Cwave
Mid term correction on CSXA long term cycle ended. Its correction is in progress. Developing a double combo. First a flat ABC followed by a fast bullish X wave to connect both corrections. All this actually doesn't really matter.
What it does matter, is the second combo. It is a zigzag where we can see a 5 waves bear cycle that should be the A wave. We can expect a B wave with 3 wave that seems to be a bullish zigzag. Right now it looks like 5-c within B about to start.
Target of this last wave (v)-c-B would be around 31.43 (30.5 would be enough too) but this trade will be shorting the C. Thus, this trade will be active on confirmation point breaking the extreme price (iv)-c-B (red line)
DXY - Big PictureBig Picture:
USD Index look like it is ready to fall based on the fib and the wave pattern. The only question i'd like to know is 'is it ready?'
Wave breakdown:
1. From the top, there is a clear and clean 5 wave impulse down.
2. From the bottom, I have marked out a fairly clear corrective Flat (5-3-5) wave structure.
3. Of the corrective ZZ, A vs C ratio has extended to 1.618% - a usual termination point.
4. Retracement of the impulse has hit 0.618%
Let's watch and see what happens but signs are that USD is about to drop.
Happy Trading!
FINAL PUSH by USD Confirmed (Short then LONG for a long time)..Hi All,
As forecasted, I was expecting a final USD fight back for the next few weeks and it has definitely started turning with a sharp fall which I have labelled as wave C. Below is a quick update of my count and summary of what I am expecting this pair to do over the coming weeks.
Forecast :
Starting from the low at 1.03411
Wave 1: Leading Diagonal impulse move to the upside.
Wave 2: This move is still incomplete but it wave A and B are complete.
Wave A is a double ZZ combo (WXY), Wave B is a complex Flat which went higher than Wave A which indicates that this is an 'Expanded Flat' corrective pattern.
Forecast wave: Wave C short has well and truly started and I have wave 1 and wave 2 complete. Wave 3 is currently in progress with an extension range mapped out. It clearly broke past 1.618% and 2.618% so the next possible target is 423.6% or 686%.
Just a word of advice, 'Don't catch a falling knife' as wave C are very impulsive so pick your entries carefully. My suggestion would be to wait for wave 3 to complete and a wave 4 consolidation will happen so look for possible shorts then. The best situation would be a wave 4 triangle as it is a terminal move so expect a wave 5 break out after the wave 4 consolidation.
On the completion of this wave C, I am expecting a bigger wave 3 to the upside for years to come so that is what I am aiming for.
Happy Trading all and feel free to comment / ask questions.
Cheers
Don
Shortterm downsideSee some more downside ''Possible C-wave'' completion
Potential move up near-term..
Watch for possible ''ending diagonal''
on lower time frame for market reversal
USDCAD Short Opportunity - 4hr & End to Daily Correction? USDCAD is looking to approach another sell area in its daily corrective move we have all been following so intently. There have been many setups on offer during this period and this short setup is by no means any different. Nevertheless I will touch on why, further down in this piece, this correction may be coming to an end!
If price doesn't move into no mans land but respects it, then it should breakout of this horizontal triangle - patience is important here. To trade this setup, obviously confirmation through your strategy should be your main priority before entering.
In my opinion the green line below no mans land (the top trend line of the daily corrective move) will provide us with the best entry locations for shorting this pair.
On the daily chart depending on how you look at the last 5 or so months, one may come to the conclusion that we are currently trading the C wave of a corrective structure that has followed an earlier impulsive move down through waves 1,2,3,4 and 5 (we can possibly say we are even riding the E wave as the structure is in a sort of horizontal triangle to which would also support this argument). If this is in fact the case we will likely see a continuation of the downtrend seen prior to the corrective structure, which means a price movement much larger than we have seen over the last few months - therefore meaning a potentially fantastic opportunity to get short and hold out for as long as you have the nerve.
Of course markets move where they want when they want so we could simply see a continuation of the current uptrend. However if we see a break of the trend line of the entire corrective structure at the bottom of the chart, you can better your bottom dollar I will be shorting some more as it will be an indication market bulls are leaving.
NZD/USD Pennant FormationIf the pair closes above the pennant formation, will be a good buy opportunity. This pair is currently in the process of forming a c-wave that could extend up to 500 pips. Good luck out there.
Gold is a sellGold is in the C wave of an ABC correction. Obviously long term view is for the upside, but not before it reaches the lows - at least 1300.00
Learn basics of Elliott wave principle
Update EURUSD AnalysisIn correction wave becasue RR if you short but EUR have oppotunity for long again because most people want to short EU also EU can't to following downtrend for now
EURCAD Sell Setup!!EURCAD has made a down move and was correcting for while which now has completed..It would go down around 1.5000 levels again to make C Wave move to complete the ABC correction. One can go short on the pair now with stoploss just above the high that was made..
SPX is in a congestion phase and should restest the lowsIn these time of uncertainty, it is very difficult to take a position on the equity markets.
I still think there is no reason to have a bigger correction than the one we have known in August, but I believe the market has to retest the lows before rallying again.
I think several scenarios/events could hit the market before the end of October. (2 possible FOMC surprises in September/October, China issue,...) I do not know where the bad/good news will come from, but we can feel the market is waiting for it, and this is materialized by the congestion/sideways market we are experiencing today.
Technically, a congestion after a fall leads often to another fall. For the Eliott's wave amateurs, remember that in a correction we have 3 waves, a, b, c. I am waiting for the c wave. I could be wrong, I do not think we can predict the future with the charts, but there is a certain logic when we look at the past (I refer to 1987,1998 and 2011 corrections).
So as I actually do not want to take a decision now, I'll play the retest and I would aggressively buy in the yellow zone if we hit it.
C wave Ending Diagonal almost complete. Target bottom 320I think we are getting close to the end of the C wave ending diagonal.
An ending diagonal for a C wave is rare, but I believe the properties coincide with where we currently stand fundamentally in the bitcoin world - uncertainty, and the struggle between old bulls and bears is coiling down into the tip of a wedge....
More often then not, the 5th wave of an ending diagonal (or any triangle) never touches the wedges trend line. It commonly over or undershoots the line, (with an undershoot being more bullish, as bullish sediment picks up, it won't have a chance to get to its trend line target)
Im thinking this will happen not only fundamentally (bulls are very anxious, as you can see by how fast we shoot up, and how slow we correct down, china news coming to an end, etc.) but I also have a measured bottom around the 320 area from fibs. I have measured the corrective waves within in the wedge and got that target as demonstrated here:
Also note, that the measured bars at the bottom are more for reference then a measured move. I have never successfully predicted time.
Please comment, and tell me where you think we are at.
Peace out
