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Bitcoin Limiting Triangle Coming to a Completion (Elliott Wave)It appears that we are nearing the end of a limiting pattern. This contracting horizontal triangle has all the hallmarks of being an abnormal limiting triangle which ended right at the apex timezone like excepted, and it also ends on what appears to be a terminal impulse pattern. This means that the market is likely to have made a very significant top here which won't be retraced for some time. While its impossible to know for certain if the pattern of one higher degree is going to form into a Double Zigzag, Double Combination, or a Triangle, we can be fairly certain that the structure of this last bull run starting at the beginning of August is a completed corrective :3 pattern that will not continue to form into a more complex correction at this degree. In any of these scenarios the high is likely to hold for several months and we could potentially see new lows under 464usd (3150cny) or at the very least a retest of that bottom. There are also several bearish divergences, wiseman signals and this harmonic on Bitstamp that support the bearish stance. Reasons to be bullish seem low especially with the BFX and Gox hacks still looming over Bitcoin's head, the failure to fully retrace the previous downtrend that began with the Gox hack on the last major bull run leaves us with a very good chance of having to retest 300-400 usd again before being able break the A.T.H, especially with the BFX hack now weighing down on BTC's confidence.
BShort
by Intuit
USDJPY Final Long Entry Before Invalidation! High R/R!This is a re-evaluation of the final corrective triangle structure. The reason why this is the LAST entry is because our stop can be comfortably placed beyond the invalidation level. A single pip below this level invalidates the count, and we have a huge risk to reward opportunity on which to capitalize. This is a risky position because the BOJ news is pending, so risk your capital intelligently. I will update with more updates as the tide rolls. Happy Trading All
Long
by glennmercer
1
AUDNZD Drop Initiated - Short Wave-i-of-((a))-of-GHey traders, the drop has likely begun for this pair toward point G of the expanding triangle. We have a bearish impulse on the 1H and an opportunity to catch the drop with a tight stop. There could still be another bounce twoard the .786 fib, but the loss will be cut short if that is the case. If the drop continues as planned, we have two targets in play: Targets: T1 @ Weekend Gap, 1.029 T2 @ Point G, 1.021 Happy Trading!
Short
by glennmercer
8
USDCAD SHORT: RIDE WAVE-((iii)) DOWNOne the 4H timeframe, we have a nice triple three correction which has potentially reached its completion with this wave-((z)): We are now seeing wave-((c)) of a potential expanded flat, which if true will mean the third and fifth wave are coming which means strong bearish price action. The stop is tightly placed above the beginning of wave-(i) since rally above this level invalidates the breakout and likely points to a potential fourth wave triangle. More updates to come...
Short
by glennmercer
AUDUSD EW Update: 5-0 Pattern to Enter BatPreviously, I posted this: I don't normally set limit orders without first seeing a sign of reversal in the form of an impulse that aligns with the wave count. This is yet another example of why this is important. This 15m 5-0 trade is a great opportunity to trade the bat pattern after first seeing a bearish impulse and setting the SL to maximize your R/R. This is the more conservative and my preferred approach. Limits can be set on 5-0 patterns assuming no major news events are scheduled. Happy Trading
Short
by glennmercer
EURUSD Wave Count - Slow Drop Before RallyHappy Sunday, traders! The drop following the expanding triangle last week was swift and strong, as is usually the case for c waves: The drop began with a series of ones and twos, meaning we will likely find a series of sideways four counts to follow. For this reason, the drop is likely going to continue sideways before the rally. I will be looking for a pop and pullback to buy after wave-c is determined to be completed. I will update as the tide rolls. Happy trading
Long
by glennmercer
OIL LONG: Elliott Wave Count - Buy The Gartley ImpulseHey traders! On the monthly timeframe, oil is in the midst of corrective structure before beginning a third bullish impulse. As we zoom in, we see that it is currently in a sideways correction and is nearing a potential completion of a 3-3-5 flat. If the current wave ends in a 5-wave (C), we can expect a bullish impulse to follow. This wave is predicted to complete precisely at the formation of a completed Gartley pattern and could set off the rally toward wave-(B)-of-2. In order to be sure, however, it is best to wait for the first bullish 5-wave impulse to complete and buy the second wave pullback toward target. I will update as the tide rolls. Happy Trading -Glenn Mercer
TVC:USOILLong
by glennmercer
12
EURGBP EW Count: Triangle to Wave-5After a strong impulse following an expanding triangle (see related idea), EURGBP has completed 3 waves of a possible 5 wave impulse to complete the combo wave. Triangles almost always occur in positions prior to the final impulse wave in the pattern of one larger degree, in the case 4 of 5. There could always be a further continuation sideways or a deeper correction toward wave 1, so it's important to be reactionary to price action. This idea was published after a bullish impulse on a smaller TF at an area where I expected one to occur, so this is a good opportunity to enter with a tight stop loss. Happy Trading!
Long
by glennmercer
8
EURUSD Long: Using Elliott Wave Theory to Maximize R/RHey Traders! I wanted to publish an example of using EW theory to set a tight SL and maximize risk/reward. Here we have a potential correction off of a strong bearish impulse. There are a few possible scenarios lining up for the corrective structure that follows. Our preferred scenario in this case is if the last leg is in fact a b wave and the "c" will continue to complete the correction before continuing downward. If this is the case, a great TP level would be the Gartley completion and thus a stop below b will get us out quickly. Of course, with all predictive analysis, this could continue past our stop and complete wave ii which we will then re-analyze. The idea here is utilize the edge of R/R and size your trades accordingly. Happy Trading!
Long
by glennmercer