EurJpy - Short trend - Long correctionRed pitchfork - H4 short trend.
Orange line - H1 long correction.
Blue arrow - Expected movements.
Medianline
#DAX Dealing with Resistance.It's going to be interesting to see how the $DAX deals with the resitance coming from the prior highs and the downsloping median line parallel. This level also coincides with the weekly Tenkansen and Kijunsen, which makes it even harder to continue the rally. But for now the short-term trend remains bullish.
#DAX Stuck at the Resistance of the Parallel. $DAX$DAX Price seems to keep developing under the charm of the downsloping fork. Currently it's stuck at one of its parallels. Usually that's where the down trend should resume, but the demand side is not asleep.
Zooming WAY out on the DJITrivia time...in what year was the DJIA first published?
Answer: 1896
That gives us 125 years worth of technical charting data!
My favorite charting tool is Andrews' median line. Taking an 'A' pivot from 1896 low, a 'B' pivot from the 1929 blow off top, and a 'C' pivot from the 1932 low we can draw a nice median line that has captured price over the past 89 years.
Admittedly though, it's a large area within the median line so maybe this is not that surprising.
What does catch my eye, though, is the 75% line within it represented by the dashed line in the chart. This is 75% of the distance between the center line and the outer parallel lines. Price bounced off this line on the bottom in both 1942 and 1982. Now, keeping in mind Newton's 3rd law of motion, we saw a bounce off the 75% line in 2000 on the opposite side of the center line. As Tim Morge likes to put it "as above, so below", or in this case "as below, so above."
Looking at the chart now, we're at that top 75% line for the second time...
DAX30 at the resistanceDAX30 is very extended to the upside. It is expected to bounce off of the ML-parallel and return to the Median Line.
NQ CME EMINI 6-18-2021 15minPrice hit the upper sliding parallel to the upside and fell down to the blue median line and is showing support. Selling weakness could see price possibly continue to drop farther to see the support underneath becoming resistance near 13958.
Past performance is not necessarily indicative of future results
Risk of loss in trading commodities, futures and options on futures can be substantial.
Therefore, before investing you should carefully consider whether such trading is suitable
for you in light of your financial condition.
NQ CME EMINI 6-18-2021 240minPrice is showing a steady climb to new all time highs with support on the upward fork. Concerns, however that price will fall are beginning to show as the trendline to the upside is showing lack of energy.
Past performance is not necessarily indicative of future results
Risk of loss in trading commodities, futures and options on futures can be substantial.
Therefore, before investing you should carefully consider whether such trading is suitable
for you in light of your financial condition.
NQ CME EMINI 6-18-2021 DailyPrice is near resistance near horizontal all time highs as well as showing resistance at the upper area of the blue fork to the upside. I am looking for price to come down and hit 13934 again before possibly moving to the upside.
Past performance is not necessarily indicative of future results
Risk of loss in trading commodities, futures and options on futures can be substantial.
Therefore, before investing you should carefully consider whether such trading is suitable
for you in light of your financial condition.
ADA - Longterm food for thoughtCrypto drops like the one today can look devastating on the lower timeframes, but if you take a breather, step back, zoom out and look at higher timeframes like the weekly, you’ll soon see the bigger picture.
ADA is still well above its Bollinger Bands Middle Band Basis 20 Period SMA on the weekly chart.
ADA is still well above its 50EMA on the weekly chart.
ADA is still well above its Pitchfork Hagopian Line on the weekly chart.
While ADA is below its 2nd Pitchfork Median Line, notice that ADA is still well above its 1st Pitchfork Median Line.
Notice how the Bollinger Bands Lower Band has risen up indicating decreased volatility on this weekly chart. As you can see, ADA is still in a longterm uptrend, scan back on this chart and see what happens when the Bollinger Bands Lower Bands move up after a period of strong upwards volatility…… there will possibly be sideways ranging…… then another period of increased volatility and looking at the ADA chart it’ll more likely be upwards.
ADA is still in a longterm uptrend, and that will not change until ADA drops and closes below $0.63 which is below the 1st Pitchfork Median Line and the Pitchfork Hagopian Line. Periods of sideways ranging and drops are good fro the market and entice new buyers to buy ADA at a cheaper price.
