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Fibonacci

NVDA Bearish Elliott Wave AnalysisDisclaimer: I did this analysis with a strong bias that the market is overrun and purposely look for a bearish case for NVDA since it seems to be the one stock that is forcefully pulling the indices up. All other usual way of analyzing waves will give NVDA a target above $153. In this analysis, I gave the following points: 1. On the weekly chart, we can see a clear downtrend in volume (can be seen on daily too). 2. RSI divergence on the daily. 3. An irregular correction W-X-Y-X-Z. 4. Fibonacci Target of the last wave. Please use this with caution and only as a reference on how a bearish case for NVDA could be.
NASDAQ:NVDAShort
by yuchaosng
8
Detailed Technical Analysis of Sonata Software (SONATSOFTW) The chart represents Sonata Software Ltd. (NSE: SONATSOFTW), plotted on a 2-hour timeframe with Fibonacci retracement levels. Let’s break down and analyze the various elements of the chart to extract meaningful insights into the current and potential future price action. 1. Chart Overview Timeframe: 2-hour Ticker: SONATSOFTW Current Price: ₹607.35 (as of the latest candle) Volume: The volume bars at the bottom show significant trading spikes at various points, especially in July and late August. 2. Fibonacci Retracement Levels Fibonacci retracement is a powerful tool used by technical analysts to identify potential reversal levels in an ongoing trend. The Fibonacci levels plotted on this chart use the range from the swing low in June to the swing high around mid-August. The key Fibonacci levels are: 23.6% – ₹682.00 (Resistance) 38.2% – ₹640.00 (Resistance) 50.0% – ₹607.35 (Current Price, at a significant level) 61.8% – ₹565.00 (Support) 78.6% – ₹520.00 (Deeper Support) 3. Trend Overview Uptrend from June to August: The stock saw a clear uptrend starting in early June, peaking around ₹720 in mid-August. This uptrend was characterized by strong price action with consistent higher highs and higher lows. Correction Phase from August Onwards: After peaking in August, the stock entered a correction phase. This is where Fibonacci retracement becomes particularly useful, as it helps identify support and resistance levels where the price may find buying or selling pressure. 4. Fibonacci Levels Analysis 23.6% Level (₹682.00): The price briefly broke above the 23.6% Fibonacci level in early August but quickly reversed. This suggests that the ₹682 level is acting as a strong resistance point. Until this level is convincingly broken, further upside may be limited. 38.2% Level (₹640.00): This level also acted as a significant resistance in September, where the price attempted to rally but got rejected multiple times. The stock consolidated between ₹565 and ₹640, but each attempt to break through ₹640 has failed so far. 50.0% Level (₹607.35): This is a key psychological and technical level where the price is currently hovering. Fibonacci’s 50% retracement level often serves as a crucial zone, where the market decides its next direction. The price has tested this level several times, indicating indecision among traders. If the stock can maintain this level and reverse upward, it could challenge the upper Fibonacci levels once again. However, a failure to hold the ₹607 mark could lead to further downside. 61.8% Level (₹565.00): The 61.8% Fibonacci retracement level is often considered the "golden ratio" and tends to act as a strong support zone. If the stock falls to ₹565, buyers could potentially step in heavily, especially considering the stock bounced from this level previously in late September and early October. 78.6% Level (₹520.00): If the price falls below ₹565, the next crucial support lies around ₹520. A break below this level would signal a deeper retracement, potentially shifting the long-term trend to bearish. 5. Volume Analysis The volume bars indicate several key moments of increased trading activity. Large spikes in volume tend to coincide with significant price moves: July: The price moved upwards with increased volume, confirming the uptrend. Late August: Significant selling pressure was evident as the price sharply dropped from its highs, with a corresponding spike in volume. September: The stock saw multiple attempts to rally, but each was met with selling pressure, accompanied by a moderate increase in volume. The current volume trend shows a slight decrease in activity, indicating potential consolidation. If a breakout or breakdown occurs, watch for volume confirmation, as that will help validate the direction of the move. 6. Support and Resistance Zones Based on the Fibonacci levels and price action, we can clearly define the following support and resistance zones: Resistance: ₹682 (23.6% Fib), ₹640 (38.2% Fib) Support: ₹607 (50% Fib), ₹565 (61.8% Fib), ₹520 (78.6% Fib) A breakout above ₹640 and ₹682 could trigger a new uptrend, while a breakdown below ₹565 would indicate more downside risk. 7. Technical Outlook and Conclusion The stock of Sonata Software is currently in a corrective phase after a strong uptrend from June to August. At present, it is trading near the 50% Fibonacci retracement level, which is a crucial area for bulls and bears to decide the next direction. Bullish Scenario: If the stock can hold the ₹607 level and start moving upwards, we could see the price challenge the ₹640 and ₹682 resistance zones. A close above ₹682 would likely signal a renewed uptrend, potentially taking the stock to new highs around ₹720. Bearish Scenario: If the stock breaks below ₹607, the next key support lies at ₹565 (61.8% Fib). A failure to hold this level could lead to further downside, with ₹520 as the next target. If this deeper support fails, the trend may shift towards bearish, leading to a longer correction. Overall, the current price action suggests indecision in the market, and traders should watch the upcoming price movements carefully. Volume spikes will provide further clues about the strength of any breakout or breakdown. 8. Recommendations For Bulls: Watch for a strong move above ₹640 and ₹682 with accompanying volume for a potential long position. For Bears: A break below ₹565 could signal an opportunity for short positions, with ₹520 as the next target. In conclusion , Sonata Software Ltd. is at a critical juncture, and the market is looking for direction. Traders should closely monitor the Fibonacci levels and volume to determine the next major move.
