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BITCOIN Correction Hasn't Reached a Bargain Zone.Bitcoin rally that started on Dec 18th, 2019 low to as high as $10505 seems to be unfolded as a leading diagonal structure. The advance broke a key corrective channel and some weekly resistance levels. The current plunge from Feb 13 high which is currently visible as zigzag is too shallow to correct the entire rally, hence a deeper correction is plausible. I'm anticipating the correction to continue and unfold as a double zigzag and retest a key weekly support level around $8250. Buying at the current market price for investment purposes is not ideal. Wait for a deeper correction. A break below the blue line around $9560 level will confirm a swing short trade opportunity for traders. What's your view on Bitcoin?
BITFINEX:BTCUSDShort
by Veejahbee
6
USDCHF UPDATE: Price Set to Resume The DowntrendI pointed out a key reversal zone in the USDCHF's analysis I published on Feb 17. Price reached the area and find sellers. With the completion of the correction, a 5-3 wave cycle is considered completed. The trend is expected to resume in the direction of the impulse pattern which is bearish in the USDCHF's case. The target below 16th January low is plausible in the months ahead. Verdict: I'm already short and I will be looking to sell on Lower Highs till we reach the blue zone on the chart.
Short
by Veejahbee
NZDUSD Pattern Suggests Downtrend is Over In The MeantimeNZDUSD'S 4-hourly chart reveals the entire price structure from the Jan 2020 top. As you can see, it is a textbook five-wave impulse, labeled (i)-(ii)-(iii)-(iv)-(v). It unfolded within the parallel lines of a trend channel and the sub-waves of wave (iii) are also visible. The market apparently took the guideline of alternation into account, too. Wave (ii) was a sideway expanded flat pattern, while wave (iv) was a sharp correction. If this count is correct, Elliot Wave theory postulates that a three-wave correction in the other direction follows every impulse. For NZDUSD, this means we can expect a three-wave reversal from the current market level. The anticipated retracement has the potential to erase the entire fifth wave. A rally back to the support area of wave (iv) or even higher is very likely. 0.6960 resistance area seems like a reasonable target in the next couple of weeks. What's your view on NZDUSD?
Long
by Veejahbee
2
EURGBP Is Setting Up to Complete a Regular Flat Pattern.EURGBP decline from August 2019 high can be seen as a classic Elliot Wave five-wave impulse pattern, labeled 1-2-3-4-5. Every impulse is followed by a three-wave correction. That is what seems to be in progress in EURGBP's case. The rally from wave 5 low unfolded in three-wave, followed by another three-wave decline which must have been wave "A" and "B" of a larger A-B-C flat pattern. If this count is correct, this corrective scenario best fit in for a 3-3-5 regular flat pattern according to EW. So it makes sense to expect a five-wave rally in wave "C" to complete the corrective cycle. However, the theory states that once a correction is over, the larger trend resumes in the direction of the impulse. Here, once wave “C” is over, a bearish reversal can be expected. What's your thought on EURGBP?
Long
by Veejahbee
2
GBPUSD Corrective Wave ContinueAfter the decline in wave ((a)) in red, the price has been unfolding in a corrective manner which is yet to be completed from Elliot Wave's perspective. Wave (a) in blue is sharp, while wave (b) unfolded as a double zigzag and formed a double bottom pattern. This scenario is best fit in for expanded flat 3-3-5 pattern, which according to the EW guideline, a sharp five-wave rally in wave (c) is needed to complete the whole corrective structure. Trading Opportunity: I will wait for the break of the blue line or daily bullish price action signal to take advantage of wave (c) of ((b)). What's your view on GU, bullish or bearish?
Long
by Veejahbee
3
USDCHF is Approaching a Level That Should Scare the BullsThe rally from wave c of Y low on 16th Jan 2020 has been unfolding as a double zigzag corrective wave. Corrective structure moves in the opposite direction of the major trend, that's once the wave y of X is completed, the bearish trend should resume. I'm anticipating the correction to complete at the daily resistance zone that lined up with the moving average. Watch out for bearish price action signals from that zone to confirm the completion of correction. What's your thought on USDCHF?
