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Wave-4

Looks Elliot Wave Count Analysis Postulates a Macro Bottom!!Since conception, Looks has exhibited corrective price action in which from opening it came up in a 3 wave structure termed as W, we then came down in an ABC from the $7 high which gave the indication that an X wave correction was beginning to the downside and after a x sub wave completion $5.8 we then came down in a 5,3,5 structure to complete the y sub wave of the larger X wave; we now find ourselves at a likely bottom finding support and strong buyers at the ~1:1 fib extension of the W sub wave. With strong reversal candles and also a lower time frame 5 wave structure we can assume a new trend is forming to the upside. Looking into the future; it would be expected to see a further Macro Y wave to the upside of a similar nature to previous waves in a 5,3,5 zig zag structure towards the 8-10$ range. Please like and follow for more Advanced Elliot Wave Analysis!!
Long
by NICKVASS10
3
GBP/USD could fall! Hey tradomaniacs, GBP/USD is re-testing the recnt trendline of the correction aswell as a strong resistance-zone and could fall from here on. Important will be teh CPI-Data from the USA as they either raise or reduce expectations for a very hawkish monetary policy by the fed. Since there were rumors saying the inflation won`t be as hiogh as expected equities rallied a bit but left pound pretty unimpressed. Recent fakeout to the topside looks like liquidity-fishing. Let`s see what happens, but I`ll probably wait for the CPI =) LEAVE A LIKE AND A COMMENT - I appreciate every support! =) Peace and good trades Irasor Wanna see more? Don`t forget to follow me
Short
by Trading2ez
How Low Will It Go Part DeuxPrior ABC Ideas closed for blowing through projected pivot; we're dealing with a monster here, not a garden variety correction. Topping formation in Wyckoff distribution. Will sell like Hell, then bounce back into a lower high zone, then sell again... and again. Looks impulsive. We clearly in Three not a C, which should've turned today. Three typically = 1.62 x One, so likely headed to 4365 for pivot to Four. NB: Three can extend up to 2.618 of One, although uncommon... watch and see. Four will be ~ half as tall as Two by alternating EW rule, won't bounce very high and can't pass One. Five can be ferocious, may extend up to 1.62 x One but is typically same length, although commonly it measures .618% extension area of the first & third waves combined measured against the high in the fourth wave. So to get Five need to see Four. This chart a wag and guess. It's goin pretty far south IMO. WOULD NOT JUMP IN BOTTOM FISHING YET!
TVC:SPXShort
by DaddySawbucks
39