Correctivewave
Bearish CorrectionBearish Alt. AB=CD Harmonic Pattern
Wave 5 is ending and a bearish correction is coming
RSI Divergence indicating a possible bearish move is coming
According to Volume Spread Analysis , Sign of weakness are appearing in the upthrust bar and the no demand bar
Sell The breakout after the retest
EURGBP Short@0.8725 T1@0.8585 T2@0.8453 SL@0.8808A long Impulse wave might have come to an end.
I'm looking for a retracement and tested breakout of the 0.8735 historical S/R line. RSI is not indicating a strong trend anymore, but the Stoch is in oversold (4H) but not weekly. If confirmed that would be a nice corrective wave probably till halfway through the last rise (T1@0.8585). October 10-15 fundamentals will reveal if the second target (@0.8454) is realistic.
GBPCAD Impulse & corrective wavesif you see any mistake on my charts please let me know and always trade according to your own strategy. Thanks
Elliot wave near completion of ABC corrective move, It seems that CL is on the last leg of the corrective ABC move, thus short term gains can be made from the trade . CL is bullish at the current stage and can comfortably achieve the hinted target within few weeks.
Long Term Elliot Wave AnalysisBearish wave IV is in progress as an ABC ZigZag ,
Currently The bullish AB labelled by red box Wave is forming
Long GBPUSD : 12345 ElliotWave completion & Corrective wave (c)GBPUSD chart is quite self0explanatory,a s per the wave count shown on the chart , the elliot wave has completed and just started the corrective wave (c), We have double bottom also providing support, GBPUSD retested and bouncing back from zone around 1.2930's. After checking your trade plan initiate longs.
Happy Trading !
AUDCAD - is in a corrective wave structure at the momentAUDCAD 0.03% currently appears to be in a smaller corrective structure at moment. Wave "c" appears to have just completed and an impulse wave down from the upper trend line has begun starting wave "d". I am expecting a possible buy setup and the start of the wave "e"/completion of wave "d". Watch for the buy setup if the wave "d" is completed. Thanks for looking at my idea.
AUDUSD : Corrective Triangle Pattern Breakout ( Ascending )In AUDUSD we have ascending triangle formation, on simpler logic after every consolidation there will be a good move which happens out of breakout. I'm not strict elliott follower, I just use that for my analysis to support the decisions I'm gonna make, not to determine direction also. Sometimes rarely I used that to determine direction of Market. Its just My style of trading elliots and to keep complex things out of it.
The above chart you can consider as simple ascending triangle pattern and enter the breakout direction or if you go by elliot rules wait for downside breakout. If we enter on upside breakout have strict stops, to avoid whipsaws or false breakouts bcos AUDUSD is in bear mode for quite sometime.
My Opinion : Any direction Breakout is fine for Me to initiate the Trade.
Happy Trading !
USDCAD - Corrective Structure?Looking for a long opportunity with FX:USDCAD
The divergence isn't perfect but it's still oversold and this pair has been making higher highs and higher lows on the daily chart for the past 2-3 months. 1.2900 price action number acting as a rebound should help this pair continue upward.
Happy Trading
Weatherford Sell Setup Looks ImminentAnother stock in the list of us energy stocks we have been watching. However this one appears to be on the brink of breaking through the lower trend line.
We will be keeping a close eye on this one through the week and once it breaks through will be watching on a lower timeframe for a retest & rejection or a consolidation and then sell.
NZDUSD: Elliott Waves Perfect FormationHow to trade this wave :
i) We can enter long at correction wave A on retest of trendline around 0.7200's for a target of 30pips (0.7230's) in NZDUSD
ii) At B point enter short @0.7230's with 30 pip stops, for Targets around 0.7160's (70pips)
iii) If all goes fine, we may pocket 100pips in NZDUSD alone today !
Though in charts everything is marked, there are few scenario's which we need to consider what-if it doesn't happen the way we predicted. If trendline is broken @ A, please wait for the down move to complete and enter A to B long trade only on valid confirmation by other entry techniques, don't just use elliots only. If B point goes above Wave 5, better don't enter short trade on B to C.