Short
by Veejahbee
USD INDEX Is Setting Up for Potential DeclineThe decline from 99.66 unfolded as a leading diagonal structure, labeled i-ii-iii-iv-v. According to Elliot Wave theory, leading diagonal always point toward the direction of the major trend. Also, once a five-wave impulse is completed a three-wave retracement follows. In the Dollar Index case, the corrective pattern seems to be unfolded as a w-x-y double zigzag and has fulfilled the requirement. Confluence that the price is also sitting at a resistance zone and approaching 78.6 Fib, a bearish reversal is imminent. While the 99.66 invalidation level remains intact, watch out for bearish price action signal from the resistance zone. The breach of the Flag channel or blue horizontal line will confirm the bearish setup. What's your view on Dollar?
TVC:DXYShort
by Veejahbee
EURJPY Bears To Complete Long-term Corrective PatternEURJPY has been trading in a corrective structure since Feb 2018. The corrective structure which is unfolding as a triple zigzag is about to complete the last leg lower. As you can see on the chart, the decline from wave X high at 127.501 unfolded in a five-wave pattern in wave (a). It then followed by a three-wave bearish corrective structure in wave (b). According to Elliot Wave theory, once a 5-3 wave cycle is completed the trend will resume in the direction of the major impulse which is down in the EURJPY case. We see an impulsive breakout of wave (b) corrective structure channel and a retest signal further confirming the continuation to the downside. Verdict As long as 122.943 "wave (b)" high remains intact, I will be looking to short on lower high till we reach the blue zone on the chart. What is your view on EURJPY?
Short
by Veejahbee
1
Are EURUSD Bears Overstaying There Welcome?Well, it seems like EURSUD has found support and completed a 5-3 wave cycle with a leading diagonal in wave 1 and triple three corrective pattern in wave 2. The corrective structure fits perfectly in a bearish channel and testing a previous bottom which is also a weekly support zone. The Price has the potential to move higher from or near the current level and travel at least the size of wave 1. Entry Criteria: The breach of the blue lines or the trend channel is conservative way to confirm the resumption of the uptrend. Do you like this analysis? kindly let me know your view in the comment. Thank you.
Long
by Veejahbee
Alibaba Stock Pattern Suggests Uptrend is Almost OverAlibaba Group, $BABA, is a Chinese multinational company specializing in e-commerce, retail, Internet, and technology. Here is what to focus on as we're expecting the earning release on 13th February 2020. However, Alibaba stock is climbing to a new all-time high from a breakout that makes the bulls very excited about the future. But are they right to feel optimistic? That is the question we hope to answer with the help of the Elliott Wave Principle and the chart below. Alibaba’s weekly chart reveals the entire price structure from the 2015 bottom at $57.07. As you can see, it is a textbook five-wave impulse, labeled 1-2-3-4-5. The sub-waves of wave 3 and 5 are also visible. The market apparently took the guideline of alternation into account, too. Wave 2 was a sharp plunge, while wave 4 moved sideways in a triangle correction. Triangles precede the final wave of the larger sequence. If this count is correct, the current rally must be wave 5. The theory postulates that a three-wave correction in the other direction follows every impulse. For BABA stock, this means we can expect a bearish reversal once wave 5 is over around $250. The anticipated retracement has the potential to erase the entire fifth wave. A decline back to the support area of wave 4 or even lower is very likely. $130 a share seems like a reasonable target in the next couple of years. The risk/reward ratio doesn’t look very favorable to the bulls with the stock around $213. Do you like this analysis? Kindly like, comment and follow. Thank you.
NYSE:BABAShort
by Veejahbee
1
GBPNZD Bulls Are Over Staying Their WelcomeThe weekly chart above shows GBPNZD's entire decline from Aug 2015 high. The sell-off is a textbook Elliot Wave impulse pattern, labeled 1-2-3-4-5. According to the theory, a three-wave retracement follows every impulse. Here, that three-wave rally has been unfolded as a W-X-Y-X-Z triple zigzag pattern. Wave (c) of Z is about to complete. I anticipate GBPNZD to find resistance at the 50% Fibonacci level that lined up with the weekly resistance zone. If this count is correct, there is a complete 5-3 wave cycle on GBPNZD's weekly chart. According to the Elliott Wave theory, the trend can now be expected to resume in the direction of the impulsive sequence. I think the bears might not have to wait too long to conquer November 2016 low and beyond. Kindly like, comment and follow if you like this analysis. Thank you. Veejahbee.
