correction means a price of $45,700, while a -62% correction means $27,900. However, I don't think we will see such a large correction now.
#Bitcoin could drop below the $50k zone as there is a lot of liquidity waiting to be taken from there.
The price from here could have reactions, but I don't think it will make a new ATH from the low at $53,700.
#CADCHF short term selling opportunityA short position would be considered if the price could break below the rising wedge pattern.
A long position would be initiated if the price could break above the rising wedge pattern and closes above a VWAPs.
The trading scenario with the line arrow has a higher possibility of occurring.
Confirmations for the shorting scenario:
Price below important dynamic resistance.
Price creating a rising wedge pattern with a bearish intrinsic nature.
bearish divergence between price and momentum oscillator.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
Elliott Wave Analysis: Anticipating an Upward move in USDCADHello Traders,
Trust you are great.
Below is my Elliott wave analysis of USDCAD currency pair
Analysis:
The structure of the USDCAD currency pair suggests the formation of an irregular Flat corrective pattern. The initial Wave A has taken the form of a leading diagonal, moving downward.
Current State:
Wave B appears to have completed its formation. The next expected movement is the formation of Wave C.
Expectation:
An impulsive Wave C is anticipated to move upward towards the 1.37445 - 1.38147 region before a subsequent decline.
Invalidation level for the upside projection: 1.3605.
Cheers!
Elliott wave Analysis of EURUSDHello Traders,
Happy new week to you.
Here is my analysis of the EURUSD PAIR.
Analysis of the EURUSD wave structure shows corrective waves. Wave (A) formed a leading diagonal, while wave (B) was a shallow correction. Currently, we are likely in wave (C), which may indicate an upward trend within wave (5) of wave (C).
After wave (C) completes around the 1.09860 level, we expect a strong downward move.
If the price drops below 1.06011 before reaching 1.09860, the wave count is invalidated.
Cheers and happy trading
EURCAD: Anticipating triangle formation and bullish breakoutHello traders,
Here is my detailed long-term Market analysis of EURCAD. This is intended to educate those who might be new or at their intermediate level in Elliott wave theory.
The EURCAD currency pair is currently exhibiting a sideways trend, which is characterized by relatively stable price movement within a confined range. This type of market behavior often precedes significant price movements once the consolidation phase ends.
Analysis Highlights
1. Sideways Range and Potential Triangle Pattern
Sideways Range : The EURCAD pair has been trading within a horizontal range, indicating a period of consolidation where neither bulls nor bears have a definitive upper hand.
Triangle Pattern Formation : This range is likely forming a triangle pattern. In Elliott Wave Theory, a triangle is a corrective wave pattern typically observed in wave (B) of a zigzag correction or wave 4 in an impulse wave sequence.
Wave (B) of Zigzag : The ongoing formation suggests that the triangle could be wave (B) of a larger zigzag pattern, which generally consists of three waves: A, B, and C. The zigzag pattern typically appears in a corrective phase.
2. Anticipated Impulsive Upward Move
Completion of the Triangle : Once the triangle pattern completes, it is expected to be followed by an impulsive wave (C). This is typically a strong, directional move which would be upward in this case.
Confirmation : For the bullish outlook to be validated, the completion of the triangle pattern in all its constituent waves (labeled A, B, C, D, and E) is crucial.
3. Key Points for a Bullish Outlook
Triangle Completion : Wait for the triangle pattern to fully form, completing all its waves.
Breakout Confirmation : Look for a breakout above the triangle's upper boundary and a key resistance level.
4. Target and invalidation levels
1.62284 Level: The minimum target for the anticipated upward wave.
Invalidation level: When price move below wave C of the triangle.
I hope this helps.
Cheers and happy trading!
The GOAT Returns - pt1: SPX to 4800I've been away refining my method and have returned to deliver a series of important predictions for the coming weeks. The first is a look at the general market using S&P futures. Here is a summary of this chart:
** 2 key levels (above and below):
5163 was the breakdown level from back in April - a retest of this level for resistance is very bearish, but if it breaks back above it can continue higher to 5260 where it will run into even greater resistance (dashed green path)
5040 is an equilibrium level that needs to hold as support if bulls want to keep this afloat. A direct break below 5040 is bearish.
