MoneyEngineer

MoneyEngineer

Very corrective move down, which gives confidence we will see around bull push.

MoneyEngineer

From an EW perspective we have 1 more move down, this sharp double ZZ was expected due to the Flat correction in primary 2. Do not let the waves confuse you, just ride them ;)

MoneyEngineer

On the primary scale from an EW perspective we are nearing an end of a complex correction. Lets see how this pair reacts to the fib confluence zone. Highly probable sell opportunity next week.

MoneyEngineer

A 4 year triangle development is coming to a close. Being a terminal move of a primary degree, this will drop heavy soon.

MoneyEngineer

The flat is complete, long term buy on the table.

MoneyEngineer

This EW count shows the blue primary flat and the impulse wave 1 (2016) followed by the sub flat correction in a possible wave 2 (current price). The sub 2 flat reached 2.618% of Sub A vs. C outlined in orange. This could either go down for an "X" followed by a bullish Y and then the big sell off. Or this could be the end of the wave 2 pullback and we can see the...

MoneyEngineer

*4 hour chart: On the left is the larger picture, and it is indicating we may have 1 more low before any significant pullback. *1 hour chart: Shows a completed flat, that had a sub wave 5 of primary wave C as an Ending Diagonal. The 5th wave in the Ending Diagonal was truncated, not uncommon for an E.D. Ill be looking to sell rallies, good luck!

MoneyEngineer

We had a impulse sub 1 of primary 1 of C and now were having a classic flat correction that is expected to meet 1.618% of A vs. C in the flat. Very near a key confluence zone where i believe price will reverse! Good luck!

MoneyEngineer Updated 

I am counting from a bearish perspective since everyone is bull, as we know the ABC correction i have plotted can be a 1,2,3 of an impulse. We know wave 3 in an impulse travels 1.618% of waves A vs. C, and 1.232% A vs. C would be acceptable for a corrective move. So if i see weakness this coming week at the 1.232% level I may short this with this setup.

MoneyEngineer

Same situation as EUR/USD and the DXY Index we are in that middle ground waiting to see if we get a 5 wave impulse or 3 wave correction. I plotted the levels that will determine the outcome of this pair here.

MoneyEngineer

Oil has been incredibly strong recently but last week Trump criticized OPEC for how high oil prices are and demanded Saudi Arabia to increase their production from 10.3 million barrels per day to 10.8 million b.p.d. So with more supply the prices will go down for awhile, which will sky rocket USD/CAD hence there negative correlation.

MoneyEngineer

They say 70% of the time pairs are in corrective structures, that is the fatal mistake of beginners. Believing something is complete when its merely a sub-move of a bigger fractal, last friday i saw this was complete on two time frames. The true confirmation will come at the blue support line being broken.

MoneyEngineer

I bought last week trying to be proactive, but when i saw a complex correction instead of a impulse i took profit and went back to waiting, by wendsday we should be nearing areas of interest. I will wait for a Impulse & Correction to unfold before i take a position. Good luck!

MoneyEngineer

We had a prior impulse up, and this flat correction is textbook Elliot. What I am looking for here is a break of the resistance channel containing primary C. For that to happen, on the 15min chart we will see a clean impulse up and correction. Once the correction has terminated a long position with confirmation will be there for us to take. Good luck, and may the...

MoneyEngineer

The USD rate hikes and the Brexit gave the Grizzly bears control of this pair for the past month or so. But with the USA in a trade war with the world and the FED talking down another possible rate hike i can see this pair rally coming next week. There are also talks in the UK about a rate hike to help their hurting economy so that just adds fuel to the bullish...

MoneyEngineer

Everyone keeps talking about this pair being a buy this coming week, if you use common sense you can see that we are in a corrective structure. Forex pairs spend 70% of their time in corrections and only 30% in impulses, so being able to identify a choppy looking correction as we have here from a clean impulse is key to being on the right side of the market. We...

MoneyEngineer

On the 4 hour and daily chart we have bullish divergence across the board, indicating a change in trend is right around the corner. On the smaller scale of things, here we have a clean impulse with bearish divergence between wave 3 and 5 indicting there will be a correction as soon at the support on the channel is broken. This will be the confirmation needed in my...

MoneyEngineer

Coming off the low i do not see that as an impulse, but more of a correction of the impulse downwards. I believe we are in a bull market and I have the bear market starting around 2020. (When a democrat leader gets elected in the USA and everything goes to hell in a hand basket!)