Price correction: first target - 56200Earlier I've shared an Elliott wave analysis chart and mentioned we may on the point (B) position. meanwhile, I've revised the chart, and realised there are 2 possibilities.
Note: Please google on the complete elliott waves chart and compare to my draw.
1. Yesterday 2nd April 2021 highest point as a reference, we may on point (1) of the impulse wave.
2. Yesterday 2nd April 2021 highest point as a reference, we may on point (C) of the correction wave.
So, I've decided to draw another version. (above)
Sketch of 2nd April. (C) edition of correction wave.
Combining with others TA tools, to find out the highest point and next lower support line.
It's a cup and handle, with a highest point of 68517.
Meanwhile, applying ascending triangle to the chart,
we may see a lowest point of 55492, in the case of we get a breakout confirmation at 58930+
Last, be aware of the limitation of this ascending triangle.
The main problem with triangles, and chart patterns in general, is the potential for false breakouts. The price may move out of the pattern only to move back into it, or the price may even proceed to break out the other side. A pattern may need to be redrawn several times as the price edges past the trendlines but fails to generate any momentum in the breakout direction.
While ascending triangles provide a profit target, that target is just an estimate. The price may far exceed that target, or fail to reach it.
Elliottwaveretracement
Interesting fact: 5 waves formedFun facts: 5 waves is formed on BTCEUR pair but not on BTCUSD
on this BTCEUR chart, major point (1) and point (4) is not intersect, which is a valid elliott waves.
However, the case is different on BTCUSDT pair. The point (4) is dipping below point (1) and so it is invalid.
Anyway, BTC seems exhausted at the moment, it failed to break ATH 61800 whereas others cryptocurrency broke its records.
Congratulation for ETH hodlers, the value of ETH will not be limited to 2100USD ONLY.
UPDATE
We're now testing the EMA Ribbon lines again.
Let's be patient and wait for the next few block of candlesticks for a buy/sell confirmation.
BTCUSDT going back to 43000 before new high?? ATH of BTC 61800 is not gonna break yet?
Yes, we're still in massive bullish price zone even retrace back to 43000! By applying elliott wave principle to the BTC market, we're currently on point B of the price correction zone.
Anyone may share your thought and tell me if i'm wrong? The chart drew according to the guideline of "Elliott wave principle key to market behavior"
ZIGZAG CORRECTION IN GOLDAs recently GOLD (XAUUSD) was rising, we have recognized the completion of the five waves up followed by lower degree five waves down. REMEBER: Five wave move against the major trend indicates the beginning of correction, specifically ZIGZAG CORRECTION. Therefore, we expect ABC zigzag correction that later will be followed by continuation of the trend to the upside.
The same movement is expected to take place in SILVER (XAGUSD), therefore you can capitalize your self through this positive correlation.
WHAT ARE YOUR OBSERVATIONS ON THIS, PUT THEM IN COMMNET SECTION.
Bearish short-term scenario doing great so far!This correction wave has worked out perfectly so far. Fibonacci levels are on point and all sub-waves are found on the chart.
As long as Bitcoin does not break above 51,700, this scenario could lead us to the EMA 21 on the weekly chart; this is something Bitcoin has previously done, so I believe there's actually a high chance for that to happen.
Then I must say: if this keeps going well, grab your popcorn and get ready for the show, because a MASSIVE breakout is likely after that!
XRP (Ripple) Working on a Riptide Down to .40!Be aware of entering new longs in this area as we seem to be in yet another Leading Diagonal formation. The first 5 Waves are already in, but calculating the current zig zag target doesn’t give price structure the precise drop that it needs. I’m anticipating a double zig zag correction to really shake out early/over leveraged bulls. Big buyers coming in at .40. Word to ya momma.
Price targets for Wave up from 11k.NOT a professional, just a person who loves TA and is very very good at pattern recognition. Do your own due diligence and make your own decisions. This post is only for speculative/educational purposes. Consult a professional if needed. Good luck trading!
If this post saved or made you money, please consider tipping and/or commenting as I lost a decent amount trying to trade this before I realized what was happening. I have another published idea which further explains things.
-Wave is doing a large correction (prediction made 12am Feb 21) to 39500
- Wave 5 of higher Wave 3 is ending Diagonal, causing deep correction to 39600 (top of wave 1, it will finish below that if entire large wave is leading wave)
- Predicting entire leg up from 11k is a leading diagonal.
- Complete wave prediction: 77240 (could be less entire large wave IS a leading wave, as wave 4 will finish inside wave 2 area. Add 19700 to end of wave 4 to find wave 5.
-Wave 5 will extend past wave 3 guaranteed.
-Wave 3 was 68% of wave 1, applied same % to wave 3 to predict wave 5 (don't know if there are known numbers for this.
DXY vs EUR/USD : Expressed by Elltiott Wave Structure 💡It is known that the Dollar and the Euro are inversely correlated, but What we found here is the Elliott Wave Structure that is respected by both currencies but in inverse way.
If We look on the graphs we can see that the Euro is moving downward, however the DXY is rallying to smash previous highs.
According to Elliott Wave Theory, Both currencies are in Wave C, which is the last wave in the cycle.
Let's see in the next few days if the EUR/USD will reach the 1.1924 level and the DXY test the 92.13 mark.
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$50 GIVEAWAY IF YOU CAN GUESS THIS PRICE TARGETWelcome everyone,
My name is Schyler with NewWave Traders. NWT is a movement in Elliott wave and trading education, a movement in creating independent and profitable traders, and a movement in lifestyle. I've been a full time trader since 2017 in the crypto markets and I help traders create a full time income for themselves without working the full time hours by mastering a proven Elliott Wave trading system that will allow you to trade on your time and live the life you deserve. Hit the follow & like button if you'd like to make it a reality. I've helped hundreds of traders just like you make it a reality for themselves. Looking forward to helping you create your success story and life.
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