TEXTBOOK Ending Expanding DiagonalDino juice looking like a page out of an Elliot Wave Theory textbook. All rules have been illustrated to be present and not broken.
This is probably the most extensive analysis I've done so I would love to hear any feedback. Always do your own due diligence.
Supposedly these patterns are "extremely rare"..
Ending expanding diagonal
Rules (these are “hard” rules; they cannot be broken)
A diagonal triangle always subdivides into five waves.
An ending diagonal always appears as wave 5 of an impulse or wave C of a zigzag or flat.
Waves 1, 2,3, 4 and 5 of an ending diagonal always subdivide into zigzags.
In the expanding variety, wave 3 is always longer than wave 1, wave 4 is always longer than wave 2, and wave 5 is always longer than wave 3.
In the expanding variety, wave 5 always ends beyond the end of wave 3.
Guidelines (guidelines can be broken but it’s rare that they are)
Within an impulse, wave 5 is unlikely to be a diagonal triangle if wave 3 is not extended.
In the expanding variety, wave 5 usually ends slightly before reaching a line that connects the ends of waves 1 and 3.
source: worldcyclesinstitute.com
Textbook
TD Sequential and Classic Fib Retracement to 0.382 on DailyTD sequential has counted 9 consecutive bars downward on the daily, this typically is indicating a retracement is about to take place. When measuring the highest high to the lowest low on the daily's down trend this becomes a textbook Fibonacci retracement to the 0.382 level. Further supporting evidence to support this theory is the rejection of the downward movement past 1.24500. When moving upward there is a strong support level at 1.26100, I will be looking for a short opportunity at this level.
I am long on USDCAD because of this upcoming correction followed by a short at the psychological level of 1.26100
This is not Financial advice.
Triangle in GMEDScreening through many stocks this morning this was the chart the stuck out to me. A clear triangle. I will be quite surprised if it doesn't play out because of how textbook it looks. Price appears to have broken the triangle upper boundary. A close above this boundary will support continued strength to the upside. Based on the size of the triangle the simple target areas are within the yellow box.
AFTERPAY LTD Wave 3, 4, and 5AFTERPAY LTD
Target for wave 3: 1.618 measured move of wave 1
Sell/ Short entry: $43
Stops at $46
Target for wave 4: .382 retrace of wave 3
Buy/ Long entry: $31
Stops at $27
Target for wave 5: 1:1 projection of wave 1 taken from low of wave 4 And -0.236 (Algo Target) of wave 3
Sell/ Short: $50
Stops at $52
This is obviously projected from targets we don't have yet so this may need to be altered. However AfterPay
has been trading very technically perfect so one can always hope ;)
DYOR. Not Financial Advice Just an Observation
Potential NZDJPY Moves on Weekly - Very TextbookThe NZDJPY has been making textbook moves for the past 5 or so months and nows the perfect time to see some changes. We had a wedge pattern forming, as well as a bat pattern within the wedge as a little reassurance to buy. Following the leg formed by the bat pattern, we turned around at the .618 giving us a very nice 2618 formation. Going on, theres now a couple of scenarios we could have here;
1. Long position continuing on with wedge pattern.
- Look for a reversal around the NZDJPY 75.80 area.
- Stop loss - just make sure you don't get a lower low lower close candle. If you do then close the trade and take the loss.
- Take profit @ 78.04. Would recommend either trailing your stops as price goes up, or closing half your position @ 77.07
The other alternative;
2. Short position due to breakout. In this case;
-When price gets to that 75.8 area, look for a lower low lower close candle (L3C). The magnified areas in the photo explain this.
- You must wait for the close. Use the Daily chart to find the L3C candle.
- Confirm the close on the weekly. There may be a retest of structure following the L3C so beware of a slight retracement.
Watch Out For This One ! A Lightning Bolt Started By a ButterflyThis is the second time in two days we have witnessed the explosive bull reaction after a Lightning Bolt Started with the Flap of a Bearish Butterfly..
A bearish heartbeat called the short that started along the tail of the Cat eventually leading it to bite the bulls in the but !
Adjust your trendlines accoringly, these always lead into the arms of a butterfly and you can trade the bounce if you are super active ! but super !
Is this the moment we've been waiting for??It doesn't get much easier than this, USDCAD just broke and retested lower trend line & demand zone with tons of space to the downside. I'll be looking to enter once 1.31000 (psychological level) breaks again, with long term targets toward 1.25000 (approx 600 pips).
However
I'm being cautious with this though, because price could also just bounce off demand & retest the .50 prz to create a triple top or lower highs. With a swing trade like this you don't want to jump in too early, because stop loss placement could easily be around 200 pips, and that's a tough loss to take, no matter what your position size is.
Hindsight is 20/20
#GoodLuck
GBPAUD 4 HR LONGTEXTBOOK SETUP. PULLBACK TO THE 38.2 FIB WHICH IS IN LINE WITH STRUCTURE LEVEL. AUD IS STILL FUNDAMENTALLY WEAK, THE CURRENCY NEEDS TO GO LOWER TO SPUR GROWTH SO PAIRING IT AGAINST THE POUND IS A HIGH PROBABILITY TRADE BECAUSE THE POUND IS THE 2ND STRONGEST CURRENCY AFTER THE DOLLAR. WE'VE HAD A TWEEZER BOTTOM AND SUPPORT FOLLOWED BY A HAMMER REJECTING OFF THIS LEVEL. FIRST TARGET ON THIS PAIR IS AT 1.9800