Gold Elliott wave analysis January 2021Gold 2020 bull market is now trading in its 5th impulsive wave after big correction. correction also has made bull flag pattern.
since 3rd wave is extended wave we can expect 5th truncation at the high of 3rd wave . After the end of 5th wave entire bull market will finish and seller will target for bottom near 1450. At the end of 5th wave we can expect 0.618 retracement of entire trend at 1692.
Sangamagarwalfx
Bitcoin Technical resistancebitcoin is trading inside a giant yellow parallel channel with a minor green channel. Both the parallel channel are converging near 2017 high.
Price is rising high without correction. it can take u turn from here and retrace back to 38% retracement which is at a horizontal support level
How to trade with Elliott wave Elliott wave trader buy at the low of wave 1 and 3 while exit at 5th wave
buying at the low of 1st wave or 2nd corrective wave give you numbers for both sl and tp.
since 3rd wave always move beyond the high of 1st wave and longest among 1,3 and 5, catching 3rd wave alone gives you enough profit.
if you buy at 2nd corrective wave you put your sl below low of 1st wave.
as Elliott wave has guidelines for every wave. buying at the low of 2nd wave give you opportunity to profit 3 and 5 wave at the same time. Since 4th wave can't enter in the price territory of 1st and you entered below the high of 1st wave you can lock your profit at 1st wave and wait till end of 5th which give profit of entire trend.
Trading parallel channel like Proin parallel channel there are two trend lines parallel to each other.
You buy/sell at trend line.
near the yellow arrow sign. you multiple resistance
trend line
fib retracement
previous support now turned into resistance
trade always have two part Entry and exit
you have multiple resistance to sell and you exit at 100% projection of wave at lower trend line of channel
this is perfect example : How you can trade using trend lines, fib retracement and extension, support and resistance.
(market doesn't give you this type trade everyday. so you have to wait which strategy is giving you signal to trade. if you wait you always spot this type of trade easily ).
Gold abcde correction : Bottom for $2100Gold made all time high $2075. Since than it is making abcde correction which has almost finished.
This complex correction make perfect foundation for gold bullish rally which will make gold new all time high at $2100.
support of this correction being at 1765 and resistance for potential bull market is at $2120.
This bearish movement is result of profit taking at end of year.
buy low at support and sell high at resistance.
EURUSD Elliott wave analysis : dollar crash Price had completed its 12345 Bullish impulsive wave than making abc correction to five impulsive wave. Wave c of correction being a parallel declining channel.
correction to five impulsive wave has already made 38% fib retracement. ABC correction can test low of 4th wave which is between 50% and 61.8% retracement of previous bullish trend. if this support level holds than you can rise 3rd wave of new trend followed by previous trend. since 3rd wave is always the longest you can get big pips with very low risk.
Fundamentally dollar is bearish and gold is bullish with bit coin
Will bitcoin make new all time high?Bitcoin is rising high after breakout of yellow trendine. It is breaking all the resistance in its way one by one..
This bull rally was started from 3850 which has already given a greedy return .
if big boys are riding this trend than they will take some of their profit than that would crash bitcoin like gold.
because this price is getting attention of everybody and market reverse when it gets attention of everyday people who always want something for nothing.
technically correction is necessary before price goes to moon
Visual guide to Elliott wavethis is visual guide to Elliott wave
buy low sell high
when you draw 135 bullish impulsive wave and abc corrective wave every support and resistance become visible.
Guidelines
Wave 2 never retraces more than 100% of wave 1.
Wave 3 cannot be the shortest of the three impulse waves, namely waves 1, 3 and 5.
Wave 4 does not overlap with the price territory of wave 1, except in the rare case of a diagonal triangle formation
Gold Buyers support and SL : 4th wave bottom Gold is trading in 4th corrective wave while everyone is trying to ride 5th impulsive wave which will take gold to $2100.
Anyone can buy gold with SL below 1765 (high of first wave )
support
1847, 1818
invalidation level 1765
1847 has become import support for buyers. Traders who buys at this level can get the chance to 2100 bullish rally if this level is not broken.
Gold and US Election 3rd November technical analysis vs Politics
gold always goes up it just need catalyst to get trend.
After intraday bearish move on dollar strength gold has made this rising wedge pattern with reversal candle right at the top of the wedge.
the current intrady trend is part of primary trind of on daily chart with hight of first wave at 1765. the current move is part of 4th corrective wave which can't break high of first wave at 1765 based on Elliott wave analysis.