DAX: Approach to Resistance Area... how to trade it?Hi everyone!
The main trend on DAX is bullish so if you think about a short trade, it is not possible to anticipate the market/signal so it could be interesting to wait for a first bearish leg development on intraday chart and try to take a short position using the potential technical rebound (wave B) with stop loss above wave A (Top):
If there is no pullback, the next bullish target is around 16.230 area.
...trade with care! 👍
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Elliottwaveprojection
GOLD XAUUSD - Where now?Hi everyone,
We saw the reaction off the completed WXY highlighted last week (linked idea below) play out perfectly and the larger three wave corrective structure now also looks complete above the 1860 level.
My plan is to target the price inefficiency highlighted in the red boxes whilst monitoring how the forthcoming wave structure develops. Expecting initial resistance at the 1900 level.
A bullish five wave structure will likely lead gold higher beyond 1960, completing the impulsive move which began in September 2022. Will update how that plays out accordingly.
Trade safe.
BeyondEdge
USDCHF: SMALL DROP, BIG RALLY The USDCHF currency pair has been under observation and analysis in recent times, and based on the current market conditions, it is likely to be in a corrective phase.
After the correction, it is expected that the USDCHF currency pair will enter into an impulsive phase. I expect the currency pair to drop to the 0.92000 - 0.91500 price zone. At this level, it is likely that the 200 EMA will provide support. It is recommended that traders monitor the H1 200 EMA, which is a more significant long-term moving average.
To confirm a potential upside move, I'll look for price rejection on the 200 EMA, which can be indicated by a shark fin pattern or divergence on the TDI indicator. If a shark fin pattern is present, it can provide a bullish signal and increase the likelihood of a price reversal to the upside.
Based on this analysis, my medium-term target is 0.945000, and the long-term target is 0.9700.
Jubilant Food WorksHello and welcome to this analysis
The stock has been in a decline since Sept 2021, all bounces have so far been sluggish as it continues to make a lower high lower low pattern. It was removed from Nifty Next 50 hence the recent exit pressure from Index based funds
In the immediate short term due to a heavily oversold scenario a dead cat bounce appears to be in the making. This could either bounce back to 500-525 or form a triangle (higher probability) as long as it holds last week low.
Overall chances of this being a bottom look slim unless it starts sustaining above 535. We might see value buying coming near 375-350.
BTG | Elliott Wave Projection | Inv. H&S Breakout +8%Price action and chart pattern trading setup:
> A potential reversal pivot point with an inverted head & shoulders breakout and pullback ENTRY
> Target: 1.0-1.618 fibonanci extension ABC uptrend wave +7-8%
> Stop: Inv. head zone position -4%
> RRR: 2:1 minimum
Always trade with affordable risk and respect your stoploss
CPALL | Elliott Wave Projection | Bull Flag Pullback Entry +20%Price action and chart pattern trading
> A potential mega bull flag major 4 wave breakout & retest SMA200W for entry opportunity
> Target: 1.414 - 1.618 fibonanci extension +15-20%
> Stop: -7 - 8% SMA20W - 50W zone
> RRR: 2:1 minimum
Always trade with affordable risk and respect your stoploss
TTB | Wave Analysis | Triangle 4-wave Trading SetupPrice action and chart pattern trading
> An overall global leading diagonal pattern with a possible A -wave uptrend with minor triangle 4-wave
> Target minor 5-wave of local A wave at 0.5 - 0.618 retracement global 4 wave +8-10%
> Stoploss @ lower triangle support - 3 - 4%
> RRR: 2.5:1
Always trade with affordable risk and respect your stoploss, nothing is 100%!
AAPL on bull courseAAPL will very likely touches $160 - $164 area in the near term based on EW projection and fib extension. If this holds true, then the price will make a retracement (wave 4) to propel even higher later in the future. However, an immediate drop below $147 would suggest that it is the start of a new wave trend.
Disclaimer
This is NOT buy/sell call but for learning purposes.
Crypto Market Found The Support Along With TeslaCrypto market found the support along with Tesla on a daily chart, which is now turning sharply up with huge volume increase after a completed wave C of an A-B-C correction from the highs. Whales loading?
Cryptocurrencies turned up nicely in the last few weeks as USD turns down across the board, following FED comments that they are planning to slow down the hawkish policy. One of the reasons for a strong turn up on cryptos was also news by FTX advisers that have found $5 billion cash or sellable cryptos.
We know that some of big names and companies are linked or are fans of cryptos as well. Tesla per example bought 1.5 billion in bitcoin in 2021 but then dumped some big % in q2 of 2022. But more importantly, Elon Musk's Tesla still HODLing $218M in Bitcoin so it appears that they did not give up on cryptos. In fact, there was a nice bounce on Tesla stocks and cryptos at the same time, and looks like both can be bottoming, especially after better than expected quarterly earnings by Tesla.
CHAYO | Elliott Wave | Correction Projection - 25%Price action and chart pattern trading
> The current price C-wave correction is moving within a falling flag
> Potentially 4-wave uptrend targeting 0.5 retracement of 3-wave approaching / fakeout SMA200 day resistance zone.
