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Elliotwavecount

S&P 500 Is Printing Bearish Elliot Wave PatternThe S&P 500 massive decline and the subsequent rally makes Elliot Wave sense. The coronavirus 35% sell-off was a classic five-wave EW impulse pattern. According to the theory, this implies that at least a three-wave correction should be expected. In SPX's case, the 28% rally that follows the decline is in three-wave so far and taking the shape of an a-b-c zigzag corrective pattern. Not only that, but the price has also already retraced 50% of the decline and testing an important weekly resistance level. I'm not interested in catching the top, so I will wait for price action to confirm this scenario. The breaks of the counter trend line and previous swing low at 2656 area will be a good confirmation that the bears are ready for the run. Price has the potential to move below the previous low in the anticipated decline. Do you think S&P 500 has already bottomed? Let me know your view in the comment.
TVC:SPXShort
by Veejahbee
Elliot Wave View: Bitcoin Sets a Stage for Further DeclineThe rally from $4000 low moved correctively and took the shape of Elliot Wave double zigzag pattern, labeled w-x-y. According to the theory, once a correction is completed the price resumes in the direction of larger trend, which is bearish in the BTCUSD case. Prices also break out of the rising wedge support decisively further signaling the completion of the correction. Price has the potential to take previous low in the anticipated decline. Do you think BTCUSD will retest $4000 again?
BITFINEX:BTCUSDShort
by Veejahbee
7
GBPUSD Sets To Continue The Bullish Impulse PatternGBPUSD's advance from 1.14062 low is taking the shapes of an Elliot Wave impulse pattern. According to Elliot Wave theory, impulse structure consists of five waves sequence, three of the five-wave move in the direction of the trend while the other two move alternate the larger trend. In GBPUSD's case, I'm focusing on the corrective pattern in wave (4) of iii which is unfolding as a flat pattern. The pattern which is about to complete will give us a buy trade opportunity in wave (5) of iii. What's really interesting is that the alternation guideline is being followed. The guideline stated that if wave (2) is a sharp correction, then wave (4) will be most likely a sideway corrective pattern, vice-versa. Entry Idea Wait for price to retest the 38.2 Fib area, then watch out for the break of the blue line for buy confirmation. What's your view on GBPUSD?
Long
by Veejahbee
4
My bitcoin/usd longterm predictionBitcoin has finished the correction from the high of 13800 on june 2019 and is ready for a new bull move. According to my wave system the waves will form as shown on chart. Wave 1 is going to end between $8000 and $9000. Wave 3 is going to end between $13.100 and $15.600. Wave 5 is going to end between $24.500 and $30.000. As to the corrective waves 2 and 4 i am going to give you targets after bitcoin reaches each target first, wave1 and wave 3. After that, bear market again as usual. risk disclaimer This prediction is based on my personal trading strategy and this article does not suggest you to make any trades. I am not responsible for any future losses using the information above.
BITFINEX:BTCUSDLong
by togatoni
1
XAU/USD Gold going DOWN until June 2023B wave count simple 5-3-5 zig zag to the 1.618 extension on low volume w/ bearish divergence at the $1703 top and we're expected to come down significantly. Its an internal retracement still correcting from all time highs so I'm looking at volume profile coming down from ATH. The point of control is around $1280 which led me to consider changing the pitchfork from original to schiff. As we know, price will at least tap the median line 80% of the time. This also coincides with a 50% fibonacci extension of A at $1265, the golden pocket 0.618-0.65 retrace of B at $1297-$1276. I know triangles are supposed to have 3-3-3-3-3 structure, but is it possible this forms a symmetrical triangle and we don't get a breakout until the latter half of the decade? I struggle with labeling and couldn't put a count on it but to me the first leg down looks like wxyxz. It looks like the initial move down from ATH could never be considered a 3 wave structure. Can someone share their count? This is not financial advice and please do your own research.
OANDA:XAUUSDShort
by Drunkmonk
1
Silver Is Heading to $11 After A Short-term RecoveryHere we can see Silver making a simple zigzag pattern from September 2019 high. Wave (a) unfolded as a leading diagonal with 3-3-3-3-3 internal structure. It then followed by an a-b-c zigzag retracement in wave (b). Since the completion of wave (b), the bears have enjoyed a massive decline in wave (c) which is not completed yet. According to Wave Theory, five-wave make an impulse. Price seems to just complete wave iii of (c) in CADJPY's case, and wave iv is in the making. This, in turn, meant that once the recovery in wave iv ended, another selloff in wave v of (c) would be very likely to complete the five-wave impulse pattern. Wave iv has the potential to retest the blue resistance level that lined up with a 38.2% Fibonacci level. What's your view on Silver?
