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Ending Diagonal

BCEI: Possible Ending Diagonal to Spark Huge RallyBCEI may have completed an ending diagonal at the end of wave C of a zig-zag correction. This could send the pair on a rally toward its price target at around $9. In addition to the wave count, the current level is confluent between .618A=C, 1.786i=v, and iii=v which are all important levels to watch for support and resistance, especially toward the end of the final wave in the sequence. It should also be noted that the stock has a price target of $9 according to research analysts at KLR Group.
BLong
by glennmercer
Long SUNE: Entry at Thrust Target Through Completion of (iv)On the daily TF, we are in the midst of the fifth and final wave of an expanding ending diagonal, counted as C of an ABC zig-zag correction. The monster buying opportunity will be at the completion of this C wave, however, we may be presented with a short term long opportunity with a R/R of 8.5. The current count is wave-b-of-(c) in a potential flat correction which may complete the fourth wave corrective structure in the last leg of the ending diagonal of C. The triangle thrust is confluent with AB=.618CD and is supported by wave-iii low, so a tight stop is not unreasonable here. There will be two targets, one at (a)=(c), which is conservative, and another at the more aggressive yet probable fourth wave terminus at (a)=1.5(c) in previous fourth wave territory. If the trade triggers and travels to target, I will not be taking a short position but instead will wait for C to complete for a long term buy-and-hold.
SLong
by glennmercer
1
Alternative Count for Diagonal Pattern - 1.4639 Key LevelLast week, we shared an Elliott Wave count which was medium term bullish based on a diagonal pattern that may be ending soon. Today, I would like to add a little twist and another variation of the count. The resolution is similar to the post from last week except prices may dig a little deeper. Under the count above, 1.4639 is the key level that keeps (iii) from being the shortest of waves (i), (iii), (v). So if we get down into the 1.47 handle, a good risk to reward ratio opportunity develops to the long side using 1.4625 as a stop loss. One other interesting point, the blue and red shaded areas represent a 3 standard deviation for the past year. Oddly enough, the 3 SD comes into play near 1.46. Therefore, I am more interested in GBPUSD to the long side over the medium term. Keep an eye on the sentiment reading through the real time Speculative Sentiment Index . If this reading continues to grow, that could become a head wind for the bullish outlook. Remember, this is just another variation of the diagonal count from last week. A break above the red or purple resistance line would indicate the diagonal could be over. A pattern we're watching on the GBPJPY also appears to have some bullish juice in it as well. Happy trading!
Long
by JWagnerFXTrader
6
Diagonal Pattern - Bullish or Bearish GBPUSD? 1.5290 KeyTaking a step back, this move from the summer 2015 highs is either a 'B' wave or a diagonal of some sort. This could be a leading diagonal lower in a wave 3, but the higher probability count is an ending diagonal of a 'B' labeled in the chart above. The wave relationships play out to where the Dec low occurs near 1.618 at multiple levels. Based on the wave count above, blue wave 'C' would move higher in 5 waves. The question is, does it take place from current levels or slightly lower levels? I don't have the answer to that but a break above the red ii-iv trend line would give us a long signal. That line crosses near 1.5290. If prices break to new lows before we break the red ii-iv line, I would shift the labels on the ending diagonal to the right meaning the resolution is similar, but starting from lower levels. Notice how the Speculative Sentiment Index (S.S.I.) is getting progressively smaller on each dip lower. It has shrunk from +3.5 to + 2.5 to + 1.5 (approximately) on each dip. This is another bullish undertone to the market and factored into the preference towards this being a 'B' wave. Follow real time sentiment her e to see if it grows more negative if prices push above the red resistance line.
Long
by JWagnerFXTrader
3
EURUSD Pattern Suggests Bounce Higher - 1.0430 KeyWe have major news coming out later this morning and tomorrow that could dramatically effect EUR/USD. This post is made in advance of the news to establish a plan prior to emotions running high during the potentially volatile events. The Elliott Wave count appears mature to the down side. The sloppy and overlapping continuation lower over the past 2 weeks suggests we may be in an ending diagonal pattern. If correct, look for prices to run up to the origination of the pattern near 1.0830. As labeled on the chart, 1.0430 is a key level. That is where blue iii would be the shortest of blue i, iii, v. That would break Elliott's rules so that can be used to establish risk or perhaps implement a stop and reverse. On Balance volume has also been lagging dramatically. The volume in this downside move has not been robust. Sentiment is currently near +1.24. If during the ECB announcement today or NFP announcement tomorrow, if the real time sentiment reading drops, that may suggest the bulls have an advantage (because SSI is a contrarian indicator). Bottom line, this pair is ripe to bounce to the 1.08-1.09 handle. Above 1.1090 suggests a much large trend higher is ensuing. Bears can sharpen their claws int he 1.08-1.10 zone. 1.0430 is key to this view. With seasonal liquidity strains in place, be mindful of your trade size. Our research shows that when tweaking your effective leverage, the number of traders turning a profit increased from 29% to 40%. Page 10 of the Traits of Successful Traders Guide details it out. Download it here . (Free Registration).