Yes there will be more drops and sadly BTC still controls the market direction but if there is one crypto that has shown true individual strength & said “meh” to the Bitcoin crypto market manipulation drops and recovered quickly, it is ADA.
You can check my older post when ADA was below $1, i posted many time saying “accumulate more ADA before ADA gets to $1”, now i’m saying “accumulate more before ADA gets to $10”. If you're longterm, then any drops with ADA should be used to accu…………… well, you know what to do.
I hope this is helpful with your trading and hodl-ing.
GBPUSD - 3 retracement possibilities - Elliott Wave & Pitchfork Watch for price action and take your pick. I'm personally willing to try all 3 as the R/R is good.
$nflx - we could test $570 this week... and then pullback to 542 area before the next push.
flirting with the pitchfork median for the past few days, making higher lows on declining volume.
today's candle confirmed bullish engulfing on an outside day.
excepting a bullish week if market remains strong.
XLM Next target 0.45!I have predicted before that XLM will reach 0.4 and it well did. The price action has been respecting an upward channel for the last months. Next potential target now is 0.45$. The price action broke through the median channel and through a strong resistance zone which can act as a support if the candle closes above it. After that we can expect a pullback to 50% level of Fibonacci (a previous resistance 0.35-0.36$) before going bullish towards 0.45$. The 21 EMA has been acting as a good dynamic support since 21 January and moving averages in general are well spread and going long.
SPY : Pricing heading downwardsPreviously, I projected that price will drop.
Let's see if the downsloping mini-pitchfork (shaded green) defines the new trajectory path for the price over the next few day or weeks. For now, this mini-me (pitchfork) seems to be in control. As long as price is trapped by this fella, price will be head towards target 1 which is the median line of the major pitchfork(blue).
GJ Outlook W1 June 2020Details on the chart indicate my view of the market based on basic structure, trend analysis, basic wave theory and median line theory.
Order flow concepts also align with this but would make the chart too cluttered. I only use order flow for getting in and out of the market anyway, not necessarily market analysis.
Good luck, trade safe.
AU Outlook W1 June 2020I've been going through median line theory recently and specifically like how it plays with Elliot waves. So the analysis is based on those two techniques primarily.
Structure is king and rules over all.
Details on chart.
Ps. Hoping to publish more ideas as practice and also as accountability for myself. Previous ideas published have been immature and underdeveloped, based on personal ego and limited understanding. Learning everyday, growing everyday.
Potential for resumption of downtrend in S&P500This is the bearish case for S&P500. There is a bullish case which I'll publish later.
The rally since the bottom on 22nd March can be counted up to this point as a double zigzag WXY as shown in this chart.
The second zigzag of this double zigzag has followed the purple pitchfork nicely and has been tagging along its median line, and its C wave can be counted complete as an ending diagonal, although as explained in the comments on the lower time frame analysis wave C may continue up a bit further
Looking at the RSI it is showing a bearish divergence gap on the 1 hour time frame
Bitcoin might go long but for how long ...Bitcoin fell down yesterday very strong, which might be a good reason for continuation for reverse. This might be a good sign for continuation, but after all we have to appreatiate media hype, so we are heded to FIRST and SECOND targets first to decide wether buy will continue or crash again.
From the moment when market fell down on sunday, bitcoin left its new unfulfilled futures gap. As expected, we can say this gap might gap fulfilled first, before possible crash afterwards.
If momentum and expected second target will base new support level then we can expect also third target up to 11k or even to 12k (hard to hit)
Short term target:
T1: 9500$
T2: 10 000$ (Possible return expected)
T3: 10500$
Wish you good trading,
Follow us for more updates on bitcoin BTCUSD
Elitefxacademy
GBP/USD :DSimilar setup for the GU, as you can see it is forming a "Head and shoulders pattern" (I don't trade chart patterns) . Price is moving in a very organized way and that's curious to see. Hope you like me analysis even though it is hard to understand xD.
Feel free to ask me anything about my analysis :D.
EUR/USD ANALYISIS A pitchfork median line in confluence with a demand zone that turned into a supply zone, let's see.
