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Correctivestructure

#GBPAUD buying opportunityHello, traders and colleagues. Let's take a look at the GBPAUD chart to explore the potential buying opportunity it presents. Recently, the price broke above the 4-hour bearish trendline and subsequently followed by a bearish retracement. This short-term bearish corrective move has also introduced another trendline, which was breached earlier today, due to worst than expected news released for the AUD this morning. Currently, the price is testing a crucial level, comprising the broken trendline and a short-term support and 1H 200 EMA which could potentially prompt the price to reverse and resume its bullish momentum. If you have found this analysis helpful, please take a moment to leave a like and a comment or share your idea with me.
Long
by mohemati
5
Crypto Market Can Be Finishing A Corrective ConsolidationCrypto market made nice and clean impulsive rally at the beginning of 2023, which indicates for a bigger recovery after a correction. Well, Crypto market is now in a corrective consolidation since April, which we see it either as a bullish triangle pattern or maybe even slightly deeper and more complex W-X-Y correction. After yesterday's volatility Crypto market firstly jumped higher on the news that SEC approved iShares spot ETF, but then immediately reversed down, when BlackRock confirmed that this is false and that their application is still under review. So, it looks like a short-term spike up only, which means that we should be aware of a new slow down within wave E of a triangle or maybe even for wave »c« of Y of deeper complex W-X-Y corrective decline. Once a correction fully unfolds, we will expect a continuation higher in the Crypto market, ideally at the end of 2023 or beginning of 2024. All the best!
CRYPTOCAP:TOTAL
by ew-forecast
IMOEX Marco technical - One more massive correction or...? My macro work on Russian MOEX Index illustrates how ElliotWave in conjunction with major fibonacci retracements can be useful in providing the context or the operational frame work for every investor and trader to operate and execute one's strategy. Starting from the market Oct'98, we may observe how the price structure has accurately finished its cyclical five wave move lasting almost exactly 23 years to Nov'21 finishing its run just 2.5% bellow an proper (though extended) target for the cyclical wave "V". The EW theory, first elaborated by Ralph Nelson Elliott in 1930s, and later perfected to the most practical investing/trading principals by Avi Gilburt from elliottwavetrader.net, states that most of corrective structures develop in three waves: A-B-C. After finishing what I consider to be first cyclical macro five wave advance in Nov21, the price moved into deep and abrupt correction, straight to the ideal golden ratio (0.618) support zone where it is most typical for any correction (macro and micro) to establish a bottom. That was not particular to average character of the three wave corrective structures (being so abrupt), but the support parameters were met. Never the less in my global technical thesis, I still lean towards the macro correction from the Nov'21 highs NOT being complete and the price is yet to start its third wave decline to 1650 (double bottom) or even 930 zone. I am 55/45 on that regard. That being sad, I cannot completely rule out the possibility of price to have established long-term macro bottom on Feb22 and that we may be already in the very early process of the new (generational?) bull-cycle. As strange as it may sound in today's global political landscape, new macro generational potential for IMOEX, could be very much considered in the realms of several important circumstances happing in Russia: 1. Currency devaluation (bullish for equities); 2. Inflation (typically bullish for equities); 3. Internal barriers to withdraw capital (indirectly bullish); 4. Redomiciliation of large corporations and their capital; 5. Record interest of citizen to local stock market, resulting in record breaking numbers of new accounts opening on Moscow Stock Exchange. 6. Perspective budget deficit that will result in point #1 (bullish for stock) Macro parameter to differentaite between Macro-Bearish and Macro-Bullish scenarios is simple: until price is bellow 3700 area, macro-bearish case cannot be rule-out. The Mid/Short-Term Analysis Until price decisively breaks 2800, I cannot consider the mid-term bullish advance in either cycle wave "B" (macro bearish case), or wave (3) (in generational-bullish case) toped and expect at least one more wave up to 3370-3650 area in Q4 or Q1'24. It is yet early to consider that price has finished its Sep's correction at 3000 area and until price is bellow 3220 resistance zone, I expect one more decline to 2800. If price moves above 3200, than I will shift to yellow/green alt. scenario that wave 4 correction has finished and the price is on its wave to new 2023 highs.
RUS:IRUSLong
by artemfedorov
#EURUSD 2 interesting areas for bearish continuation*please be sure to remember that today we have FOMC meeting and they are going to announce funds rate and their policies for coming meetings with a high possibility of a lot of movement in the pairs specially USD pairs during news and while FOMC chairman speaks. Other than that we have 2 very important area for price to turn and possible continuation of downside movement. As you can see in the chart we have clear downtrend move in action in EURUSD pair and price been forming bullish corrective move since new low was formed.
