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Ent601

NAS 100 D TFGood morning, everyone. Using a combination of the Elliott Wave Principle and the RSI from the Day TF, I believe the price will reverse to the following areas identified on the workspace: - 1st TP: 19,762 - 2nd TP: 19,526 Typically, when the price reverses or has reversed 3-5 times from the same support or resistance area, it indicates a strong zone. The price has previously reversed at least four times from both the oversold and overbought areas on the RSI. RSI (Relative Strength Index) Breakdown: - The RSI is a momentum oscillator that measures the speed and change of price movements. - It ranges from 0 to 100. - Traditionally, an RSI above 70 is considered overbought, and an RSI below 30 is considered oversold. - These levels can indicate potential reversal points in the market. Elliott Wave Theory Breakdown: - Elliott Wave Theory suggests that market prices move in predictable patterns called waves. - There are two types of waves: motive waves and corrective waves. Motive Waves (Waves 1 through 5): 1. Wave 1: This is the initial move in the direction of the main trend. Often, this wave is not very strong and may go unnoticed as the new trend is just beginning. 2. Wave 2: This wave is a corrective wave and moves against the direction of wave 1. It usually retraces a portion of wave 1, often between 38.2% and 61.8% of the first wave's move. 3. Wave 3: This is typically the strongest and longest wave in the five-wave sequence. It moves powerfully in the direction of the main trend and often exceeds the end of wave 1. Wave 3 usually captures the attention of traders and is characterized by increased volume and momentum. 4. Wave 4: This is another corrective wave that moves against the direction of wave 3. It usually retraces a portion of wave 3, often between 38.2% and 50%. Wave 4 is typically less intense than wave 2. 5. Wave 5: This is the final motive wave in the sequence. It moves in the direction of the main trend and often equals the length of wave 1. Wave 5 is usually characterized by lower momentum and may create a divergence between price and technical indicators. After the completion of waves 1 through 5, the market typically undergoes a three-wave corrective phase labeled A, B, and C, which moves against the overall trend established by waves 1 through 5. Fibonacci Retracement Levels and Corrective Waves: - Fibonacci retracement drawn from waves 4 to 5 suggests that corrective wave (a) may fall between the 38.2% and 50% retracement levels. - When drawn from wave 5 to wave (a), corrective wave (b) may fall between the 38.2% and 50% retracement levels. - When drawn from wave (a) to wave (b), corrective wave (c) may fall between the 138.2% and 161.8% retracement levels. However, keep in mind that the price can be unpredictable, so always trade with caution. This is not trading advice; always use your own analysis. Please feel free to comment, provide corrections, advice, or any positive input. Thank you, and have a great day.
OANDA:NAS100USDLong
by YvYc_Always
BTCUSD Greetings readers, As we can see, market structure is kind of all over the place however, there are solid areas of price action taking place. Right now as we can see on the day time frame, price has formed a bearish head and shoulders pattern. As we are aware, head and shoulders pattern is a pretty solid pattern. I believe price will fulfill the head and shoulders pattern so we will see more of price towards the downside. Keep the earlier order block in mind when trading. I believe price will react here. Price will either continue to a lower OB which has not been mitigated or reverse from this point and mitigated bullish OB's. Have a great weekend and be safe!
INDEX:BTCUSDShort
by YvYc_Always
USDJPY DOUBLE TOP? It looks like a clear double top is forming on the 4h TF for UJ. However, tread lightly because the overall trend in my opinion is still towards the 200 SMA on the D TF. Currently, NAS100 is possibly forming a double top pattern along the bullish trendline on the 4H TF. If this is so, then the next move for NAS will be a bearish one. Which means BTC, ETH, XAU, EURO, US30 will follow suit. All these assets correlate. If this is all true, then UJ will continue to move bullishly. Get in the comments and tell me what you all think. Its Ya boy ENT, and I'm outta here. Keep it simple and keep it playa.
Short
by YvYc_Always
BTCUSD IDEAGreetings, Price on the 1H TF failed to create another HL. Price on the 15m TF closed above the 50 ema and is now rejecting the 50 ema on a pullback. I got TP at 17244 which is the next FVG which will present a nice yet potential bullish scalp. From the daily TF, nearest resistance to price is around 17952. Price should hit this area and reverse to the support area of 15528 potentially. I have the bullish TP at 12062.01 because the FVG is in this area as well. Thanks
INDEX:BTCUSDShort
by YvYc_Always
ETHUSD POSSIBLE MOVEMENTSGreetings everyone, Right now ETH is moving sideways which can be a good thing actually. Give you guys time to get your money right. If price breaks trend line upwards then we can see a nice move to the upside. Pattern wise, this looks like a descending triangle which typically is a bearish pattern. However, price will do what it wants too. The dark blue rectangle captures the support area. The light blue lines capture potential target points. I'm very curious about the red line which represents resistance. I'm going to be watching this closely however, paying attention to the intersection of the trend lines which create the old fashion choke point. Price likes to gravitate to this area which can also be used as a potential decision point. Stay tuned.
COINBASE:ETHUSDShort
by YvYc_Always
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