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Elliottwavecorrection

Elliott Wave - SELL GBPCAD - Potential Leading diagonalGood evening traders, We are testing out some Elliott wave analysis. We are currently watching the GBPCAD as we could be looking at a leading diagonal. A leading diagonal consists of five waves, labeled 1-2-3-4-5. Waves 2 and 4 are always corrective, Wave 1 is usually the longest Wave 3 cannot be the shortest among waves 1,3 and 5. Waves 1 and 4 overlap Leading diagonals occur in the position of the first wave of an impulse or wave A of a zig-zag correction. Any thoughts or comments are welcome, We are currently shorting with our initial target of 1.6900
Short
by ForexStoreau
1
AUDUSD The Bleak FutureAUDUSD... Yes, you are in pain right now. Not only you are in the middle of disaster, but you also failed to break and important zone............... . . . . . I am looking to short this pair... But this is still an idea. I need more data. But so far... It looks bleak. My condolences to all people facing the disaster in Australia. My heart goes to you and I will help in anyway i can. For all of you dear Readers. Give your support and time for the people facing the Fire in Australia. P.S I haven't update my count. Becoz i haven't traded this pair yet.
by Arthyus
$AMC here it is for the record:Likely completed 3-3-5 correction from ATH, but Does the bounce from 7.47 to 8.71 qualify as a leading diagonal? Hard to tell if they are all zig Zags or not on the 5 & 15min tf. Looking very bullish on longer timeframes. Failed to tap median line of the Andrews' pitchfork and upper warning line is now shown as support. Tapped the bottom of the channel in the final impulse down. Daily rsi breakout from trendline and multiple bull divs. Bull div on weekly and monthly rsi. You would think it would just be another sideways correction before more continuation but imo difficult to rule out a leading diag on the 5 or 15m from 7.47 to 8.71. If not, can someone explain how this is an extended 5th? Wave 5 cannot exceed length of 3 at 4.15.
NYSE:AMCLong
by Drunkmonk
6
Oil Corrective Structure Wave Analysis Buy/SellIf you look at my analysis from November 25th which is linked below you can see that I forecasted a big sell off in Oil. The sell off I was anticipating have began, now I am looking for the trend to continue to the downside. Before that happen I will not be surprised to see a bigger corrective structure to form which may retest resistance around 57.19. It may not get that high but I am looking for another push up to set up another potential sell off. Also watch the trend line to act as support.
FX_IDC:USDWTIShort
by JjohnsonBeGreat
S&P500: to impulse or to not impulse that is the question!Two weeks ago I shared my view on the TVC:SPX in that it was either following a standard impulse patterns higher or it was following an ending diagonal pattern. I mentioned back then " The first sees (grey) minute-iii complete soon then wave-iv (orange target zone) and then wave-v to complete (green) minor-3 ." Ideally I would have liked to see wave-iv reach TVC:SPX 3075-3040, but all we got was 3091 though this pullback materialized indeed "soon" as the low was in three days after my update was posted... So, the pullback was right on cue, but shallower then anticipated. It happens, as it's impossible to get it right all the time, and note the TVC:SPX is now already trading at the same level as two weeks ago: 3115... In addition, because the pullback was so shallow the subsequent rally fell also short as an ~100p rally would have been ideal but "all we got" was ~65p. This is common, as it means too many buyers jumped in at these higher levels, causing buyers exhaustion (i.e. when everybody has bought/is long, all that's left to do is to sell/go short). So, although the jury is still out there on which of the two larger patterns is evolving, we now know the market did five waves (grey, minute-i,ii,iii,iv,v) up off the October 3 TVC:SPX 2855.94 low, completing (green) minor-3/c. The 3 is for the impulse, the c label is for the diagonal. So the Bulls want to see the green "alt: 4" complete at ideally TVC:SPX 3042: the 100% retrace as in a standard impulse pattern wave-3 often reaches the 161.80% Fib-extension of wave-1, measured from wave-2, and then wave-4 should drop down to the 100% Fib-extension before wave-5 does (ideally) a nice 5=1 extension to the 200% Fib-extension. The latter is in this case at TVC:SPX 3229. So, last night the Futures market reached TVC:SPX 3158, which is exactly the 1.618x extension and started today's decline. A BINGO for the standard impulse pattern so far. This patterns is exemplified by the orange arrows. Ultimately, price will need to move and close below last week's low at TVC:SPX 3091, to confirm wave-3/c has completed, but the daily charts look weak, market breadth is negative, and sentiment readings have been frothy for weeks, so all suggest this should be accomplished over the next few days. The alternate is that we thus only saw three (green) minor waves up and that completed (red) intermediate wave-c of the diagonal, and wave-d is now underway. Note, I label the diagonal in letters to distinguish it from the impulse. Price will have to move and close below TVC:SPX 3040 and especially below 3022 to tell us the diagonal pattern is in play. Thus there's still some ways to go... If that happens, then the current decline will be labeled as red wave-d and it should drop to ideally TVC:SPX 3005+/-15. Now that still means there will be at a minimum a wave-e to complete (black) major wave-3 at around TVC:SPX 3200, followed by another wave-4 and 5 (grey arrows). Thus, the current decline is one way or another still a great buying opportunity, and we'll just have to monitor the price action carefully to better determine when and where this musical dance of chairs ends. Trade Safe!
SP:SPXShort
by intelligent_investing
3