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Wxy

SPY Complex Correction In ProgressWe thought the downdraft in October marked "ABC" on chart was the correction. But... We got another pivot at the .62 Fibo, where B turned, now X turned again. Looks like we got a larger WXY wave. ABC was the W that formed first bottom. If this pattern completes, expect -33 on the ABC leg to approximate the X-Y leg. This would put Sand P down around 252. For starters. Let's see how it plays. In my humble opine, we are entering bear market, started 4 October. Sorry! This isn't advice, it's a half-baked idea, trade at your own risk and good luck!
AMEX:SPYShort
by DaddySawbucks
4
GBP/NZDGN rejected pitchfork as it broke 1.236 extension of a potential WXY pattern for a "B" wave. It either did a contracted flat for more upside or it is still in corrective structure. By looking at the divergence and 2 shark fins on the weekly, I feel like we can get some downside. The move it has been making up is a corrective move (all waves overlapping, following a long move down). There is some very large downside coming on this pair, but it can push up further in structure if it wanted to. I would prefer to wee it make a wick out of fork and 1.236 extension considering this last wave, but I will begin looking for sell setups on it, as GN is in the position in the wave count that a "C" wave can come from. A "C" wave can either finish out a correction for a continued trend or is a reversal wave. GN can keep chopping up, can even shoot up, but that won't change the fact that a drop is coming at some point, potentially to break the low even, creating a large weekly corrective structure. But like NU, I would like to see a smaller correction to confirm it is ready.
by thillygoosth
Eur/Aud 7 swing structureFor you supply and demand traders. Eur/Aud is showing divergence. This is a supply zone of extreme importance considering the price pattern and fibs. It's going down at the moment, but we don't necessarily have any confirmation yet (this is high time frame stuff and a large zone). If EA was to push up, equal length to "A" would take it to the .764 fib to break the high. This pattern doesn't need to break the high, although they can. That is a lot of pips long term, so my plan is to continue looking for sell setups and letting some run until I get that trade. It is possible we get some sort of smaller flat structure on daily and then a push up again (this may take a long time to play out.)
by thillygoosth