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AMD 1D Elliot Wave, Equal Legs Clearly, this chart has a lot going on. Technical analysis using Elliot wave projection + bull flag + equal legs. New to using fib circle but I gave it a shot here because I like the reactions. AMD completed an ABC from September to October. A new impulse seems to be in play. Equal legs target rationale: AMD went on a 6 month run from March to September ($36-$93). Then price pulled back holding the .382 from the initial run up, forming a bull flag with declining volume. Equal legs target= $131 in 6-7 months if price remains above $73. Elliot wave rationale: We have a completed ABC flat correction from September to November. Breaking out of the downtrend with higher lows. Held .382 from the initial run up in March. Possible wave 2 in near the .764 fib retracement. Invalidated if $73 doesn’t hold. Targets are in green.
NASDAQ:AMDLong
by UnknownUnicorn10189870
XAUUSD, 4hr tf, selling pressure is stll hereHello my friends, I got into 1 more position during 30 October. I tried analyzing XAUUSD with elliott waves and found a nice setup on XAUUSD. Price now just completed wave-4 and we could see price rotate lower once again. We could set our SL at wave-1 area as invalidation level because wave-4 could never touch wave-1 area according to the rules. I took sell position at 1887 as there is also where the 50% fibonacci retacement level of wave-3. Sell XAUUSD 1887 Stop loss 1895 Take profit 1855 RR ratio 1 : 4 (4R) Use only 1-2% risk Good luck
OANDA:XAUUSDShort
by HayatoDragonFX
$EURUSD - Elliott Wave analysisHi guys! 👋🏻 🔔 EURUSD continues to move within the uptrend channel. The movement from October 15 was impulsive, therefore it makes sense to wait for a further upward movement. 🔔 At this stage, in my opinion, one should wait for the break out from the symmetrical triangle, which in turn foreshadows the end of the correction, and open a long. 🔔 If the price breaks below the lower edge of the triangle, then wait for the price to fall to the Fibo level of 0.618, which is placed at the lower border of the channel, and if the price can stay above this border - go long. ✊🏻 Good luck with your trades! ✊🏻 If you like the idea hit the 👍🏻 button, follow me for more ideas.
Long
by azizelliott
AUDUSD, 4hr tf, descending channel Elliott Waves setupHello my friends, For today i found a good setup to trade. Please drop a like to this post and follow me for my next update. Also check my bio for a good content. Today i found that AUDUSD moving inside this downward channel and it looks like it is following the Elliott Wave theory. So we will jump into counting the wave. I am planning to sell this pair as it is now making the 4th wave ascending triangle pattern. For some people they could see this as a rising wedge. You could see that at the end of this triangle there is a horizontal resistance and descending trend line as well. Pretty much we could say 0.7150 area is a confluence of resistances. Our stop loss will be at the wave-1 area 0.7200 becase according to the elliott wave rules, wave-4 can't touch wave-1 area Touching it will invalidate our analysis and sell setup. Sell AUDUSD 0.7150 Stop loss 0.7200 Take profit 0.6980 RR ratio 1 : 4.2 Use only 1-2% risk Good luck Disclaimer : I sold AUDUSD from 0.7150
Short
by HayatoDragonFX
1
XAUUSD, 15m chart, buy on retracement of wave-4Hello my friends, It's been long since my last post. I stay away from the market the last 4 days because i got no proper setup to trade. Also there are a lot of fundamentals issue so it was quite dangerous to take a trade. For today i am gonna trade lightly with XAUSD. I got bored and try looking at lower timeframe for a trade setup. Incidentally i found an opportunity on XAUUSD. Price rally yesterday for 250 pips and today we saw a retracement. I tried counting the wave and i found that we are going to see some upside movement because we are just finished with 3rd wave. It stop exactly at 161.8% fibonacci retracement. Buy XAUUSD 1905 Stop loss 1901 Take profit 1913 RR Ratio 1 : 2 Use only 1-2% risk Good luck Disclamer : I bought XUUSD from 1905
OANDA:XAUUSDLong
by HayatoDragonFX
US500- Get Ready-Thrust Upside Can Lead to Wave 3 DownsideFor Educational Purpose Last Price- 3480 / 20:29 Hrs IST (Indian Standard Time) / 19th Oct2020 Wave (iv)- Penultimate wave -unfolding as a triangle then next wave should be the final thrust upside - only criteria is top @3588 should not be crossed for current wave count to be a valid count Expecting One push upside close to 3550/3570 to finish wave-(v) ( Crossing above 3506 highs) Once wave-(v) done & holds below 3588 highs then we expect larger degree Wave-3 to unfold below 3588 tops Wave 3 should travel 161% of Wave 1 distance downside giving us minimum target 3100 / 2950 later
OANDA:SPX500USD
by WaveTalks
5
