Corrective Waves Construction - Part 5This is the first chart of our educational post "Corrective Waves Construction - Part 5".
Correctivewave
XRPUSD Swing BuySwing Buy opportunity for XRPUSD
Buy limit activated at @ .27250
SL: .26750
TP1: .31565
TP2: .31825**
TP3: .39150
Notes: The last impulse to the upside took a while but played out eventually. The contraction/consolidation we’re seeing now is ideal for strong uptrend that would come - after a heavy fakeout down. There will be more eyes on the market now that big upside potential has been shown, and that also means more aggressive wicks to stop out retail traders. We’ve got a low risk space for order liquidity to hop in the market before a move to the upside after trapping impatient sellers. Patience is the key to big moves in these markets.
Corrective Waves Construction - Part 4 (2)This chart is the second chart of our educational article "Corrective Waves Construction - Part 4."
Corrective Waves Construction - Part 4 (1)First chart of our Educational Article "Corrective Waves Construction - Part 4."
Corrective Waves Construction - Part 3 (4)The ES daily chart corresponds to the example of our educational article "Corrective Waves Construction - Part 3".
Corrective Waves Construction - Part 3 (3)The chart corresponds to different variations of the flat pattern. This is the third chart of our educational article "Corrective Waves Construction - Part 3".
EURUSD SHORT @ 1.1065EURUSD still trading on double Zigzag Pattern, I am looking final leg downside to finish the WAVE B.
SIGNALS:
SHORT @ 1.1065 -- TP @ 1.0950 -- SL @ 1.11052
AUDUSD Long corrective waveClosed the short position at -0.5R as a bullish pin bar formed on support in a corrective wave structure back to the downward sloping trend line.
Date Pair Direction Trade Trend Level Signal Entry
2019-09-17 AUDUSD Long Counter Trend Down Static Pin Bar break
Corrective Waves Construction - Part 2 (4)The following chart corresponds to the example of a zig-zag pattern.
Corrective Waves Construction - Part 2 (3)The following chart corresponds to the use of channels to identify zig-zag patterns.
Corrective Waves Construction - Part 2 (2)The chart corresponds to the different types of the zig-zag pattern.
Corrective Waves Construction - Part 1 (3)This chart corresponds to the explanation of an ordinary and a strong correction structure.
Corrective Waves Construction - Part 1 (2)The following chart corresponds to the alternation concept in corrective waves.
Corrective Waves Construction - Part 1 (01)This chart corresponds to the basic model of corrective waves from our educational article "Corrective Waves Construction - Part 1."
CRUDE OIL WAVE ANALYSIS 14 SEP 19The Price of Crude oil trade in between 50.50 to 58.50 from August 1st week. There is no clear direction, as per wave principle pattern looks like complex corrective pattern. Currently wave B going to be completed on coming weeks to form wave C. On this we can clearly see 53 mark acting strong support, Once again i looking for this level act as strong support for last week fall.
GBPUSD SHORT @ 1.2460 | DOUBLE ZIGZAG PATTERNHi Friends,
GBPUSD gained nearly 500 pips in last two weeks, I am looking this as corrective wave. Still there is room to go downside upto 1.1835 level.
Current pattern looks like DOUBLE ZIGZAG, this pattern reversal point @ 1.2570. Before that i am looking for price will test the 1.2200 level once again.
DOWJONES 30 | CORRECTIVE UPSIDEHi Friends,
Dow Jones 30 approaching monthly and quarterly resistance zone @ 26700 -- 26775. Both medium and short term dow jones structure in corrective nature, So i looking for another wave down upto 24400 on coming months.
ENTRY & EXIT LEVELS:
SHORT @ 26700 || SL @ 27500 || TP @ 24400
S&P500 complex enough for you?!My last update I ended with " Lastly, note that I label the larger waves as i/a, 2/b etc, because we can never know before hand if a move -even if 5 waves- in either direction is the start of a new impulse (i,ii, etc) or part of a correction (a,b,c) where wave a and c are also 5 waves... So to prevent hubris, always label them as both initially until the market eventually tells you which it is. Yes even c-waves can be made up of three waves, and are not always and necessarily comprised of five waves! "
Well, we indeed only got three waves down, thus that was corrective: anticipate, monitor, adjust if necessary.
With today's rally, which is still also and only three waves up off last Friday;s low, and those three waves down last week, the best pattern that fits the current price action right now is a triangle (a,b,c,d,e) with wave-e now underway. Triangles are one of the hardest patterns to forecast and foresee (nobody knew with all certainty early August this pattern would transpire, and how could one?!).