by JWagnerFXTrader
11
USDollar Index Possible Wave Count & Road ahead!USDollar Index is forming an Ending Diagonal and reached 1.618 Fib Extension from Wave 1 of Wave V. The next move could be a bit of correction towards 98.50 levels and then we could see one more up wave for Wave 5 of Wave V from where we might see a bigger correction. If this count is correct then other pairs would also bottom out when the Dollar Index Tops out which is most likely scenario. I'll closely watch how the price action unfolds. Any comments or suggestions are welcomed. Happy Trading!! Siraj Hudda, CFTe Web: www.prowaveanalysis.com Skype: sirajhudda Email: contactus@prowaveanalysis.com Facebook: www.facebook.com Twitter: twitter.com
TVC:DXYShort
by SirajHudda
Nov 11 - GOLD - Heading Lower to $970-$1,000 Region in 4-6monthsGold (Weekly) @11 Nov 2015 On the mid-term outlook, Gold is at the final phase of its major downturn from all time high of 1,900 (year2011). Price is forming an Ending Diagonal - typical wave5 pattern following significant downmove or extended wave3. A closer examine of the ending diagonal structure shows that a potential Final Down-Leg (lower degree wave_v) is under progress. Projecting ahead with similar down-angle within the diagonal, expect the final wave to bring price towards the psychological $1,000 mark, or the subsequent 2.618 fibo expansion level of +/- $970. * ----------------------------------------------------------------------------- GOLD (Short-Term Outlook) ----------------------------------------------------------------------------- - expect immediate direction = UP in Rebound - recent $100 fall from latest pivot high of 1,190-1,080 warrants an near-term rebound - rebound target, taking the immediate resistance band overhead around 1,130-1,150 zone. - expect price will move in similar angle from previous bounces within the diagonal - shall the bounce materialised, expect the next move to be Down towards the mid-term targets. * * -------------------------------------------------------------------------- GOLD (Mid-Term Summary) ----------------------------------------------------------------------------- Price Target: 1,000, then 970 region. Time Target: (4-6months from Oct'15) = Feb-Apr 2016
FX:XAUUSDShort
by jeanne_k
3
EURGBP Cypher, Wolfe Wave Complete at Support - Ending Diagonal?EURGBP has produced a bullish cypher pattern in addition to a number of other bullish signals. The PRZ of the cypher lies at a major support trendline (see chart below). A bullish Wolfe wave setup has been completed in the same area. Bullish RSI divergence is present and is also oversold at the PRZ. To add to the bullish bias, an unhit cluster of pivots sits above price. I've counted a 5 wave bearish impulse with a possible ending diagonal that could be followed by sharp bullish price action. Target is set at the unhit monthly pivot. SL is placed below trendline support. Confluence in the PRZ: Bullish cypher pattern completion Bullish Wolfe wave pattern completion Major trendline support Unhit pivots above price Possible ending diagonal RSI oversold Bullish RSI divergence D1 Trendline Support: Thanks for your support and don't forget to click the thumbs up button and follow me for future updates and more trade ideas!
Long
by glennmercer
5
EURCHF Short: Ending Diagonal & Wolfe Wave Reversal to PivotsEURCHF has completed a possible ending diagonal and has made a reversal in a confluent PRZ. Wolfe Wave theory defines the sweet zone, or the area of a probable reversal, as the area between 1-3 and the 2-4 parallel extension from point 3. Similarly, EW theory suggests that wave 5 will often overshoot in an ending diagonal which may be followed by a swift and powerful reversal. This area also coincides with 1.272AB=BC, the 2.5 projection of wave 2, and 707AB. To add to bearish bias, there is also a missed weekly pivot, missed daily pivot, unhit weekly pivot, and an unhit monthly pivot below current levels, all of which could drag down price. Profit is typically taken at the 1-4 target line or at any of the unhit pivots. If price should extend past the September, 2015 pivot I will start looking for long opportunities in the bullish shark PRZ.
Short
by glennmercer
EURUSD - ANOTHER SHORT TRADE IN THE MAKING: UPDATESee previous chart (link below) for details of overall view. Previous short was stopped out but it seems the overall counts still looks correct to me, hence another attempt to join the potential short. Here are 2 possibilities, either we get a retrace of the decline or breakdown without much retrace. 1. Entry short: 1.1450 Zone (on partial retrace, but then actual entry and stop loss could be adjusted), Stop Loss: 1.1517, Target: 1.110 zone 2. Entry short: 1.1350 (on breakdown without retrace), Stop Loss 1.1407, Target 1.1 zone. Warning: This is my interpretation of price action using TA approach that I consider helps me most but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views. For those who appreciates my analysis, select to follow me and the chart for notification of future updates. Indicate you like my analysis by thumbs up, comments and sharing it with others. If you have an alternative idea then please be constructive and share for all to learn from. Thank you for taking the time to read my analysis. DanV danv-charting.com
Short
by DanV
6