Spx500 wave analysis shortHello traders and analysts,
Here is our take on the Elliot wave 5 wave, now a larger 3 wave correction needed to take place? .
Technicals?
We have completed the the downward impulse of the wave pattern 1-5, with all waves forming without breaking the structure.
we are now in the minor wave 2 structure. and next up is the 5 wave corrective structure and looking to complete wave on the trendline.
From an imbalance method, we have a good double top retest which is showing profit and greed taking.
Price has seen a bounce back to 'normal priced of demand' however this is not really how halted economies can return so fast. it is artificial.
Divergence - we did not use this but looking at the pattern, we have a huge distinguishing gap.
Fundamentals:
US election rallies before taking place at the end of the year with campaigning.
We have NFP numbers showing millions return to work.. but also high unemployment
Trade war with China, Hong Kong unfolding with US responding
High figures in multiple states which are concerns for large communities.
Fiscal intervention in July, August for stimulus.. constant printing money is not good for the economy.
US tech stocks have seen the highest returns and zero confirmation by Dow30 and S&P following suit.
Dow 30 is in a fragile state and desperate to keep pushing higher but limited upside will cause a steep decline - refer to Dow chart.. around 27,000 is a good point for a previous monthly high.
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Team Lupa
3wave
ADA/CARDANO REACHED PERFECTLY THE TARGET PRICE AND NOW?
After forming the FLAT BASE pattern, ADA consolidates more time than I had planned and makes a bullrun up to the price I had set as objective.
For us to take into account: ADA / CARDANO came to earn the number 6 spot in the currencies with the most market capitalization, leaving behind promising giants and currencies like DASH, IOTA, XMR and for me it will soon dethrone LTC.
At this moment I think it will consolidate and then make a breakout towards Wave 3 and reach the target price.
How always, thanks to everyone!
coinmarketcap.com
Equal leg correction and 50% Retracement Wave XA CADJPY Equal leg correction and 50 % Retracement of wave XA. Possibly CADJPY will continue move higher after this three wave correction.
Break-Even @ 50% Retracement of wave AB
Targets are (61.8% Extension of XA Related to B) and (100% Extension of XA Related to B)
Good Luck!