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Elliotwaveanalysis

Bitcoin Turns Down For Deeper Correction. Strong Support At 40k.Stocks are coming down at the start of January as some portfolio adjustments and profit-taking occurs at the start of a new year to avoid 2023 tax year. We can also see some dollar rally, but normally these flows at the start of the year are temporary and can be reversed later this month when flows will normalize. We also have a FED minutes today, but US PMI and NFP much more important this week I think. Looking at bitcoin, its coming sharply down on speculation that SEC will reject ETF. Some nice support is at 40k.
BITSTAMP:BTCUSD
by ew-forecast
Price Action shows a-wave advance topping, b and c-waves to comeThere is no doubt the rally off the October 2023 low has very little distinguishable structure to it. However the MACD indicator has made a new high so we DO NOT have negative divergence telling me, we will get a downward retracement, but this recent rally is not done to the upside. For this advance to top in a more sustainable fashion, we would be rallying on negative divergence. Therefore the blue pathway for price is the higher probability. Since the SPX has not made a new high, I am still carrying the black pathway on the chart as it valid below the ATH.
SP:SPX
by maikisch
TRADE_SETUP_10% upside in ABBThe stock can be seen moving up in an Elliot wave structure from Oct end bottom. Wave I completed in Oct-Nov followed by a 38% retracement and then Wave III completed in Nov-Dec followed by a deeper 50% retracement. Now the Wave V has begun in the stock from Dec 21.This particular wave also can be seen sub-dividing into minor waves like the previous 2 impulsive waves. Currently we at the wave ii of Wave V and waves iii, iv and v of V are yet to unfold. The projected final target for Wave V is projected to be around INR5100-5150. On the downside the low of 4529 is crucial and should be considered as an important swing low for all buys. Note*- Views are based on personal opinions/observations. Please do your own research/analysis before making any trading/investing decisions.
NSE:ABBLong
by neeraj_2_sharma
Dr.Reddy's to move into the INR6000-6200 zone in Wave V of 3This Pharma giant has outperformed Nifty 50 in the entire 2023. Starting from Jan.2023 the stock has been making clean and strong impulse moves and easily beating the index returns for the entire year. The stock completed wave I of 3 between Jan-May 2023 and completed the wave III of 3 subsequently between May-Aug 2023. Between Aug-Oct 2023 the stock was in a complex wave IV correction and came out of the same with wave i of V of 3 in month of Nov. The stock now has a minimum of three legs pending to the upside in order to complete the wave V of 3. The remaining legs should be considered as minor sub-divisions of the Wave V itself. The stock is projected going into the INR 6000-6200 zone from current levels in the coming moves. On the downside the low of INR 5471 remains a crucial support. At current levels the stock offers an attractive RR of more than 1:3. Note*- Views are based on personal observations and opinions. Do your own research before making any trading/investing decisions.
NSE:DRREDDYLong
by neeraj_2_sharma
GOLD, will we see a pullback this week?So far gold dropped nearly 8% from the new ATH without any significant pullback, bringing a lot of money to market makers, who created the fake move. At some point a pullback should happen, but it's hard to tell when. The first structure support at 2000 was already violated today and we reached to 50% retracement within a really short period of time considering how long the move up took (which was also impulsive in my mind). According to my last analysis I am still waiting for a correctional B wave to be formed, which would make it possible for us to 1. Get a short position. 2. Calculate timing and goal for a possible wave two target area. At this point it is impossible to tell where a wave B could find it's highest point, but there are important resistance areas to mention: 2004 - 2010, 2028 - 2033 and 2044 - 2052 Only a price close above 2080 can form an impulse for higher prices. The support areas for buying a possible pullbacks are: 1971 - 1977 and 1932 - 1939 We already reached the first support, having a confluence with the 50% fib retracement.
FOREXCOM:XAUUSDLong
by Kyrean
FUTU: strong potential for 2024FUTU reached the upper zone of mid-term 52-45 support range and is trying to find a footing. I like the gap-up with substantial volume today. Re-claiming the 50d moving average would be a constructive next step in shifting the odds of important bottom in place. Otherwise, if 50.28 level will not hold, next support levels are: 49-45. Suggested price structure is in-tact until price holds above 40.90 level. Fundamentally solid with strong sales and earnings growth 4qrts in a row, high EPS growth estimates for 2023 and decent 2024, could be a perspective growth candidate to outperform the markets in 2024 (in favourable environment).
NASDAQ:FUTULong
by artemfedorov
Hellena | GOLD (1H): Long to resistance area of 2070.573.Dear Colleagues, I suppose that the upward movement is not over yet. I expect the completion of wave 4 in the area of 50%-61.8% Fibonacci level 2046. It is possible that the price will go even lower, so keep an eye on the updates. Then I expect an upward movement with the aim to reach at least the resistance area of 2070.573. Manage your capital correctly and competently! Only enter trades based on reliable patterns!
