DFDS weekly/monthly repeatI've been looking at the scenario for over a year, but it just seemed too extreme... Not anymore though. Let's see. Should at least move up to the quarterline if successful, which is about 60%!
Parallel Channel
Another day another weak show by Nifty. Nifty again could not sustain the highs of the day and ended up in the negative. Nifty on an hourly chart is spiralling downwards in a downward parallel channel. Every bounce even if it is a small one is seen as an opportunity to sell specially by the FIIs. Even today the signs or signals for bottom formation are not visible.
To know more about a parallel channel do read my book the Happy Candles Way to Wealth Creation available on Amazon in paperback and Kindle version.
One thing is for sure upward curve also starts out of nowhere just like the downward slide started out of nowhere so there is no need to sweat about it as the Macros for India remain healthy. Dollar index gaining more and more strength is a sign of concern however. Once the Dollar starts to relent we will see a better performance from many sectors. RSI of Dollar index is just starting to touch the overbought zone.
Nifty supports remain at 24370, 24149, 23806 and finally 23111.
Resistance levels for Nifty remain at 24592, 24757 and 25069 levels.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.
#eurusd #elliottwave long buy setup monthly 23Oct24This count is based on my assumptions so anything can happen not a trading or financial advice just for educational purposes only kindly do your own ta thanks trade with care good luck.
BTC - Next Support...Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
📉As per my last BTC analysis (attached on the chart), we know that BTC is currently in a short-term correction phase.
The question is: till when/where?
📈From a medium-term perspective, BTC has been bullish trading within the rising channel in blue.
Moreover, the orange zone is a strong demand.
🏹 Thus, the highlighted blue circle is a strong area to look for buy setups as it is the intersection of the orange demand and lower blue trendline.
📚 As per my trading style:
As #BTC approaches the blue circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Bitcoin will break support level and continue to fall to 61800Hello traders, I want share with you my opinion about Bitcoin. By observing the chart, we can see that the price some days reached the support level, which coincided with the buyer zone, but at once rebounded and declined a little below. After this movement, the price started to grow inside an upward channel, where it soon reached the 59000 level and broke it. Next, the price made a correction to the buyer zone and then continued to move up to the channel's resistance line, which coincided with the current support level and then turned around. BTC corrected the 59000 level, after which it rebounded and in a short time rose back to the 66300 level and some time traded near. Soon, the price broke this level and rose almost to the channel's resistance line, but recently it turned around and dropped to the support level, which continues to trade very close. In my opinion, the price can make a small move up and then continue to decline to support line of the upward channel, breaking the support level. That's why I set my TP at 61800 points. Please share this idea with your friends and click Boost 🚀
Gold prices continue to search for new peaks?Conan, hello everyone!
Today, the price of gold continues to break records by maintaining a new peak around $2700, and the growth trend seems to show no signs of slowing down this year.
Notably, this week, the European Central Bank held a meeting and officially decided to cut interest rates for the third time this year, with a reduction of 0.25 percentage points. At the same time, gold has attracted more attention from investors after the LBMA poll released earlier this week. These developments have made the gold market hotter than ever. It is expected that this price increase will reach $2760. What are your thoughts on this issue? Do you agree with me?
Approaching Key Levels with Potential Deep Correction Ahead!OANDA:XAUUSD
Current Price: 2737.445
2H Chart
Reason for Correction:
1H - Monthly: Overbought Zone (Deeper Correction Possible)
As indicated on the chart, the price is in an uptrend within an ascending channel on the Daily chart, and a similar trend is observed on the 2H chart, where an additional ascending channel is also forming.
Moreover, Gold is currently in the overbought zone across multiple timeframes, from 1H to the Monthly chart.
Before a potential correction, the price may rise to the overbought zone at 2753.906 or even the extreme overbought zone at 2773.699. However, it is not necessary for the price to reach these levels, as a correction could begin sooner.
A potential correction could target 2700, a significant psychological level, and extend further to 2685. It’s also possible for a deeper correction to occur, which will be addressed in a subsequent analysis.
Key Levels:
• 2753.90
• 2773.70
• 2700.00
• 2685.44
Happy trading!