Expectation : A rejection at/around 5163 in the coming week OR a direct break below 5040 will initiate a selloff to 4800 by May 22nd, 2024. Depending on when we get either of the bearish signals outlined above, the earliest the drop to 4800 could occur is by 5/13/2024.
~We are completing a B-wave and the drop to 4800 will be the C wave in this corrective cycle off the April high. The extent of this B-wave will be determined by the parameters listed above (estimated B-wave will be from current peak 5140 to upper resistance 5260, 5140-5163 is the most likely )
~Major distribution over the past month. I'm out of all longs and waiting for my signal to enter short positions. Not Financial Advice.
Buy the wave of disbelief - GBP/USDThe downtrend has been confirmed after a break of 1.2466.
We have just seen the Official Bank Rate in the GBP, the news summary is below:
Bank Rate held @ 5.25%
Monetary policy is working as expected and inflation is expected to reach its target of 2%.
However, they do not feel the time is right to cut the interest rate.
Andrew Bailey said he cannot rule out a small rate cut in June.
GBPUSD:
The idea is to buy the current swing (wave of disbelief), this is expected to be a strong reversal to clear all the stops above the current price. This wave should not take the high of last week's 1.2634, but we are expecting the 1.2564 to be broken before we can start to think of selling again.
Corrective wave potential, will this be ATH Currently bitcoin is stewing while cooling down, getting ready for what may be the 5th and final impulse wave, resulting in what possibly could result in a corrective wave that could drop us out of the channel and result pushing us potentially into the low 50s or high 40s
DEEPAK NITRITE - MONTHLY BREAKOUT Deepak Nitrite on the monthly charts seems to have completed the price and time wise correction. It seems likely that it will shift gears from being sideways to directional.
USDCHF bullish move possibilityPrice is currently testing the lower boundary of a daily bearish channel, the 78.6% FIB retracement level, and a long-term support area as well as bullish divergence between price and stochastic momentum oscillator in daily timeframe. This supportive cluster could potentially lead to the formation of a low around this price level.
On the other hand, the bearish move in price appears to be a corrective bearish ABC move, correcting approximately 61.8% to 78.6% from the previous bullish move.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
#CADJPY Elliott wave analysishello dear traders and colleagues. Lets have a look at a very long term chart of CADJPY.
If we want to interpret the chart using Elliott wave principle we can see from the bottom that we have completed a 5 wave impulsive bullish move (corrective wave 4 is running flat formation) and then we can see a 5 wave bearish impulsive (which also labeled as wave A).
Now that the price reached the top unless we are witnessing a running flat we can expect that the bullish move as wave B is also reached its destination and from now we can wait for the wave C to be completed.
Initial target would be the previous low if we assume that this large corrective formation is regular flat.
For opening a position in case you want to use candle stick patterns you can wait for the weekly close and see if price formed evening star which seems possible.
Other than that you can always wait for price to penetrate the previous low or perhaps triggers can be found in lower time frame and following the lower time structure.
Also it should be noted that in case price close above last week high or close above resistance level this wave analysis is invalid.
Please let me know if you like this kind of long term analysis.
#USDCHF possible bullish scenarioPrice is currently testing the lower boundary of a daily bearish channel , the 1 FIB extension level , and a long-term support area . This supportive cluster could potentially lead to the formation of a low around this price level.
On the other hand, the bearish move in price appears to be a corrective bearish ABC move , correcting approximately 61.8% to 78.6% from the previous bullish move.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
Render (RNDR) Price Correlated to Bitcoin Surge
The price chart for Render shows a sustained upward trajectory, with the asset increasing in value by 200% over the past three months. RNDR's performance has been partly influenced by its correlation with Bitcoin, contributing to a 131% rise since October 16.
As of now, RNDR is fluctuating between a support level of $3.5 and a resistance zone ranging from $3.86 to $4.00. The most likely scenario is a continuation of this upward trend, potentially reaching a new yearly high. In the near term, Render could test and potentially surpass the $4.2 level, further validating the buying momentum.
Should there be a short-term decrease, RNDR might approach the support area between $3.2 and $3.4 and test the $3 mark. A transition to a downtrend could be on the horizon if the RNDR price firmly settles below $2.2.
