KelvinKingfx

KelvinKingfx

This is an example of a diagonal ending for wave 5

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GUIDELINES 1. Alternation - Wave 2 of the grand supercycle is sideways and therefore wave 4 is supposed to be sharp. 2. Ratio analysis - Wave 4 is usually at a fib ratio 0.382 of the whole 5 wave motive cycle. 3. Channeling- The target for wave 5 is at the top of the parallel channel touching wave 1 and3 4. Equality - when wave 3 is extended wave 1 and wave five...

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Identifying motive waves is easy, while corrective waves are less identifiable. (Checkanalysis for EURUSD linked below - motive waves) In this analysis, we are in a corrective wave. To make it easy to understand, I recommend checking the linked Monthly Elliott wave analysis, then the weekly then the daily. Comment, like, and follow for more.

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We are currently in wave 2 and waiting for wave 3 Check the linked chart Like, follow and leave your comments

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The pattern cannot be a triangle (3-3-3-3-3) because wave (a) has a five wave sub-structure. This rules out the triangle and flat types of corrections. A double zigzag is formed because the first zigzag's wave (c) does not reach the target(past wave (a)), therefore, a WXY (double zigzag structure) is formed. The second zigzag ABC (5-3-5) completes the double...

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Wave 4 is complete. Leave your views in the comments Like and follow for more

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Combined - Running flat |3 waves| Zigzag Please leave your views in the comment section Check the linked chart

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ELLIOT WAVE IMPULSE WAVE GUIDELINES 1. Alternation - The corrective wave 2 is sharp and therefore we expect wave 4 to be sideways. 2. Channelling - We have put the target of wave 5 on the upper trendline of a channel. 3. Ratio Analysis. In a normal impulse wave, wave 4 is usually at fib 0.382 of the whole 5 wave pattern. Guidelines 2 and 3 are used to get the...

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Check the linked idea. Also, like if you agree

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Check the related gold analysis. Like if you agree with the idea.

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Though analysis on a Monthly chart the analysis will be relevant to both swing traders, day traders and Intraday Traders because the price is near a strong support zone

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The bulls have not lost it all. They still have time to redeem themselves.

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XAUUSD broke above the bull flag but quickly wiped out its gains. The upward bias is still favoured as a result of the strong support on the ascending trend line. Although the market may correct to the downside further if the rectangle breaks to the downside.

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Whichever side GBP/USD breaks may be favored by the sentiment on its trade talks or the CONVID19. A nice pair to watch

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After such a long wait USDJPY finally broke the monthly symmetrical triangle to the upside. The move retracement may break back inside the triangle, but I will be on the lookout for bullish candlesticks

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Gold is in a correction before it rallies again. This will be fundamentally supported by the upsurge of Coronavirus outside China and also the fact that a vaccine is expected in April

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If price breaks the lower support then we will be seeing all-time lows in 2020

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Gold is still completing the second leg of the bull flag on the weekly chart and the bulls are taking a breath by forming a symmetrical triangle which if broken to the upside will have a target of around 1650, While the second leg of the bull flag targets 1750. The major resistance zone is 1617. 88 which is the high of a dark cloud cover that formed in March...