NSE:SONATSOFTW
by stocktechbot
GOLD → Consolidation at bullrun. Shall we update ATH?FX:XAUUSD is forming the lower boundary of consolidation within the local correction. False breakdown of MA-50 and support at 2713 activate buying. Bulls are aggressively buying gold at every opportunity Uncertainty around the US presidential election, market caution ahead of key US earnings reports are reviving demand for traditional safe-haven gold. In terms of the upcoming interest rate cut, the market has probably already resigned itself to the most likely 0.25% cut. Also, we continue to monitor the difficult economic environment in the markets of China... The Middle East conflict is still at the same level, with no signs of escalation or de-escalation, but it should not be overlooked. The metal is forming a sideways range of 2739 - 2713 - consolidation. A primary retest of resistance could trigger a correction to 2728, or deeper, but with a high probability, gold could continue to rise Resistance levels: 2739, 2750 Support Levels: 2728, 2713 Price may test the ATH in the near term. If the bulls break the resistance and hold the defense above 2739, gold may continue to rise. If a bounce or false breakout is formed, the price may test the nearest support. Next, we need to watch for a reaction. If gold will return to retest 2739, then the chances of a breakout and further growth will grow! Rate, share your opinion and questions, let's discuss what's going on with ★ FX:XAUUSD ;) Regards R. Linda!
FX:XAUUSDLong
by RLinda
12
NQ Power Range Report with FIB Ext - 10/23/2024 SessionCME_MINI:NQZ2024 - PR High: 20521.00 - PR Low: 20490.50 - NZ Spread: 68.0 Key scheduled economic events 10:00 | Existing Home Sales 10:30 | Crude Oil Inventories Maintaining range between 20600 and 20300. Session Open Stats (As of 12:15 AM 10/23) - Weekend Gap: N/A - Session Gap 7/24: -0.32% (open > 19946) - Gap 10/30/23 +0.47% (open < 14272) - Session Open ATR: 277.72 - Volume: 15K - Open Int: 245K - Trend Grade: Bull - From BA ATH: -3.1% (Rounded) Key Levels (Rounded - Think of these as ranges) - Long: 20954 - Mid: 19814 - Short: 17533 Keep in mind this is not speculation or a prediction. Only a report of the Power Range with Fib extensions for target hunting. Do your DD! You determine your risk tolerance. You are fully capable of making your own decisions. BA: Back Adjusted BuZ/BeZ: Bull Zone / Bear Zone NZ: Neutral Zone
CME_MINI:NQZ2024
by mv3trader5
URA eyes on $31.44: Major Support to hold for $37 final targetFollowup to my plot looking for $31 break (click). URA broke above a major zone with ease. Likely to be retested for possible late longs. Or look for Break-n-Retest of zones above. $ 31.43 - 31.66 is Major Support that must hold. $ 34.37 - 34.55 is the proven immediate hurdle. $ 36.26 - 37.07 is the final target for this wave. . Previous Analysis: . See "Related Publications" below for other Uranium stocks ================================================================== .
AMEX:URA
by EuroMotif
BTCUSD afternoon updateBull and bear counts for BTCUSD. Kind of busy chart, I apologize. From 64802 to 69487, it looks like price has formed a contracting diagonal. Today's low tagged .618 fib drawn from 69487 to 64802. Bearish count (red) has an ending diagonal, completing wave c of (y). Neutral count (and probably least likely, in yellow) has price looking for a wave ((5)). Bullish count (green) has leading diagonal (1), wave (2) complete, wave (3) looking north of 74139, and lots of room/extensions to run. If diagonal ends up being correct analysis, bulls must stay above 64802 and get above key resistance of 69487. Break below 64802 opens up bearish scenario. Line in sand key support 58867, break below which would likely be impulsive and confirm bearish count.
BITSTAMP:BTCUSD
by discobiscuit
Symbotic pumping (86%)#SYM bullish signs! Hot AI-stock to watch. In near future price could pull back a bit. =>this should be the right time to get into the market. The short-timeframe isnt clear enough for me to call out the specific ElliottWave structure yet (probaly forming a diagonal 1st wave). But im expecting price to dance around the blue-band. Then meet the the green-line and find shortterm resistance. When sustainably breaking out of the green-line, price could explode.
NASDAQ:SYMLong
by PF_Analysis