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Elliotwaveanalysis

I'm Bullish. Here's WhyHi Traders, PLTR is oversold on the 2HR, 4HR, and daily charts and has nearly completed a corrective wave. This corrective wave is denoted by the yellow ABC pattern (also known as a Zig Zag pattern) in Elliot Wave analysis. The Wave Trend indicator is extremely oversold since the signal is far below the green boundary as shown on the chart. I anticipate PLTR will close the small gap around the $14.96-$15.94 area, which is also a BULLISH demand zone and a trend support zone. I've decided to use this area as an entry zone. Once price is in this area, consider a bullish position targeting $17. If PLTR closes above $17, target $18.64 based on harmonic pattern analysis, which currently indicates a bullish Gartley. Here's my bullish case, strictly using Technical Analysis: Harmonics PLTR is showing three bullish harmonic patterns (Gartley, Black Swan, and Anti-Nen Star). I'd like to focus on the gartley pattern, which statistically has a 75% likelihood in reaching T1 ($18.66). In the chart below, you can also see the oversold RSI at a value of 28.74 Price Action There is a bearish order block around the $14.75 as denoted in the chart below. Bearish traders sold PLTR back in NOV 23, but PLTR didn't decline further in price. Instead, it gapped up, which indicates Bearish traders exhausted their selling power and will likely be eager to close their positions by buying PLTR at this price point, thereby constituting a bullish demand zone. Trends Trend resistance is $16.98 with trend support at $14.40 as denoted by the trend lines on the chart below. The 200 period moving average (yellow line) is $14.80, which coincides with trend line support, gap analysis, and price action order blocks. I consider this strong support for now. The 9 period (purple line) 21 period (blue line) moving averages act as resistance (for now) and are $16.74 and $17.31 respectively. Both coincide with trend resistance at $16.98. The chart also shows positive divergence on the VMMACD and MACD indicators. Trading Plan I trade options, and while I do own several hundred shares of PLTR, I generate income by selling CALL and PUT options based on the volatility (i.e. price swings) of PLTR. Since I anticipate PLTR is nearing a LOW, I will likely sell several $14 or $15 PUTs option with a 45 DTE (Date Till Expiration) to collect premium. When PLTR reaches my upside targets, I will sell COVERED CALL options (maybe $18 or $19 strikes) to collect premium, because I know that these upside targets act as supply zones (i.e resistance) and price may decline from these areas. Happy Trading!
P
by chiefwils0n
4
DUOL: In the mid-term resistance zoneWhile I like DUOL from fundamentals and momentum leadership perspective, my interpretation of the price structure calls to be very careful to any potential sell- or trend-changing signs. 227-264 area is the zone of important resistance for the first leg of an uptrend trend, starting from May'22 lows. Until price is closing bellow 264 level, I cannot disregard the these perspective of mid-term pullback to 140-100 area, that may present exceptional opportunities to get onboard for the potential triple digits run in several years. If price move beyond 264 resistance level, suggested price structure needs to be revised. Signs of potential trend reversal would be: 1. Break bellow 8/21 ema on volume and distribution signs; 2. Break bellow 2021 top (205)*; 3. Break bellow 50d and 10w MAs on volume increase. I remain very bullish and optimistic long-term for this name. * that could trigger double-top short set-up with 205 as a covering guide
NASDAQ:DUOL
by artemfedorov
5 waves impulse down visible in NIFTY from topNSE:NIFTY hourly chart shows 5 wave impulse down as of now. In this case, a pullback towards 21800/21900 should occur followed by another fall which should take the prices in 21300/21400 zone at least. Assuming this is wave A of the correction downwards, pullback would be B followed by another impulse C down. Note that this is ideal scenario and the correction could become complex (WXY/WXYXZ). Let's go step by step and follow what's visible in charts and will update as and when something changes. Note that 5 can turn into 9/13 if the first leg of this fall remains impulsive and it could also end up being 7/11 waves but we'll cross that bridge when it comes.
NSE:NIFTYShort
by YetAnotherTA
$COIN COMPLETE ELLIOT WAVE ANALYSIS Observations indicate that NASDAQ:COIN is currently within the fifth wave of a broader wave C. Notably, yesterday saw a reversal from the 0.5 retracement level, signaling the completion of wave 4 and readiness for the forthcoming wave 5. It is customary for wave 1 and wave 5 to exhibit equality in length, a consequence of the extended wave 3. Anticipating this pattern, I project that wave 5 will reach the 3.618 extension, approximately at $315, thereby concluding both wave 5 and wave C in their entirety.
