Correctivewave
Wait for the BreakoutWait for the close of the current candle below the SL red line
Then wait for a reversal in the price action by a specific reversal candlestick pattern
The current bullish move is supposed to be just a correction , just wait the correction to be formed then trade its break down
SELL THE BREAKOUT DOWN TO THE TARGET
WAITING FOR THE NFP RESULTS We have an Inverse AB=CD Pattern which is equal in lengths , while the CD Leg is formed within 6 days more than the AB leg , It is kind of an ideal pattern formation i think which suggesting a strong bullish move
From Elliot Wave Analysis also , we are currently in the bullish correction phase
The price action is currently at the support of a strong up channel
So, I think on the announcement of the NFP Results the market will go up ! and always wait for the result to affect the price action then wait the correction happening after it immediately then trade the breakout !
In the case of the break down of the blue triangle go short
Oil underwent a complex correction US Oil underwent a complex correction. The correction wave is quite clear now. We can now see the beauty of elliott wave analysis. The first correction is a regular flat for CLM2016 (Oil contract at May). It is an expanded correction for oil continuous contract see below (usoil or CL1!).
The second correction is a zigzag 535 ABC.
Currently oil gets supported in the second correction channel. Break of the channel will confirm the bearish. After breaking it will go to the bottom line of the large correction channel.
Good luck for everyone!
NZDUSD Possible Wave-countDespite its choppiness since the start of this year, the NZDUSD pair has traced out what may be considered to be a respectable impulse wave.
By this count, wave 2 and wave 4 held at their respective 61.8% retracements of wave 1 and 3, and wave 5 is an ending diagonal whose subwave ii retraced a bit more sharply than normal. Additional reasons to believe that the impulse wave has ended are the tweezer top formation just shy of the psychologically significant round number 0.7000 reinforced by a spike in volume.
If this count is correct, we are currently in a corrective wave down. Trading this wave is doubly safe because the larger macro trend is down, despite the upward momentum since the start of the year. Furthermore, even if we are in the start of a new uptrend, we might expect a sharp correction in the ensuing second wave.
Bearing in mind that ending diagonals often retrace swiftly to their point of origin, the safest way to trade the NZDUSD in the near future would be to buy the breakdown of the lower ascending trendline.
A more conservative approach would be to wait for the likely pullback in wave B since A is the third touch of the trendline, and short anywhere in the entry zone between 0.6885 and 0.6965.
The hard stop should be just above 0.7000. Take profit is at the bottom of wave 5 around 0.6500.
A key price level to take note of is 0.6755, which is the top of wave 3 as well as the possible base of corrective wave A. Consider scaling out and locking in profits in this region.
A possible scenario for this wave-count being incorrect is if wave 4 completes at the point currently marked subwave ii. If so, we are in the final subwave of an ending diagonal, in which case a violent reversal is to be expected at 0.7000. Either way, a sufficiently well placed stop just above 0.7000 should not be hit.
Best of luck!
Bears coming out of hibernation - Double zig zag count SPX500I count a possible double zig zag with a bearish ending diagonal C wave. Markets feel toppy, markets look toppy...If we continue to break down out of the channel, Im guessing we could see similar lows to last month (and most likely continue to fall)
For this play, a safe stop is this months top ~ 2080. Target 1820 (for now...)
Euro Bund in reversal zoneThe market have got into the possible reversal zone projected by Fibonacci external retracement levels. This zone also contains major and minor trend line cross. Fibonacci time extensions from last medium degree highs pivots as the wave B and wave 1 appear to match possible reversal day with in the wave (iii), and previous highs of wave (3) and wave 1 Fibonacci time extensions show that price is in zone of 138.2 - 161.8%.
As we expect the price to go into correction after reversal in previously discussed zone there is support zone of the correction end projected by Fibonacci retracement levels and pattern invalidation level.
This is the minor degree corrective pattern expected to follow. Thus we do not want to trade it. The idea is to wait and look closely for the correction to end and as it unfolds we can project smaller reversal zone of time and price zone.
WTI medium term corrective patternOil is in the middle of medium term Elliott wave 4 corrective range (flat) pattern. As the wave (a) unfolded in to 3 (abc) pattern it have high probability to be the ranged 3-3-5 pattern with a possible break out up side in the last wave (c) to reach at least Fibonacci retracement level 38.2%.
As the previous time periods and Fibonacci time extensions match in close range it is possible for medium term corrective wave 4 to end near March 7-8d.
As the corrective pattern of wave 4 is mostly hard to predict the best would be to wait for it to end and look for beginning of the Elliott wave 5 pattern signs.
Gold correction near endGold was in rally almost all the month, but according to Elliott wave count it is in the corrective wave of 2. It can be deep correction and even the double top could be done here. Now it is at the last minor Fibonacci retracement level of 88%.
Trade idea:
1. First position will be taken as the reversal confirmation from price action, reversal bars or reversal pattern in 4 hour time frame is found.
2. Second position will be taken if first one is taken and unfolding in positive direction, 4 hour first continuation partern is unfolded and ended correction, and If continuation bars will appear.
Gold correction nearly endedGold was in rally almost all the month, but according to Elliott wave count it is in the corrective wave of 2. It can be deep correction and even the double top could be done here. Now it is at the last minor Fibonacci retracement level of 88%.
Trade idea:
1. First position will be taken as the reversal confirmation from price action, reversal bars or reversal pattern in 4 hour time frame is found.