Short
by mohemati
GBPUSD Sell potential: Mapping Corrections and Projecting TargetGreetings, fellow traders. Let's proceed with our analysis of the GBPUSD pair. Based on the current price action, it appears that GBPUSD has completed the initial corrective wave A within the broader correction. As a result, the subsequent wave B is currently unfolding and may be nearing its completion. If this correction follows a simple structure, it is reasonable to expect that wave B will terminate around the price region of 1.25400-1.25650. However, it's important to acknowledge the dynamic nature of the market, which can introduce sideways corrections, such as an extended flat pattern. In such a scenario, we might witness a significant price rally surpassing the peak of wave A at 1.26788, potentially reaching the price region of 1.27000-1.27330, before the subsequent downward move in wave C. Before pulling the trigger to trade wave C, I will watch out for confirming price action. A positive Non-farm payroll data tomorrow may strengthen the US dollar index, possibly driving GBPUSD to the downside. In the meantime, I will sit on my hand and keep decking the chart until a suitable entry trigger manifests. I'll be setting 1.21948 as my primary target, while my alternative price target will be 1.23536. These levels serve as potential objectives for future price movements within the context of this analysis. Happy trading. Cheers!
Short
by Samuel124
1
AUDUSD I Brief correction and more potential downsideWelcome back! Let me know your thoughts in the comments! ** AUDSD 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
14
GOLD H4Hello traders, GOLD is setting up for a upside move watch GOLD according to your own trading system and look for a long position opportunity. Currently i am looking for corrective structure, if price show me a corrective structure then i will be looking for a long position around 2011 level and there is also 0.618 fib. This is just analysis, not the exact trade or any kind of signal that proven with wining or losing % so be sure trade with your own according strategy do not depend on my analysis. I wish you good luck in trading.
OANDA:XAUUSDLong
by TheLoserMan
AUDUSD Shows Resumption Of A Bearish TrendUS CPI came out better than expected last week at 5.0%, so we have seen some USD weakness at the start of the week, but then some of the losses got erased on Friday, after FED officials said that there is room for another interest rate hike. Metals also came down, and put some bearish pressure on Aussie as well. The pair has a sharp drop from 0.6805 which suggests that the pair will see more weakness ahead as A-B- C correction can be finished.
by ew-forecast
BTCUSDT Igniting the final bearish leg of this cycleThe price action is telling me that the next macro swing-downward, probably the last leg-down of this cyclical bear market is igniting. Now, after a retrace of the "thrust-false break" to the weekly supply in an greedy extensive wave v, the shape of this retracement triangle is indicating a reliable reversal point. On the other hand, the bears are slowly taking control and the price will not return to the "upthrust". The minute pattern points to demand, which is a expected retrace for the main triangle. I'm considering this peak as a head of a potential head & shoulders formation on macro.
Short
by firmestudio
BTCUSDT Complex C - Multi Wave in an Ending DiagonalBTCUSDT made a beautiful corrective C-multi-wave pattern, which surprise terminus finished with an 5th wave leg-up that surpass the trend-line, after an ABCDE triangle. In the Wyckoff Method narrative we can call it an upthrust movement in phase c of a distribution. About the wave count, the entire triangle is an contracting ending diagonal of a corrective wave C, in which we can see a multiple pattern that confused the prediction. After the "thrust" the price action should return to the break point, characterizing a "false break". It's common in C-legs, when the triangle occurs, that it's exceed the break-point. In this case, price reached the weekly supply, interacting with AVWAP from ATH. Now the bears are slowly take control. I'm expecting 18% drawdown of a downtrend till the wave 3 of a potential impulsive downward.
Short
by firmestudio
Patterns, CME Gaps & Golden Pocket RocketCheck notes on the chart. 1) Bearish Rising Wedge 2) Descending Triangle 3) Ascending Triangle Expansion Creating CME Gap, aka Futures Liquidity Gap. (These almost always get backfilled.) 4) Current Pattern, Bullish Ascending Channel. We had a fake out to flush the longs, and create liquidity, and to backfill the CME Gap. All other narratives are fun stories. We have since course corrected violently, failing to break out of the previous range, creating a Swing-Failure , which is locally bearish. This likely retraces to 23k, before a continuation higher to fill the next CME gap around $27,355 and $28,740 .. of course some profit taking, or other exogenous events such as the indexes falling could correlate with some pull backs, but ultimately I'm expecting 35k to fill this year. Strong resistance there, likely to struggle to get above. If it does, the next gaps that could be liquidity grabs are $45,000-$46,500 $52,500-$53,500 I don't believe we see a new ATH this year or next. 2025 is my target for ATH, which I believe we be a minimum of 130k and a max of 180k. I will scale out of positions between those two prices.
INDEX:BTCUSDShort
by TheTraderAndy
1