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Correctivestructure

USO! when oil starts the bear move it's one of the easiest tradeI've been doing well buying puts once the corrections are developing. Usually about 3-4 weeks out to allow the correction to develop and so I dont get slammed by theta decay. Now eventually if we're in an impulse to go down, we will need to see a bigger correction to develop. Will we get a few more pushes down before that happens, or will it start right now? Either way I'm looking to purchase another put sometime within the next week (as long as we dont breakout past the downtrend line, this will signal a deeper correction/ reversal depending on how price behaves after that) Longterm view in the comments. (not confirmed yet, just looking that way)US thanks for looking, and trade responsibly!
AMEX:USOShort
by adambiers
1
EW ANALYSIS: Aussie Still Looks BearishAUDUSD is dropping like a rock at the start of the US session, suggesting that a higher degree wave 4 correction had ended with an ending diagonal in its final wave c. In such case, we expect now to see a drop at least in three-waves, where a break below the 0.7100 level would confirm even more weakness for the pair. Also a drop out of an ending diagonal can indicate price to reach the starting point of the pattern, which is in our case at the 0.7040 region or maybe even lower! However, even if goes more complex here, we remain bearish as long as it's trading beneath 0.7200 invalidation level.
by ew-forecast
3
Is GbpUsd finally correcting ?FX:GBPUSD The trend for the better part of the year has been bearish and there has been no significant correction. It now seems like price is finally correcting and we are looking to ride this correction. Our views are also supported by the formation of a bullish gartley at a a significant support area. Our first take profit is at 1.32 but if this plays out well we might seek to ride this to around 1.35. With brexit negotiations still ongoing, make sure to have your stops in place. Anything can happen.
Long
by KKN_Investment_Limited
Is the DXY on its last legs?Fundamentals The Dollar index has seen strong performance over the last year, however, last weeks performance could indicate a breakdown in dollar strength. Much will rest on this week's US Jobs report, with the hawkish Fed hike already priced into the dollar strength. Last week the EU posted relatively strong numbers including growing inflation, however consumer confidence missed the estimate. The DXY is largely influenced by the performance of the EUR, more loosely followed by JPY and GBP due to index weightings. Technical Analysis The index broke through a key support level last week of 94.20 and then easily broke the 94 level, before quickly retracing. Expect short term dollar strength as the retracement continues to the 94.50 level. and then a continuation of an impulse wave downwards. The corrective zigzag wave is almost textbook to indicate the end of a trend, with lower highs and lower lows coming to the fore. Post this weeks retracement, we could see the DXY target a new support level at 93.20. This points to a short dollar trade, long EUR. A long XAU or XAG could also play out positively.
TVC:DXYShort
by OnyxTrader
US 30 IN ABC CORRECTION MINOR WAVE OF LARGER ZIGZAGUS 30 traded below Tuesday high of 25888, closing 98 points lower than 8/21 high, failing to confirm Sand P new alltime high on 8/24. The zig-zag pattern is evident on chart. I marked this one as a more complex ABC structure as a 5 wave reaction (ABCDE) is evident in A wave. Combined with bearish Gartley pattern confirmed 8/21, this latest rally attempt looks more like a B reactionary wave. Expect lower soon. I wondered about this as puts I bought 8/21 above 25800 were still trading near my purchase price on 8/24, in spite of wild bullishness in Sand P, which was nice, but made me think; "Hey why is Dow not keeping up and acts like stuck at 25800? Hmmm..." This is a bear flag, resolving into final C wave soon. Will be pretty rough I'm afraid- be careful! September is coming! Look out. Good luck! This is not investment advice it's just a fun post for education and ridicule. Enjoy!
DJ:DJIShort
by DaddySawbucks
2
SPX Corrective WXY Wave entering Y leg down to 2802 SupportSand P has been more resilient than Dow and declines less, advances more. Still a short opportunity appearing now in final down leg of corrective wave. I wouldn't hold puts or shorts below 2800- look for a strong bullish reversal into a combo (5)(V)(v) wave to new All-Time High after this correction- starting real soon. See my Dow post too, same idea, but probably more bearish action on the Industrial index for option traders. After the storm, I'd go long SPY for more bullish action. I'm calling this a WXY b/c it is a 3-3-3 wave pattern- abrupt, brief, less complex than an ABC, shorter timespan, and there is no discernible 5 wave impulse. As always I'm not an investment advisor, this is not advice its an amusing education post, good luck!
SP:SPXShort
by DaddySawbucks
4
EURCHF Bearish Corrective Structure Break With Big TargetThere is a big down trend on EURCHF larger time frame and we are currently watching the formation of this corrective structure before the break for more downside. Two options exist here. The break could happen now or alternatively we will see the formation of a 5th wave before the break. I will be watching smaller time frames for direction and entry triggers. Contact me via direct message for any assistance required Happy trading! Linton
Short
by Linton_White
1
Elliott Wave Analysis: Natural Gas Found ResistanceOANDA:NATGASUSD dropped sharply in the beginning of February and then we have seen slow and sideways corrective movement within channel range for the last 5 months, clearly in three waves, which might finally found resistance around 50% Fibonacci retracement just above 3.0 level. Current price action on a smaller time frame looks like it's forming a clear bearish setup, so be aware of more weakness here. Actually, it can be very impulsive and it can be headed back to 2.6 lows or maybe even lower, especially if we get a confirmation, which would be a break below channel support line and 2.81 level. Even if we get something more complex here, we remain bearish as long as it's trading below 3.035 highs, which is our invalidation level. 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.
OANDA:NATGASUSD
by ew-forecast
3
GBPJPY - Limited downside, more upside likelyHey guys, as you can see price has been unfolding in a clear identifiable five wave structure to the downside. However, price failed to violate the psychological level of 145.00 on the weekly timeframe and closed recently with a pin bar on the weekly. This has been followed by a minor five wave impulse which can be considered to be a wave (a) retracement of the bigger upmove, which led after its completion to a counter-trendline break. Price has been recently clearly rejected at the CTL (counter-trendline) and closed with a pin-bar on the 4H. I've labeled this move as a wave (b). So on lower timeframes, the current structure might give us a short-term opportunity for a sell. However, I do believe that we will see another minor five wave impulse to the upside after price having hit one of the marked buy zones. Look for bears to lose momentum at these two levels and a final confirmation to anticipate a potential upmove till 149.30-150.00 area. Safe trades! Bud
Long
by BudBronson
5