2. Second position will be taken if first one is taken and unfolding in positive direction, 4 hour first continuation partern is unfolded and ended correction, and If continuation bars will appear.
4h / 2618 // structure // harmonics // impulse // IF=THEN ®FX:EURAUD
1. Double top
2. broken neck
3. found support at 1.5353$
4. 61.8% retracement / that completes a 2618 setup / double top followed by a 61.8% retracement
5. Eventual wave 4 of 5 of a corrective move
6. Wave 5 ends with a cypher pattern at daily support
7. Wave 3 of 5 of an impulse with the default ratios / wave 3 = 161% ext of wave 1
8. ascending wedge, we have a structure, surf it, eventually
Safe trades
GBPUSD short 3rd round @ MarketGood morning traders,
This is our view on GBPUSD pair for today Monday February 1, form SBSOTCKS.COM trading room.
IN A NUTSHELL: Last week the GBPUSD have broken a significant up trend-line to the downside with a very big volume.
Market today is retesting the breakdown are.
CONCLUSION: Short on GBPUSD is highly probable
TRADE INSTRUCTIONS: see the chart
EURNZD TCT ( RSI HIDDEN BULLISH DIVERGENCE + STRUCTURE)Hey there guys! Since I have a sell setup in NZDUSD at CMP, I am looking to buy EURNZD. The price action coming back to previous structure zone. Making a correction after the impulse leg. I am expecting an upside move from the structure zone area to touch the retest of the impulse. Price acton also trading above the EMA's thus indicating a bullish bias. We also see a RSI hidden bullish divergence formation.
GBPNZD Wave Count: Bull Bat ABC Continuation to Gartley TargetOn the daily time frame, price has been rejected at the PRZ of two larger harmonic bullish patterns (Bat + Gartley). The rejection was swift with a 5 wave bullish impulse, followed by a triangle correction and another small impulse to complete a 3 wave pattern (labeled here as (A) of a possible zig-zag correction). Now we are nearing the completion of a bullish bat pattern near previous corrective wave support (B in this case). The bat PRZ may also be supported by the weekly pivot and the 200 period moving average. The (A)=(B) level is confluent with .618CD on the higher TF patterns, so we may see these higher TF patterns meet their targets with this ABC zig-zag correction. With entry at the bat PRZ, SL placement at 1.13XA and target taken at the confluent target level, this is a low risk high reward trade with a R/R of 8.14.
Confluence in the PRZ:
Bullish Bat (1D TF)
Bullish Gartley (1D TF)
Bullish Bat (1HR TF)
Previous corrective wave support
200MA support
EW Count suggests upcoming bullish impulse
.618CD & (A)=(B) target confluence
Weekly pivot support
Structural S/R Zone
Euro Bund will we get into correction?We can talk about all fundamental factors and how they can effect the bond prices and so on... But this monthly chart look like traditional Elliott wave pattern from the book. Now we see major impulse pattern have finished the 3 (blue) wave and shown first corrective wave. If the ECB will make unexpected moves it could force the last corrective wave down. There is support zone at the price 148.00 which is near Fibonacci retracement level 23.6% and price 135.00 near Fibonacci retracement level 50%.
For more detailed and more frequent ideas, reviews and analysis you can contact me here, on facebook or website.
Best wishes for new incoming trading year! ;)
Long #GBPAUD after correction #forexa breaking in corrective structure (yellow lines) will result in a big upward move.
WTI - where is the bottom?WTI oil is in strong strong down trend as fundamental from OPEC and others pump oil into over supply. Companies fight for the market share and survive and battle conditions seems to be the same for a while.
This fundamental view is supported by Elliott wave impulse pattern unfolding down into the last wave 5 (brown). This impulse pattern is the last wave C (blue) of the bigger corrective pattern.
Now price is at 2009-01-01 low 32.00 which worked as strong support last time. And the second support level at 26.00.
For more detailed and more frequent ideas, reviews and analysis you can contact me here, on facebook or website.
Best wishes for new incoming trading year! ;)
GBPAUD Breakout Opens Doors For LongsPrice in GBPAUD has been in a corrective structure since September having already completed a five wave corrective pattern. A sharp impulsive upmove has broken the 5th wave of the pattern offering us a very good long opportunity. But we shouldn't jump in right away. We should wait for a correction of that move and then jump in the market with a buy order
Long term view of APPL - Correction to ContinueAPPL is about to complete one complete wave cycle that started around April 2003 . Currently its in the correction mode that may continue for about six months or may be whole year.
Previously, wave (2) retreated 68.3 % of wave one and the upward trend resumed. The third wave (3) was an extended wave with 361.8% movement of wave (1). The fourth correction wave retracted back 50% of previous impulse, wave (3), and the uptrend continued. The upward impulse finished with wave (5) on April 2015.
Currently A-B-C correction is happening. The movement of (A) is about 50% of wave (5). The correction wave (B) retracted 76.4% of (A), and the (C) resumed the downward movement.
The whole correction is expected to retract 68.3% of wave (5) to about 85, which is quite close to 38.2% of complete upward impulse (85.65). If further downward moment continues, it will correct up to 50% of upward impulse (67.87) .
Happy Trading and Happy New Year.
AUDUSD short setupMarket is just ended Elliott Waves correction pattern abc and got in to strong resistance zone. If the bulls will be weak continuation of Elliott impulse wave pattern short is expected. Fibonacci 38.6% level of last price swing is in the middle of resistance, as a confirmation of strong zone. We can see two strong support zones.