> Entry @ SMA200 breakdown
> Target @ 0.5-0.618 Wave 3 extension zone -25% - 30%.
> Stop @ 8% previous 1-wave correction zone
Always trade with affordable risk and respect your stoploss
IIG | Elliott Wave Analysis | Falling Wedge Breakout Target +22%Price action and chart pattern trading setup:
> A minor wave 2 correction ended with a falling wedge breakout with a potential target +22%.
> The current price is trading between SMA200 and SMA50 - a possible pullback entry at SMA50 and 20 golden cross price position.
> Stop @ the lowest inverted head & shoulders -7%
> Risk reward ratio: 3:1
Always trade with affordable risk and respect your stoploss.
Good Luck
LINKUSDT Exiting Ending Diagonal from the last impulsive wavePrice action, based on Elliot Waves principles, is falling from peak after complete an Ending Diagonal from the last extended impulsive wave to a potential target at local demand in hourly timeframe in a possible 78,6% retrace as shown on AB=CD pattern, below volume POC and after reject Anchored VWAP from May '22 bottom. Consolidating in a parallel channel as shown within a modified Schiff Pitchfork. Potential swing-downward in a corrective wave target to Dec '22 low re-test. Monthly Inside Bar zone.
BPP | Wave Analysis | Bullish Divergence Uptrend Target +25%Price action and chart pattern trading setup:
> ABC correction - main downtrend channel breakout in TFW and bullish Anti Nenstar pattern - possible a major trend reversal pivot point
> Indicator: MACD / RSI bullish divergence - strong reversal signal in TFW
> Entry @ Breakout retest zone SMA50 - 20
> Target @ TP1 17.2 + 15% Inverted Head & Shoulders Target / TP2 18.7 + 25% - Falling Wedge Target - 0.618 Fibonacci retracement and volume profile POC
> Stop @ Inverted head position -7%
> Risk reward ratio: 2:1, 3:1
Always trade with affordable risk and respect your stoploss - nothing 100%
Gold - LTF Bearish ScenarioGold may need a deeper pull back to achieve pricing above 1950. Possible rejection at 1938-1942.
Should price reject, I expect to see a continued move back towards 1900 completing the WXY before rising to +1950 levels.
Bullish move is yet to be to complete on HTF.
Trade safe and I hope you have a good end to the weekend.
BeyondEdge
BTCUSDT Elliott Wave - Current Corrective Wave StageCurrent in scope Elliott Wave Impulse Waves 1 to 5. Currently within the Corrective Wave.
Used Trend Based Fib Extension Tool to determine the bottom retracement levels of the Corrective Wave A, drawing from 1st High to Low to 2nd High on a 90 minute time frame.
- 1st Highs drawn from Wave 5 high.
- The low being 22,750 and yet to understand why that level at time of posting but this the magic low used (it is a daily support and a level from which the price moved to make Wave 5 high).
- The 2nd Highs drawn to the highest high within the range below Wave 5 high
Interesting, using Trend Based Fib Extension, plotting the 1st high, that if you work the way up from left to right, choosing the lower highs on a 90 minute time frame, pulling the next plot to 22,750 lows, then lastly to high within range, playing with this tool draws perfect fibs that correlate to daily Point of Control (POC) levels.
I've chosen to use the Fib at 22,750 because when drawing the retracement level for Corrective Wave B. If using 25,530, the price target is below Impulse Wave 3, which does not fit the rule for Elliott Wave Theory.
-To draw target Corrective Wave B, using the Trend Based Fib Extension, (Low to high to low), drawn from Corrective Wave A at 22,7k to the High Impulse Wave 5 back down to Wave A at 22,7k giving a possible Corrective Wave B target to the upside of 23,4k. Another important level to be aware of for Wave B target is approximately 22,600ish which is a Naked Point of Control (NPOC)
-To draw the Corrective Wave C target, a bit uncertain at time of writing. The last of which is more technical. Using the Trend Based Fib Tool, (high to low to high) from Wave 5, to Wave 4, to the Corrective Wave A, with a target to the downside of approximately 21,750 and daily support level. (at the time of publishing I've 22,129 chosen as it seems a strong daily support).
Other point of interest. I've been using Exocharts TPO 1 hourly. Which has been useful for spotting Naked Point of Controls (NPOC), and as well as using Order Flow to determine market movements. Found that although some support levels are well respected. NPOCS on hourly TPO seem to be hit when on a down trend, and can be a good level of support.
Please feel free to correct me n any mistakes you make think I have made. Always happy to have positive criticism and useful feedback. Play around with the Trend Based Fib extension tool, the levels and confluence with time frame support and POC's are amazing!
FORTH | Elliott Wave Correction | Breakout or Fakeout? Price action and chart pattern trading setup
> A possible strong rising uptrend 4 Wave correction making a false breakout at EMA200D
> Wait and see at EMA200 retest confirmation
> Entry: EMA200D breakdown
> Target 5 wave correction of A-wave at EMA200 week -40% downside
> RRR: 3:1