EURUSD → Is a 300 pips drop not the limit? What's next?FX:EURUSD reaches an important target. As part of the realization, the price passes 300 pips. The fundamental background for further rate cuts is generally favorable
The strengthening economy in the U.S. combined with a growing dollar (extreme rally of the index), the rate of interest rate cuts in Europe are doing their job. The fundamental background for the currency pair is weak, accordingly, in relation to this situation, in the medium term it is worth considering the continuation of the decline.
The price reaches 1.078 - the liquidity zone. The pool of liquidity below this zone can push the price away, forming a correction to the imbalance zone, or to the local maximum, from which we can further consider the continuation of the fall.
Resistance levels: 1.085, 1.087
Support levels: 1.078, 1.067
The last time the level was tested in early August. This fact in tandem with an aggressive fall of 3% may form a rebound due to the lack of technical potential to break the support level. Consolidation or correction may allow the market to accumulate strength...
Rate, share your opinion and questions, let's discuss what's going on with ★ FX:EURUSD ;)
Regards R. Linda!
USDJPY → Attempting a trend change. Retest 149.0FX:USDJPY is testing range resistance in the rally phase caused by Friday's news - strong NFP report. The fundamental backdrop within the short-to-medium term is set...
From the opening of the session a small correction is forming, the aim of which may be a retest of the support or imbalance zone and consolidation of energy before a further breakout. The market structure is locally bullish on the background of the dollar growth. The Japanese authorities are still silent about their actions to strengthen the national currency (either they think about it or don't think about it :) ), so traders are increasing JPY sales in order to buy USD.
The first retest of the resistance at 149.4 failed (bounce). Emphasis on 0.5 fibo or 147.2 support from which the growth may resume...
Resistance levels: 147.38
Support levels: 147.5, 147.2, 146.15
On the chart there are preconditions for the change of the local trend to a bullish one, the fundamental background is favorable for this. If the bulls will keep the defense above the support and continue to test the resistance with a breakdown target, then in the short-term-senior perspective we can catch the forging of the impulse to 152.0.
Rate, share your opinion and questions, let's discuss what's going on with ★ FX:USDJPY ;)
Regards R. Linda!
USDCHF: Growth Continues 🇺🇸🇨🇭
Earlier, I have already predicted a bullish movement on USDCHF.
I see one more bullish confirmation this morning.
The price successfully violated a resistance line of
a horizontal parallel channel on a 4H time frame.
The next goal for buyers - 0.87 psychological resistance.
❤️Please, support my work with like, thank you!❤️
China A50 Poised for BreakoutCentral bank funding sparks share repurchase frenzy among listed companies. Technicals suggest:
- Successful retest of 61.8% retracement support
- Eyes on 61.8% resistance zone next
www.reuters.com
www.reuters.com
$AVAXUSDT: Bullish Breakout Ahead!CRYPTOCAP:AVAX has broken out of a long-term downtrend channel and is now forming a symmetrical triangle. With exciting news like the Avalanche CRYPTOCAP:AVAX Visa Card launch for crypto payments, we’re expecting a breakout from this triangle that could lead to a significant upward move. Overall, the outlook is bullish—let's see where it goes!
BINANCE:AVAXUSDT Currently trading at $27.6
Buy level: Above $27.5
Stop loss: Below $23.5
TP1: $30
TP2: $35
TP3: $40
TP4: $50
TP5: $65
Max Leverage 3x
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#eurusd #elliottwave long buy setup wave b 23Oct24This count is based on my assumptions so anything can happen not a trading or financial advice just for educational purposes only kindly do your own ta thanks trade with care good luck.
$BTC - Bull Run BeginningsWe have been in a massive accumulation phase since early this year, right now we could be laying the foundation for the next major leg up.
On the 1hr time frame we are green, 2hr also just flipped and the 3 will follow shortly if this base holds.
We are getting to the point where if this thing is going to happen at all , it's going to have to be starting soon.
The stage is set! What do you think?
AUDJPYBearish Bat Pattern Appeared
Currently market is facing horizontal resistance
buy at break of resistance
target at point D
Buy with Buy Stop Order
GBPUSD: Bearish Movement ContinuesGBPUSD is currently experiencing a downward trend, with the price consistently decreasing within parallel channel on a 4-hour timeframe.
Following a test of the upper limit of this channel, there was a significant negative response.
