Get started

Elliotwavecount

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
EURUSD..... Fly me to the MoonAh EURUSD... You have never cease to amaze me. I gave u peesha now. . . . . We are expecting an awesome rally on this pair. BE AWARE ITS A VERYYYY LONG TERM. Regardless, my very first target would be area 1.13358 And looking at the count, MY OH MY ! This rally could way up up up UPUPUPUPUPUPUP to 1.14908 And if it goes well, 1.16000 is not a pipe dream my dearest tea drinker. . . . . Please order your peesha and have a cup of tea in hand. We are in for the LONG run.... . . . get it ? u get the pun ? I was saying lon.... . . Nevermind.....
Long
by Arthyus
Where is Bitcoin Heading to, North or South? Elliot Wave GuideWhen it comes to Elliot Wave analysis, we tend to have alternative count which keeps us on the line for both the bullish and bearish scenario. In Bitcoin's case, the point is to know whether the correction is complete and the new bull leg has started or not. Let's take a look at it via the Elliot Wave Principle. In the main count, the guideline suggests that the corrective pattern is unfolding as a complex double three/zigzag pattern labeled (w)-(x)-(y)-(x)-(z). While (w)-(x)-(y)-(x) is very clear, the problem is whether wave (z) is completed. From my count, wave (z) is not completed yet and the five-wave in wave "b" is just part of an expanded flat pattern, that's a sell-off in wave c of (z) is imminent. ALTERNATIVE SCENARIO However, in the alternative count, I have labeled the wave in such a way that the (w)-(x)-(y)-(x)-(z) correction is already completed and the recent five-wave rally is the beginning of the new bullish phase for BTC. Because according to the Elliot Wave principle, five-wave always indicates the direction of the larger trend, but we will need to see a corrective pattern in "wave ii" that must not exceed $6459 area to validate the impulse move. At this stage, it's just a matter of waiting to know which way to go. What's your view on Bitcoin? Let me know in the comment. Thanks for reading!
BITFINEX:BTCUSDShort
by Veejahbee
CHFJPY Pattern Sets a Stage for a CorrectionThe daily chart above reveals CHFJPY's entire progress since October 2019 low. It looks like the past 4 months have resulted in a textbook five-wave impulse. The pattern is labeled (i)-(ii)-(iii)-(iv)-(v) and the five sub-waves of wave (iii) are also visible. Look how the entire structure fits into a base channel. The guideline of alternation has been taken into account, too. Wave (ii) is a complex correction, while wave (iv) is a sharp zigzag. This pattern means CHFJPY’s larger trend points north. The problem is that according to the theory, a three-wave correction in the opposite direction follows every impulse. If this count is correct, we can expect a notable decline in CHFJPY very soon. The support area of wave (iv) that lined up with support zone and mean value is a natural bearish target. What's your view on CHFJPY?
Short
by Veejahbee
2
Twitter's 2020 is Shaping up to be a Fantastic YearFounded in 2006, Twitter Inc. is one of the leading microblogging and social networking site in the world. The stock had an exceptionally strong run between 2016 and 2018. In a little over two years, the share price rose from as low as $13.63to as high as $47.87. That’s 252% gain in two years. Unfortunately for shareholders, the bulls could not keep that momentum any longer. The past two years brought the exact opposite in terms of returns. In October 2018, Twitter stock fell to $26.28, down 45.5% from its June 2018 high, and currently trading -30% ($32.9) today. What do the next few months have in store for Twitter investors? Let’s hear what the Elliott Wave principle has to say on Twitter’s weekly chart above. Twitter’s 2016-2018 rally unfolded in a textbook five-wave impulse, labeled 1-2-3-4-5. This pattern means the overall direction of the stock is up. However, a three-wave correction follows every impulse according to Elliot Wave theory. That is what I believe has been unfolding in the last two years. Twitter Inc. seems to be declining in wave Y of a W-X-Y double zigzag retracement. Since fifth waves are usually fully retraced, it makes sense to expect more weakness in wave ‘c’ of Y. In the mid-term, downside targets near $24 a share are plausible. On the bright side, once the wave Y downside target is reached, the 5-3 wave cycle would be complete. A reversal for the beginning of the next bull leg should then occur in that area. For now, though, the bears remain in charge. This is not the best time to buy Twitter stock according to the Elliott Wave principle. What’s your view about Twitter stock?
NYSE:TWTRLong
by Veejahbee
Tesla Stock is Vulnerable to a 40% Elliott Wave DeclineTesla, Inc., formerly Tesla Motors, Inc., designs, develops, manufactures and sells fully electric vehicles, and energy storage systems. Its market cap is approximately $86 billion. In Tesla's case, investors have been too optimistic recently. The stock is up 186% in the past six months, climbing from $177 low in May 2019 to $499 this month. Unfortunately for the bulls, no trend lasts forever. Therefore, once investors run out of optimism, the stock is likely to fall significantly. The question is, How soon? In order to find out if Tesla stock is a good pick now near $500, let’s take a look at its Elliott Wave chart above. The daily chart shows Tesla's entire progress since May 2019. As visible, the price appears to have formed a textbook five-wave impulse pattern, labeled 1-2-3-4-5. It certainly has been a wonder to behold while it lasted. The problem is the Elliott Wave theory states a three-wave correction follows every impulse. Normally, the corrective phase of the cycle would erase the entire fifth wave. For Tesla, this means a sell-off to the support of wave 4 near $327. The Moving Average indicator reinforces that the price is overextended. If this count is correct, the next couple of weeks can be a lot different than the past two months. What's your view on Tesla Stock?
NASDAQ:TSLAShort
by Veejahbee
10
Gold Bulls Haven't Give Up YetThe chart above reveals Gold entire rally since August 2018. The price which is in wave (v), the last phase of an impulsive structure is till in the making. Elliot Wave is Fractal in nature, that is, every wave has an internal sub-wave of lower degree. In Gold case, wave (v) is not completed yet as the recent rally is just in three-wave. So the price is expected to make a corrective wave iv and resume higher in wave v to complete a five-wave structure in wave (v) of C. Wave (v) is expected to find resistance at 0.618 Fib extension around $1687 per ounce. Do you think Gold has completed the five-wave structure already?
FX_IDC:XAUUSDLong
by Veejahbee