NASDAQ:COINLong
by thekidtrader11
3
USD/JPY: The Trend is still bullish in mid term....Hi everybody! On weekly Chart the trend is bullish , but although the pair formed a nice impulsive rally, at the moment, I still consider the main trend as a big corrective pattern (ABC Pattern). Even though the price rejected from 149.25 area (wave C), the wave was very steep and I don't rule out its transformation into an impulsive wave (12345). If this happens an ABCDE Pattern ( Flat Correction ) is possible. One aspect that should not be underestimated is the BoJ's changing of the guard. Kazuo Ueda is set to become the next governor of the Bank of Japan, succeeding current central bank chief Governor Haruhiko Kuroda. Both houses of Japan’s parliament now need to approve Ueda’s nomination. Prime Minister Fumio Kishida’s ruling coalition has a majority in both chambers. Parliamentary hearings are likely to take place on Feb. 24, Nikkei reported. Kishida recently emphasized the need for the next central bank governor to have “global communication skills” and be able to coordinate closely with global peers , Reuters reported, citing his comments in parliament... ...Current governor Kuroda was first appointed in March 2013. He has led the central bank’s ultra-dovish monetary policy , including maintaining a negative interest rate since 2016 – even as global peers have been hiking to tackle inflation . His current five-year term will end on April 8. Bank of America Global Research expects gradual policy normalization under the central bank’s new leadership instead of an abrupt change, according to the firm’s economists led by Izumi Devalier. The team said in a report that completely removing the central bank’s yield curve control – a policy of maintaining 10-year Japanese government bond yields within a 50-basis-point range of 0% – won’t happen any time soon. “We continue to think a change in the BoJ’s policy framework (including abandoning YCC and negative interest rates) will be delayed until mid-2024,” the economists said, adding that they expect to see “flexibility” in changing the current policy instead. The economists added that it’s “only a matter of time” before the Bank of Japan tweaks its yield curve control policy, and that they expect to see changes within the first half of 2023. Japan’s government also reportedly announced its nominees for other central bank roles including Shinichi Uchida, currently the central bank’s executive director, and Ryozo Himino, the former chief of Japan’s Financial Services Agency. “The government’s reported deputy governor picks are also well-suited to address the challenge of streamlining and winding down the BoJ’s expansive easing program, in our view,” the BofA economists said in their report ahead of the announcement. On trading side, technically speaking, if the trend is bullish , it should be correct to try to take Long position on any pullback or corrective structure above 132 area. Trade with care! 👍 ...and if you think that my analysis is useful, please..."Like, Share and Comment" ...thank you! 💖 Cheers! N.B.: Updates will follow below
Long
by TheAnonymousBanker
12
GOLD, will CPI news confirm the downtrend?Hello everyone, after a predicted pullback from 1980 area Gold reached it's highest point at 2088 and turned bearish again. To be honest I didn't expect the move to extend so high, but these things can happen. Finally it's likely that Gold topped out wave B at 2088 and started wave C with the main target at 1920. So far nothing new (check my latest analysis). How will CPI news effect Gold tomorrow? There is no clear answer to this question, as we have to observe the next move of the dollar, which started a slight counter trend. If it will break over the local resistances formed within the last days, Gold will fall further. Important levels for Gold Resistance area: 2040 - 2050 Support areas: 2000 - 2010 and 1970 - 1980 Elliot wave analysis If wave C started at 2088, we probably have seen most of the first wave down, which you can see in red on the chart. I don't see an impulsive decline, so this scenario is quiet likely. The exact position for the subwave count are always hard to figure out, so please look for confirmation before you make a trade. Trade idea Sell 2032-2040 with TP 2010 and SL 2051 Buy 2000-2010 with TP 2030 and SL 1998
FOREXCOM:XAUUSDShort
by Kyrean
ELLIOTT WAVE Forecast: Euro and Pound Under PressureHello Traders, From my previous short call on GBPUSD on the 13th of December (), I noted some economic indices that favours US dollar over GBP. The analysis is unfolding pretty well. The British pound (GBP) continues to face strong pressure from the U.S. dollar, causing it to lose its position after the impulsive breakout of the ending diagonal at 1.27035. This was expected, but we haven't reached the predicted target yet. With the Euro (euro) also expected to decline, it's unlikely the pound will recover. Looking at the currency pair, it seems the pound is about to drop more. This is due to a complex correction in the market trend. So, it's a good idea to stick with selling the pound (GBP). If the price drops below 1.2610 and stays there, I will consider selling more towards the final leg wave (Y). I will keep selling GBPUSD at 1.2610, and if the price goes below, I will sell more. My stop loss is set at 1.2635 and I aim to take profit at 1.2470 or lower. I will keep an eye on the market for any changes. Cheers and happy trading.
