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Correctivestructure

COMP and his running flat ambitionsGood morning Traders This is my primary count for COMP. Seeing this entire corrective move as a larger wave 2 after an explosive W1 from $33 to $373 on Uniswap back in June. Ultimately looking for much higher as the DeFi space grows in a bull market but targeting $305-$311 for now before a final 0.618 retracement to complete a potential running flat to complete wave 2 before the next leg up (or an expanded flat if the final corrective wave ends up being a deeper retracement).
by Piggy_Profit
4
EW Analysis: GBPAUD In The Corrective PhaseHello traders! GBPAUD is clearly bearish, as we see a sharp fall in impulsive price activity down from 2.085 high. We are tracking a so-called impulse, a move that is structured by five waves, where two of them are corrections. Now, we are tracking a wave 4 correction which started at 1.768 level, and it can climb a little higher as corrections are made by three waves a-b-c, before pair can look for strong resistance and a bearish resumption into a wave 5. "A wave 4 correction can unfold as a simple zig-zag, which seems to be the best possible scenario, unless it turns out to be a flat, a triangle, or a more complex w-x-y move." Resistance for a wave 4 correction can be at Fib. Ratio of 38.2 that comes in at 1.88/1.90 level, so watch that area as a potential resistance, especially around the previous wave "i" swing low a lesser degree. As such, there is room for slightly more upside before downtrend may resume. Be humble and trade smart! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
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by ew-forecast
Clear points of entry for either scenario - VERY clean setup.This pair has been sat in some serious corrective price action. i'm hoping we can see a break next week. Which way do i think its likely to break? Probably up, but i'm also very aware that if the bears muster the strength to break that 1.180 area, then we also have a double top that could be good to trade to the bottom of that correction. Targets for the (potential) double top sit near enough directly on that bottom level. So to summarise, although i think this pair is likely to break above, i will not be trading my opinion. i'll be trading what i see. A break, close & pullback on the upper level and ill be looking for longs. A break of that (potential) double top neckline and ill be looking to short to the corrections bottom. MACD looking as though the double top could easily come into play, but as above, i'll trade whatever it wants to give us.
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by TeePeeFX
3