OANDA:XAUUSDLong
by Hellena_Trade
The Most Critical Level For BITCOINFinally updated my BTC chart. Bitcoin has finally headed into the golden zone of Fibs and a very cautious supply zone from where it's gonna be moon or doom for the crypto market. Let's go from bear to bull scenarios and take a deep dive into BTC from an Elliottwave perspective. Scenario 1: the move up from the 15K bottom is a three-wave move and will get rejected from .618 to complete the partner leg down for the double Zigzag, revisiting 15K or even breaking below to make a new bear market low. Scenario 2: We reject .618 but get a shallow correction staying way above 15K and then keep moving up in a corrective manner and revisit ATH territory. Scenario 3: We have a 1-2,1-2 and #BTC is ready to blast off as we are moving into the minor-degree (green) wave-5 which completes the intermediate-degree (orange) wave-1 of the primary-degree (aqua) wave-3. In simple words; TO THE MOON!🚀 Scenario 3 seems most probable right now given the 4 year cycle history of #BTC since its inception. 31K is the invalidation for this count. As long as we keep making higher highs and higher lows and stay away from 31K, it's only moon from here. Assuming the most bullish case is at play, I have three ideas for the short-term counts. 1) Regular flat correction for minor-degree wave-4 2) A sideways triangle correction for wave 4 3)Or maybe a long sideways double or triple zigzag
by Mashood_Abidi94
1
LINK - The Stair Step + Double Bounce#LINK After a beautiful ABC correction after an Impulse wave #Link has taken multiple shots and cracked up through resistance and is now coiling up and stair stepping on top of support. When PA is as clean as this, with volume in all the right places. Yes there is incredible potential for clean gains, but more than that it's a spectacular example to learn from IMO. Such a beautiful illustration of how support & resistance work. I hope this helps provide a lens through the noise of PA so you can truly appreciate what's taking place in plain sight and hopefully also how to use this as a map for future gains.
Long
by ANobleNerd
TRADE_SETUP_DABUR 10% MOVE IS STARTING NOW!This FMCG stock is spotted completing a complex triple three(WXYXZ)correction to a prior leading diagonal wave 1 that it had developed between October-Dec.2023. The stock has made a 50% retracement of the 'wave 1' rise during the complex correction in the past three weeks. Now that the corrective wave is nearing its end(or already ended), the stock should be expected to make a ''U-turn" from current levels and should attempt to move towards the INR 580 mark in coming weeks/months. INR 520 can be used as an "SL" on the downside. At current levels, the stocks offers an attractive risk reward of 1:5 for a short term trade. Note*- Views are based on personal opinions/observations. Please do your own research before making any trading/investing decisions.
NSE:DABURLong
by neeraj_2_sharma
Bitcoin correction My analysis indicates that Bitcoin has recently completed the fifth and final wave of its impulse phase. This phase is typically marked by a strong upward trend, driven by a surge in investor optimism and market euphoria. However, this is not just a peak in price; it also signals an impending shift in market dynamics. We are currently observing Bitcoin's transition into its corrective phase, traditionally denoted as the ABC pattern. This phase is critical as it represents a period of market adjustment and rebalancing after the rapid escalation seen in the impulse phase. Our findings suggest that Bitcoin has completed Wave B of this corrective phase. Wave B is often characterized by a deceptive recovery or stabilization in price, leading some investors to prematurely anticipate a resumption of the upward trend. However, our projection indicates that we are on the cusp of entering Wave C, which is expected to bring a further decline in Bitcoin's value, potentially reaching a target of around $37,050. The anticipated decline in Wave C could offer a more favorable entry point for new investments. However, it is crucial to exercise caution. Elliott Wave projections, while insightful, are not infallible and should be considered as part of a broader, diversified investment strategy. It is essential to remain vigilant and adaptable, considering the inherent volatility and unpredictability of the cryptocurrency market.
BITSTAMP:BTCUSDShort
by ewhite41
3
Tezos(XTZ): Looking Potential Movement To Upper Resistance With an Elliott Wave pattern in motion, points (A) to (E), the coin has been making waves. The climb to point (C) was promising, but now we're in a critical phase as we've slipped from there, and point (D) is giving us some hope from the push it is showing us right now. It looks like we're gearing up for a decisive moment at point (E). If the bulls can muster up the strength and we break past the resistance near the $0.90285 mark, we're eyeing a potential uptrend that could challenge previous highs. On the flip side, if the bears take the reins and we see a downturn from (E), there's a chance we could dip back down to test lower supports. It’s all about the play-around point (E) now. We personally want to see a nice rejection happen in the near future. that point!
Short
by SwallowAcademy
4