Wave5
AUDUSD ForecastFurther upside can be expected from USDCAD but we should wait for a minor correction before considering the long direction as of yet. We can expect a classic A-B-C Zig-Zag correction.
The impulse pattern lasted longer than expected, with an extended wave 3 projected to about 2.618 Fibonacci levels.
TIPCO Completed Rounded Bottom Wave 4 Towards Wave 5 CompletionAccumulation which started since 2021 is come to completion with the completed rounded bottom. Market is trading above the Year Open and have been consistently edging higher on a series of Higher Lows weekly candles. Bullish above 9.50 towards 11.5 (4 years High), breaking which will open further rise to 12.4/5.
A daily/weekly close below 9.30 will invalidate the bullish idea.
USDJPY Bullish Trend ContinuesPrice is trading in a bullish direction as an impulse move, the 1-2-3-4-5 sequence is close to completing we just have to wait for the wave 5 make a new high. The are scenarios where wave five fails to make new high this scenario is called Truncation. The waves 1 and 4 are not overlapped making this a valid impulse pattern the wave 4 is completed and we seeing price make the wave 5 first leg we will continue moving in the bullish direction.
ES Looking For Support Near 3920 - Then LIFTOFFPay attention. Today will likely be a large range bar - possibly with a deep low near 3920.
My SPY cycle patterns call today a "Major CRUSH". That means we could see a very large price range today.
Combined with other SPY Cycle patterns, I believe the ES will attempt to establish a base/bottom - retesting recent lows.
As we move into 2023, be aware that cycle trends have shifted. We are entering a Wave-5 bullish price trend.
This Wave-5 trend may not result in new all-time highs this year, but we should see a solid recovery/reversion back to the upside.
There are still risks related to the global banking/credit system, so stay cautious of crisis events.
Follow my research. Pay attention to the clear market data - not the perma-bears that continue to tell you a "major crash" is about to happen.
After today, we move into more bullish consolidation as Earnings start to hit.
BTC/USD Bearish Pressure ContinuesBTCUSD has been trading in a bearish trend for the past at least 12 months with no sign of buying pressure, and from a technical perspective, it seems like we will continue selling off to complete wave 5 of an Elliott Wave Theory impulse move. Of course waves 1 and 5 are often equal so we can use that idea to help us predict the end of the fifth wave also by using Fibonacci multiple levels like the 61,8 or the 38,2 to identify the possible ending price for the fifth wave.