Hope, we get 100pips in NZDUSD for the day's work...
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Happy Trading !!
Following up the correction wave in AUDUSDThe correction wave in AUDUSD is very clear now and composed of wxy. I see there no space for more advance here unless the the top is broken. However the price at considerable resistance. we will see next week how will the internal structure of wave move?
Valero Corrective With a Sell SetupWe have been watching the us energy stocks . This stock is different as most of the others have been in a corrective structure since the start of the year, following oil. As you can see from the chart VLO has been falling since the end of March.
As with the others it is still in a corrective structure right now (though only since July) so it makes a good candidate to watch for some more down.
We will wait for it to break down through the lower trend line and then watch on a lower time frame for a retest and rejection or conslidation before shorting
Sunoco Short SetupAs with all the other us energy stocks we have been following they're all in a corrective structure.
Like all the others Sunoco is currently in a corrective structure. One option is to sell off the bounce of the top of the triangle. Alternatively we will be waiting for a break of the lower trend line. Once it breaks we will be watching on a lower time frame for a failed retest or consolidation and then take the sell.
National Oil Well Varco Corrective, Likely a SellNOV is another candidate from the list os us energy stocks we have been watching lately. Like this others we believe it is currently in a corrective wave and are waiting for a the next impulse down.
This one doesn't have as clear lower trend line so it's not going to as easy to identify when it meets our conditions to short compared to some of the other us energy stocks.
Given that there are so many other options we would keep in on the list to watch out for but may decide not to trade it.
GBP / USD: The next 3 phases.Phase # 1 Incomplete Wave 4. Go to LONG. Take Profit at 1.4237
Phase # 2 Future Wave 5. Go to SHORT. Take Profit at 1.1747
Phase # 1 Begin a Corrective Waves. Go to LONG. First Take Profit at 1.3116.
Two reasons to consider the USDCAD in downtrend.Two reasons to consider the USDCAD in downtrend.
1. This is last wave (Elliot Wave 5) of Basic Motive Phase.
2. Then here begin a first wave (Elliot Wave A) of Corrective Phase.
3. This is second wave (Elliot Wave B) of Corrective Phase.
Note: This wave have inside two Elliot Wave.
a) Bull Market Truncation (Red Color and Completed)
b) Elliot Wave Basic (Blue Color and not Completed)
4. This is corrective wave (Elliot Wave B) of Corrective Phase.
Note: This corrective wave has already started, missing the wave B (Uptrend) and C (Downtrend).
This is the SECOND reason to consider that the price will be BEARISH.
5. This is last wave (Elliot Wave C) of Corrective Phase.
This is the FIRST reason to consider that the price will be BEARISH.
Short EURUSD : Ascending Triangle BreakoutHi Guys,
EURUSD has formed perfect ascending triangle and most of the times ascending triangle breaks out downwards. Here in the above chart we have strong close below the support trendline of ascending triangle, so we may expect direct move downwards to retest the earlier lows 1.0910's. Even if you draw an abc correction wave it matches with our breakout triangle direction, so if its not false breakout in EURUSD we may see a move downwards in coming days.
Lets wait n watch....
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Happy Trading !
EURUSD Still following the ABC countEven after the shakeup of Brexit the larger corrective structure continues. I have been following the ABCD structure from before Brexit and it seems as if the count is still valid. Based on this I will be looking for a long trade in the next week. The smaller ABCD of the larger AB leg could indicate that on NFP this could result in a spike down (grey ABCD) before completing the AB leg of the larger pattern later in July.
ERUUSD still counting our ABCsLast week I posted a view of the EURUSD corrective structure. Brexit resulted in a quicker finalization of the D wave of this structure than I had expected. So this week it looks as if the market is entering the last of the corrective ABCs. So I am looking at the 1.13 level for resistance before a move back to the 1.10 level and the final leg up before we break the structure.