Today's high could already be enough for wave-e (the final wave), but we can set a target zone of SPX 2920-2935 right into the upper trendline depending a bit on how strict one draws it. Above that -and especially above SPX2945- and something else is going on. Note that the previous two monster gap ups at open were filled and I expect the same to happen in the not too distant future.
Trade safe!
GBPAUD Trade IdeaI think that this may be a great setup on GBPAUD for next week. I noticed that the Elliott Wave has ended and I think that a head and shoulders pattern will lead it into a corrective wave.
The point of the head of the head and shoulders should be a good entry point for a long position. I would most likely take out a small lot size at the top of the head and then a bigger one at either the neck (draw a line from shoulder tip to shoulder and the neck is where the line hits the head) or the tip of the right shoulder (where it hits daily support).
The daily resistance zone is about 280 pips from the tip of the head on the head and shoulders but price could very well smash through and go up about 600 pips. There will also be some good scalping opportunities within this uptrend which I plan on taking full advantage of.
These are all just my thoughts on what will happen with GBPAUD in the upcoming trade week. I have only been trading since March and I'm no guru at this moment. I know that God bless me with that distinction one day but for now, I'm still in the newborn phase. I am learning quite a bit though.
Before you get in a trade, make sure that your confirmations are hit with whatever trade strategy you are using.
Please remember to always practice proper risk management!!
MU - long-term short setupMicron reached nice levels where to start building short position.
In worst case scenario $MU may fall as far as 70% from current levels, which is not absurd, given that the company is very cyclical, and global economy risks entering recession.
More prudent approach is to wait when bear flag would be broken below 40$, however, given current overbought level, MACD divergence and current wave C reaching symmetry with A in potential corrective B of larger degree , we are in very good spot to try first entry, and then move stop tighter, if we will see move lower in the upcoming month.
Stop: 64.67
Target: ~20$
NASDAQ:MU
Fun while it lasted but the good times will return soon!Well that was fun while it lasted. While many expect this to be wave 4 before a final push to $16k, I suspect we have already completed our 5 wave impulse from the $3.1k lows and we have entered the corrective phase having just completed B wave of a simple ABC zig zag after retracing between 50-62% of wave A. After a rise like that I won't be looking for wave equality for wave C down but will rather be expecting C to extend 1.682 x the distance of wave A.
This takes us to a target of $6100 - $5900 which is a significant level of support which we haven't retested yet even though the $6k support was rock solid support for most of 2018, so it's only a matter of time before we retest that level again which also lines up nicely with our daily MA200.
This move would also make a decent wave 2 of a higher degree, which means we could have significant upside from that level if we can recover above the large trend line support which has acted as significant support since August 2015, having only briefly closed below it from December 2018 to May 2019. This trend line also lines up nicely with the successive highs we had in April 2019 giving it some credibility.
I connected a fib time zone between the November 2013 bull run peak and the subsequent January 2015 lows which gives us our next fib time zone extension on 13 July 2019. This is roughly when I expect us to have reached a bottom (9-14 days time) before resuming the uptrend.
Good luck and happy trading!
Previous chart:
[AUDUSD] SIMPLE BEARISH SETUPGood morning Traders!
On H4 chart, the pair triggered a beautiful rally by developing a bullish impulsive structure (12345), having said that, our analysis says that the structure could be completed and therefore it should be logical that some corrective structure appears (ABC, for example) in the short term.
With this in mind, it might be interesting to try to take a short position as shown on the chart. Before taking a position, calculate the size correctly .
If you think it may be useful to receive other graphic updates in the "comments" section during this setup, support us with your "Like" ... thank you very much !!
#bitcoin - Room for further correction H4I am back with updates. Bitcoin once again is within a quite important range (between Monthly and weekly PivotPoint, yellow and red), and also already once failed a breakout attempt. Tendency from here would be simply more down then up, knowing that this is not really tradable right now, due to the fact we all know Bitcoin has alot of surprising potential. Important ist the upper red trendline (breakout level), that need´s to be left behind to develop further up movement.
Don´t forget even if BTC correct even down to the red box, it´s still within the range of a perfectly normal and non-bearish correcture and should not raise fud. As well the broadening wedge support has not been hit yet, so for now we are still far away from a bearish scenario like a BumpnRun.
TO BREAK: $11700
NEAREST SUPPORT: $10700
BULLISH TARGET: $13900
BEARISH TARGET: $8770
(Broadening Wedge Support: $10100)
*Always set stops. Dyor. No financial advice.
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