5-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!
aud/chf zone to zoneaud/chf is a lot of pips down to correct a WXY. It is definitely a 3 wave pattern. We could get something that goes sideways or makes an ending diagonal, but its already turned down on the 4hr. Just keep in mind that it may do it in the form of a flat, possibly double topping in the bigger picture. Then depending how things go, it may become a nice buy again.
USD/ZARUZAR is in the process of making a double combo pattern. When it breaks that level it can go into a more complex B wave, like a flat type structure. So definitely watch that yellow zone. But by the time it is done we should have some large corrective structure that extends down to retrace the 5 wave impulse it completed. So there could be a nice buy coming but looking for it to at least break that low.
WXY Correction & Flag Pattern ConfluenceThe ABC , WXY correction has completed within a nice demand level
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A break out and close from the displayed flag pattern would indicate further upside for the pair, entry based then
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Stop-loss and Take-profit given, more to break even when the top of the flag has been reached
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.
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.)
Cad/Jpy Dang it.....I just realized I really should have had a sell limit at that 1.236 extension considering the pattern. It is possible to get something to go down to break that trend line before another wave up. Kinda what it looks like but you gotta be careful with it. Looks like it just made a flag on 1 hr.
Eur/Cad breaking outEcad did do a correction and is breaking trend line. I will be looking for any pullbacks to go downhill. There is another large wave down coming on this one, so I will keep looking for it until I am riding it. This could be the beginning, but need a pullback now. Look for a WXY pattern to box, but let some run if you get good entry.
USD/JPYUJ's pattern measures and counts out to make a flat pattern before going up to break the high of the correction. It did.t break the high, but did come of the 1.236 extension of the smaller 3 wave leg it is on. If you zoom in on daily, you see the 3-3 pattern. A flat is 3-3-5. It could just start dropping from here or take weeks to turn.
XRP/USDI'm not a crypto guy. I'm more of a probability-risk/reward type of fellow. But if cryptos will survive, XRPUSD is dirt cheap and has swung my favorite number. If you look at the beginning of this chart, price went sideways for half a year around this area. The whole question is, will it survive? if it does, then a low leverage long term position makes sense to me because pattern wise you stand to double your money. Keep in mind, there are probably still people holding this from much higher up waiting for it to come back. I don't necessarily think it will, but I could see either a more complex "B" wave or even a "C" wave at this point to keep people holding. Just saying, it's pretty cheap, something to consider, but I wouldn't bet the farm on it.