Short
by Samuel124
ETH bull run This chart is a simple Elliot wave analysis of the cryptocurrency Ethereum. This chart is on the monthly timeframe using a line chart for a clearer picture. The starting point is an impulse leg with a small pullback with indicates impulse instead of correction. Price after completing 5 legs with an extended 3rd leg finally topped and retraced perfectly to the 0.786 Fibonacci level. The retracement was also a near perfect fib extension of first corrective wave down (not drawn). At the current moment price appears to have finished the correction with the final (Y) wave down and shown impulsive wave characteristics. I predict a bull run from here and suggest buying for a long term hold whenever the market has a pullback.
COINBASE:ETHUSDLong
by snipdapipz
Crude in Wave 3 - Bullish ChannelBasically and continuation of previous published idea. Wave counts have been updated and the low at Wave 2 sets the lower channel. Wave 1 ended and was followed by and expanded flat Wave 2. Continued movement above the bearish downtrend channel continues to give great confidence we are seeing a trend change to bullish movement. Friday's closing looks to have ended with an ABCDE triangle that will end in a Wave 5 on a lesser count. I'll take a snapshot of my minutes count and add to the replies. Overall, I'm bullish. Looking to buy dips and will likely see and end to this wave in the 80's. Thoughts and ideas only and charts and comments not meant for trading decisions of any kind. I advise you to due your own diligence, keep your own counsel, and trade at your own risk.
NYMEX:CL1!Long
by HedgehogLanding
4
EURUSD Big Support For Corrective Drop Is At 1.07 - 1.08Euro turned up at end of 2023, it recovered with a sharp reaction higher up to 1.1 area where pair slowed down and turned lower into a pullback that is now in progress. Ideally, thats wave (A) of a new higher degree correction that can represent even wave 2 so be aware of some more weaknesses or sideways price action, but eventually, new buyers will show up still later this month. Some nice support is at 1.08-1.07 area. Also, after the latest strong US jobs and US CPI data suggest that speculators can be looking for too much of the FED cuts this year, so market can do some "repricing" and dollar can rally further.
by ew-forecast
HF Sinclair all set to rise 60% in Wave 3ABOUT COMPANY: HF Sinclair Corporation (HF Sinclair) is a diversified, innovative energy company that manufactures and sells products such as gasoline, diesel fuel, jet fuel, renewable diesel, specialty lubricant products, specialty chemicals, and specialty and modified asphalt, among others. HF Sinclair also owns and operates refineries located in Kansas, Oklahoma, New Mexico, Utah, Washington and Wyoming and markets its refined products principally in the Southwest U.S. and Rocky Mountains, extending into the Pacific Northwest and in other neighboring Plains states. In addition, HF Sinclair produces base oils and other specialized lubricants in the U.S., Canada and Netherlands and exports products to more than 80 countries. ABOUT THE CHART: The stock was seen rising in an impulsive 'wave 1' structure from the bottom of May 2023.The impulse ended in Sep 2023 and was followed by a corrective 'wave 2' through Sep-Dec period. Wave 2 retraced 38.2% of wave 1. Between 12th-20th Dec the stock again produced another impulse that can be labeled as wave i of wave 3. The final projected target for wave 3 is expected to the $80-85 which provides a good 60%+ upside potential from CMP. The stock is expected to complete the wave 3 with help of sub-dividing minor waves. On the down $51 can be considered as a crucial support and hence be also used as a "sl".
NYSE:DINOLong
by neeraj_2_sharma
1
PTTGC | Wave Projection | Complex Inversed Head&ShouldersPrice action and chart pattern trading setup > Global pattern bullish complex inversed head & shoulders pattern breakout > Local bull flag breakout EMA200 dynamic resistance with strong bullish candle - a possible ABC bullish wave targeting new wave 1 > Support pullback entry level : EMA200 zone > Target 2X bull flag pattern @ 0.786 - 1.272 fibonanci extension +15% upside > Stoploss @ lower bull flag support B wave zone -7% > Risk reward ratio: 2:1 Always trade with affordable risk and respect your stoploss
SET:PTTGCLong
by dukeposh