The price set a new lower low today, breaking through a strong horizontal support level.
This indicates a strong presence of sellers in the market, suggesting that the price is likely to continue its downward trajectory. The target price is set at 1.292.
Chance for U turn_Channel bottom_Target 200Now it's in channel bottom 115-120 level strong support. If market supports, there may be chance of bullish turn from here. Target 200
GOLD - Price can rise a little more and then start to fallHi guys, this is my overview for XAUUSD, feel free to check it and write your feedback in comments👊
Some days ago price started to grow inside the rising channel, where it at once fell below $2505 level, but soon rose back.
Prie made a retest, after this and continued to grow to resistance line of channel, which coincided with resistance level.
After this, Gold turned around and fell to support line, and soon exited from rising channel and declined a little more.
Then, price turned around and continued to move up, and later it reached $2685 level, and recently broke it.
At the moment, Gold continues tp move up, and I think that price can make grow a little more and then start to fall.
Gold will fall to support level, break it, and then continue to decline to $2640
If this post is useful to you, you can support me with like/boost and advice in comments❤️
Uptrend in Play or Drop Incoming? Key Price Zones!OANDA:GBPJPY
Current Price: 195.150
Chart Timeframe: 1-Hour
Bullish Outlook:
The price tested the Ascending Channel’s lower trendline as support and is now heading toward the 196.049 target.
Minor resistance at 195.714 may cause a pullback to 195.339 before the price resumes its move toward the 196.049 target.
Alternatively, if the price breaks below the channel’s lower trendline, it could lead to a decline towards 193.708.
Resistance Levels:
• 195.714 (Minor resistance)
• 196.049 (Primary target)
Support Levels:
• 195.339 (Expected pullback level)
• Lower trendline of the Ascending Channel (Current support)
• 193.708 (If the price breaks below the channel)
Happy Trading!
GBPUSD: Bearish Movement in a Channel 🇬🇧🇺🇸
GBPUSD is currently trading in a bearish trend.
The price is steadily falling within a channel on a 4H.
After a test of the upper boundary of the channel,
we see a strong bearish reaction to that.
With a high probability, the price will continue going down.
Next support - 1.295
❤️Please, support my work with like, thank you!❤️
GOLD → Realization continues, risks increase!FX:XAUUSD is at its highs. The price continues to rally and update the highs from the opening of the session on Monday. No selling, but buying should be cautious!
Traders are waiting for the Fed officials to speak in the nearest future. The main issues are inflation, interest rate cuts and the US economy.
Optimism about Chinese stimulus, as well as ongoing tensions between Israel and Iran are supporting gold prices (In times of geopolitical turmoil, investors prefer to rush to traditional safe-haven gold prices)
With each passing day, the impact of the US election race is appearing more and more. The probability of a Trump victory is rising. Trump's fiscal and trade policies are seen as inflationary and positive for the US dollar
Resistance levels: 2736, 2750
Support levels: 2732, 2724, 2713
There is no news in the next few days, the fundamnetal background remains the same, so gold may continue to rise. The focus is on the nearest support zones for realization of purchases. At the moment the range 2736 - 2724 is formed
Rate, share your opinion and questions, let's discuss what's going on with ★ FX:XAUUSD ;)
With Respect R. Linda!
NZDJPY → Pre-breakdown consolidation. Preparing for a rallyFX:NZDJPY is forming consolidation near resistance after retest and false breakdown. On the back of JPY decline, NZD may show upside...
There is no proper price reaction to range resistance. Consolidation in the format of a descending wedge, a rather strong pattern capable of forming strong movements, is being formed. The Japanese national currency continues to update lows amid the calm of the central bank of Japan, which is waiting for something because of the rally in the dollar, as well as economic data from the United States. Any strong comments could restart the rally in the JPY, so the risk of a shakeout is quite high. But at the moment the chart is hinting at a possible upside...
Resistance levels: 91.362, 91968
Support levels: 90.056
The price stops moving away from the wedge resistance at some point, forming a 12-16 hour consolidation. Most likely there will be a breakout attempt. If the bulls keep the defense above 91.0, we can catch a good upward rally in the mid term
Rate, share your opinion and questions, let's discuss what's going on with ★ FX:NZDJPY ;)
Regards R. Linda!
