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Clear breakout on BTC but be cautious!! (Elliot Wave)Break of the symmetrical triangle means we were in a triangle correction, which often occurs in wave 4 of B. This indicates the start of the last wave 5 or C. The apex of the triangle acts as a huge support, so in order for the breakout to be confirmed i think a hold of this support for atleast 2-3 days is important. Stop loss can be placed below the apex of the triangle. Possible targets are fib extensions placed on the chart which also line up with the height of the beginning of the triangle (around 4k). lez get sum gainz boiz
BITFINEX:BTCUSDLong
by RegideTrader
GDX: Gold Miners ready to take off?The latest price movement suggests that we are likely setting up for a big move upwards as wave iii of (iii), which in Elliottwave theory is seen as the most impulsive of waves. If the GDX moves above $24 in an impulsive way over the next few weeks, we would then be looking at a target of $30 within the next 3-4 of months. If, however, the price doesn't follow through and drops below $21, this would invalidate the count and imply that the correction from the August '16 high is not over yet, though this count is still less probable due to the recent i/ii set up which suggest a bullish move is in the cards.
AMEX:GDXLong
by Eboard10
4
GDX - Gold Miners at a Critical JunctureThe miners are reaching a pivotal point that will determine the price pattern over the following months. In my previous post back in Feb, I provided a count and stated that the GDX would be bottoming at around $20 before resuming the bullish trend. While the count is still valid, wave (ii) has protracted longer than what I had initially expected as we are still in that same corrective wave. I still expect the bottom to hit around the $20 mark and would like to see a strong move upward above $24 in the following weeks to confirm the start of wave (iii) of 1 that would take us to at least $30. However, should the price fall below $19, it would invalidate the current count and make me more bearish in the short term. The next couple of weeks are going to be critical as the pattern unfolds. Stay tuned for more!
AMEX:GDX
by Eboard10