OANDA:XAGUSDShort
by Veejahbee
7
Price of Silver Is Trading In a Triangle, What Does This Mean?In the market, there are no guarantees, only probabilities. That is why traders must always look and prepare for different scenarios. If you have been following my analysis on Silver for a while you have probably seen some of my analysis suggesting Silver could rally to around $22 articles. However, my bias has changed in the last few weeks as the price is unable to move in five-wave higher to break 2019 high. Instead, XAGUSD has been moving sideways. This behavior reminds me of more and more of a triangle correction under construction. See the idea on the chart above. The Elliott Wave Principle states, that triangles are sideways corrective patterns, constructed of five waves, labeled A-B-C-D-E, where each wave is smaller than the previous one unless it is an expanding triangle. It appears that the Silver exchange rate has almost completed wave D to the downside during Friday's session. If this count is correct, we should expect another rally in the face of wave E, which would complete the whole triangle. By any means, if my assumption of a triangle is right, wave D should not breach wave B low, and wave E should stay below wave C high. According to the Elliott Wave Principle, triangles precede the last move of the larger sequence. That is, Silver should resume its larger degree downtrend as soon as the correction is over. What's your thought about Silver?
OANDA:XAGUSDLong
by Veejahbee
4
Last Week Price Action Is a Bad Omen For GoldIn the recent article I published on Gold "How Far Will the Prices of Gold Fall, $1000/oz", I made mention how XAUUSD is completing a major Elliot Wave pattern that could lead to a massive sell-off if the count is correct. Last week sharp decline on Gold as the coronavirus threat increased globally further confirming the setup. In the daily chart above, we could see how the price made a double top at the upper trend channel before the plunge that breaks out of the channel support on Friday. This decline on the lower time frame can be see as a five-wave impulse , see the chart below. According to Elliot Wave theory, five-wave impulse pattern indicates the direction of the larger trend. In Gold's case, the direction of the impulse is bearish and as long as $1703/oz high remains intact, we should be seeing a short-term corrective rally on Gold, followed by a long-term decline. What's your thought on Gold? Check related ideas for previous analysis on Gold.
FX_IDC:XAUUSDShort
by Veejahbee
12
EURGBP, Ready to sell for retracement Reasons to SELL 1/ complete 5 wave impulse movw which can be wave 3 or wave c 2/ A bearish divergence 3/ waiting for a breakout of the valid bullish trend 4/ A Shooting star candlestick pattern at a strong resistance expecting to trade the correction of the whole impulse wave to minimum of 38,2 or 50% Fibonacci level Therefore we are trading either wave 4 correction or we are trading anew impulse wave Write in the comments all your questions and any instruments you want me to analyze . Kindly push the like button if you think the idea is useful - that would be the best THANK YOU. Thank you.
Short
by ABDOLLAR_FX
1
CHFJPY Sets To Resume Another RallyCHFJPY has just completed a 5-3 "impulse-correction" Elliot wave cycle. The corrective structure was complex and erratic due to the last few weeks of volatility. However, the price seems to make a triple zigzag pattern and rejected 61.8% Fibonacci level that lined up with the weekly support zone. Price has the potential to move higher in five-wave and target above wave A high is plausible in the weeks ahead. Looking for bullish price action at HL will be a good signal to position in this new bullish trend. What's your take on CHFJPY?
Long
by Veejahbee
6
NASDAQ 100 Futures UpdateOANDA:NAS100USD TVC:NDX NASDAQ:QQQ My view that a rise in wave c of B of a correction is coming has not changed. We are in the ending of a correction within a larger correction and corrections by nature are notorious beasts to predict their shapes and forms - as opposed to impulsive trend moves which are easier to predict. I believe another minor low is needed in this c of b of B (lol !) to complete a more ideal 5 wave form. It might happen today or on Asian opening Sunday night. This drop is at the 78.6% retracement of" a of B" rise so it is pretty much "do or die" zone so fingers crossed. I believe the low of larger A should hold, however. Because of the larger drop in b of B I have lowered my target of the end of wave c of B to the 61.8% retracement zone wave A drop (crash of last week) as opposed to the 78.6 retracements. Since "a of B" rose based on hopes and rumors of Fed intervention, I am speculating that the rise in "c of b" to come will as a result of hopes/announcements of good news - either new Fed intervention and/or in combination with some kind of Trump Admin fiscal stimulus package or just plain and simple - the mythical PPT (Plunge Protection Team) :) Let's see what news or rumors transpire over the weekend. Cyrus
OANDA:NAS100USDLong
by cyrusgr8