Short
by Veejahbee
Can Bitcoin Sell-off to $6500 Area Despite the Optimism?In this analysis, I'm taking a look at Bitcoin from another Elliot Wave perspective. As an Elliot Wave trader, having an alternative view is really important in order to be actively ready for any scenario in the market. In the chart above, the recent rally can be labeled as a (w)-(x)-(y), which is a corrective pattern against the decline in wave "a" in red. This correction has retraced 78.6% of the decline and also retesting a major weekly resistance level. If this count is correct, despite the optimism on Bitcoin, we could see another leg down in wave "c" of (z) of B to around $6500 area. I'm more BULLISH than BEARISH on Bitcoin considering the structure of the rally on Litecoin and Ethereum are clear impulsive move. However, since anything can happen at any time in the market, this alternative count should be kept in mind. Here is my Bullish analysis on Bitcoin. Do you like this analysis?
BITFINEX:BTCUSDShort
by Veejahbee
Bitcoin Chart Pattern Suggests Uptrend Has ResumedThe corrective pattern on BTCUSD seems to be completed as a double three (w)-(x)-(y)-(x)-(z) pattern after which it follows by a rally that broke out of the corrective structure channel. The structure of the rally looks like a five-wave impulse, it's labeled it (i)-(5). The impulse wave set the direction of the trend. According to Elliot Wave theory, a three-wave correction in the other direction follows every impulse. For Bitcoin, this means we can expect a three-wave correction from or near the current level. The anticipated retracement has the potential to retrace 50%-78.6% of the recent rally. Bottom Line On the bright side, once the retracement is finished, the 5-3 wave cycle would be complete. A reversal for the beginning of the next bull leg should then occur in that area. The bullish scenario remains valid as long as the invalidation level at $6483 is not breached. What's your view on Bitcoin?
BITFINEX:BTCUSDLong
by Veejahbee
The Rally on Ripple Doesn't Look AttractiveRipple "XRPUSD" has gained almost 49% gain from its December 2019 low. However, the structure of the advance is more corrective than impulsive. The current pattern on the chart is called a double zigzag according to the Elliot Wave principle. Wave (y) of the zigzag also equals 1.236 of wave (a) at a critical weekly resistance level that lined up with 200 Daily Moving Average. What this means is that we would likely see a new low or at least Ripple will lose 50% of 2020 gain from or near the current market price. The break of wave (4) of c of (y) or the flag channel will confirm the bearish bias. Do you think Ripple will continue the rally?
BITFINEX:XRPUSDShort
by Veejahbee
8
CHFJPY Elliot Wave Trade Idea In the CHFJPY chart above, price is making a bearish (a)-(b)-(c) corrective pattern after the completion of a bullish five-wave impulse. The corrective pattern will most likely unfold as a zigzag based on the current structure of the decline. I'm expecting a sell-off in wave v to complete five-wave impulse in (a), followed by a corrective pattern in (b), then I will look to go short wave (c). I'm anticipating wave (a) to terminate at the ascending trendline support, so I will take a short-term sell entry at the market open. Here is my previous analysis on CHFJPY:
Short
by Veejahbee
3
Silver Supernova Elliot Wave SetupHere Silver analysis again. This is my most important watchlist for next week. I got stopped out last week but had a new entry on Friday, and I will be looking to add more long position this week if I get the correction. Price seems to have resume wave (iii) after a simple zigzag corrective structure in wave (ii) that terminated at a confluence level that consists of 61.8% Fib, support zone, and wave c of (ii) equal wave "a" at that same level. If we get a move lower in wave ii before the breakout of the Flag structure; it will provide a good risk-reward entry point. Here is my longterm Silver analysis and how I arrived at this current setup: What's your view on Silver?
OANDA:XAGUSDLong
by Veejahbee
GBPAUD BEARISH TRADE IDEA UPDATEI projected a double zigzag In my previous analysis due to the nature of wave (a) of the correction. Fortunately, the confirmation level was not triggered and the market rally higher to complete a five-wave cycle in wave (c). The five-wave suggests that the whole correction is a simple zigzag pattern. Price has made a deep correction that terminated at 78.6 Fib and the wave (c) also equal (a) within the blue zone. Price is expected to resume the bearish sell-off in wave 3 from or near this level while the invalidation zone remains intact. Once the price breach the confirmation level, the invalidation level will be high at 78.6 Fib area. What's your thought on GBPAUD?
Short
by Veejahbee
3