The Trend is Your Friend: Basic Elliott Waves ExplainedIn this post, I'll be providing an in-depth explanation on Elliott Waves, specifically Impulse Waves and Corrective Waves. I personally use Elliott Waves a lot, and as it seems like the majority of my followers are beginner traders unfamiliar with the concept of waves, I decided to do an educational post on it. The concept of Elliott Wave Counts are extremely technical and advanced, so in this post, I'll only be going over the two most common waves: The Impulse and Corrective Waves Elliott Waves Background Information The Elliott Wave Theory was named after Ralph Nelson Elliott, who concluded that the movement of assets could be predicted by observing and identifying a repetitive pattern of waves. He was able to identify specific characteristics of wave patterns, making detailed predictions based on the patterns. Very simply put, the direction of a trend unfolds in 5 waves (impulse waves) and any correction against the trend takes place in 3 waves (corrective waves). The 5 impulse waves are labelled ‘12345’, and the corrective waves are labelled ‘abc’. *A bear market would show a downward trend, indicating that we’d see five waves down, and three waves up. Smaller patterns can be identified within bigger patterns. As demonstrated in the diagram above, we can see that the impulse and corrective waves in green, are combined to form a larger wave in black, which is also part of a larger wave in red. In technical terms, this is the classification of wave degrees. On Tradingview, the smallest to largest, the degree goes as follows: Miniscule, Submicro, Micro, Subminuette, Minuette, Minute, Minor, Intermediate, Primary, Cycle, Supercycle, Grand Supercycle, Submillennium, Millennium, Supermillennium. The idea of using smaller patterns fit into bigger patterns, can be coupled with the Fibonacci relationship of the waves, offering insight on optimal levels of trade opportunities, and calculations of risk reward ratios (RRR). What are Fibonacci levels? Simply put, Fibonacci levels are a series of numbers discovered by Leonardo Fibonacci, in which a golden ratio (1.681) is derived by dividing a Fibonacci number with another previous Fibonacci number. The Golden Ratio derived through the Fibonacci can be found in predictable patterns in nature from atoms to huge stars in the sky, as nature uses this ratio to maintain balance. Such ratios are very commonly found in the financial markets as well. Elliott Impulse Waves (12345) The Elliott Impulse Wave, which unfolds in 5 waves, has a few guidelines in terms of the rules that must be kept, and references to the Fibonacci ratio. - An Impulse Wave can be subdivided into 5 waves (For instance, the black wave in the diagram is subdivided into smaller green waves) - Wave 1, 3, and 5 are impulsive. - Wave 2 cannot retrace more than the beginning of wave 1 - Wave 3 cannot be the shortest wave of the three impulse waves - Wave 4 cannot retrace below the peak of wave 1 - Wave 5 needs to end with a momentum divergence - In terms of Fibonacci ratios, there is not set answer, but there are some references we need to keep in mind: - Wave 2 is 0.5, 0.618, 0.764, 0.854 of Wave 1 - Wave 3 is 1.618, 2, 2.618, or 3.236 of Wave 1-2 - Wave 4 is 0.146, 0.236, or 0.382 of Wave 3, but no more than 0.5 - Wave 5 can be the inverse 1.23611.618 retracement of wave 4, or 0.618 of wave 1-3, or equal to wave 1. Elliott Corrective Waves (ABC) When referring to corrective waves, this can include the use of other wave counts. In this post, we’ll be specifically looking at a corrective count also known as the Zigzag. - A Zigzag is a corrective 3 waves structure that is counted as ABC - Subdivision of Wave A and C comes in 5 waves - A Zigzag is a 5-3-5 structure (In the diagram above, we can see the black Zigzag waves, which consist of a 5-3-5 wave count in green) - Wave B is 0.5, 0.618. 0.764, or 0.854 of wave A - Wave C is 0.618, 1, or 1.236 of wave A - If wave C is 1.618 of wave A, it can either be a 3 or 5 waves count. Application We can take a look at Bitcoin’s weekly chart as an example of how Elliott Waves work. While I haven’t included the specific counts for simplicity sake, it provides a good idea of how the market moves. Overall, we can clearly see that the trend is bullish. However, prices don’t always shoot straight up without stopping. It breaks out, corrects slightly, and breaks out again. The repetition of impulse waves, and smaller corrective waves, is what completes the uptrend. This is why ‘buying the dip’ is a smart move during a bull market. Corrections are inevitable even in the most bullish market, and taking into consideration the fact that the trend is your friend, such corrections would merely be a buying opportunity. Almost all assets take one step back for two steps forward. This is how the market works according to the Elliott Wave Theory. Limitations Elliott Waves have a critical weakness: it’s extremely subjective. Even while looking at the same chart, traders can count different waves, as it’s difficult to pinpoint the beginning or end of a wave. As with many other tools in predicting the market, it seems that the most common case is that traders are almost 100% accurate, or completely wrong. As such, I personally like to use this tool merely as a reference in weighing out probable scenarios, rather than solely relying on my rather subjective wave count. Final Remarks I tried to dissect the basics of the Elliott Wave theory in this post. The concept itself is extremely advanced, and the explanation I provided above is merely the tip of the iceberg. Understanding Elliott Waves, while it’s not a silver bullet in trading, can help traders understand the overall trend, identify probable scenarios, and calculate optimal risk reward ratios based on wave targets. If you like this analysis, please make sure to like the post, and follow for more quality content! I would also appreciate it if you could leave a comment below with some original insight.
BITSTAMP:BTCUSDEducation
by Michael_Wang_Official
6