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5-wxy

continue correction in wxy format, after local growthBitcoin still draws the correctional movement wxy, the essence of the model has not changed, only the appearance has changed. We thought that the price forms a triangle as a pattern of the continuation of the trend (downward), but did not take into account the factor that another half of the traders also thought about it. In general, they will be right if their short position is not liquidated after local growth. In my opinion, the price is now drawing a zigzag abc with a supposedly ending diagonal triangle in the wave c of x (all points are described on the chart). That is, in the near future we can still expect a local upward movement with the full removal of shorts of holders to the area of 6950 7060, from where the downward movement is likely to continue with targets at 6600 and below. A change in the downtrend to the upward trend will most likely be considered an exit above 7060. So far, I do not see an exit above 7060 from these marks. There are no obvious impulse movements and tech
Short
by WeyWang
W-X-Y Correction Predicts a BTC Bottom On June 29, 2020 Type Of Correction: The main difference between a regular A-B-C correction and a W-X-Y is the sub-wave count. While the A-B-C formation often has a 5-3-5 or 3-3-5 wave count, every wave in the W-X-Y correction consists of three sub-waves, amounting to a 3-3-3 correction. Since the W and Y waves often have the same length, this correction could end in June 29, 2020. Possible Bottom : The decrease from the top of the W wave to the top of the X wave was 37.41%. It would make sense for the decrease from the bottom of the W wave to the bottom of the Y wave to be similar since the W and Y waves often have the same length, giving a low of $2200. Future Movement: : It seems that the price is in the C sub-wave of the larger Y wave. This is expected to be an extended wave, similar to the C sub-wave of the W wave. Please leave a LIKE & COMMENT to support my future analyses.
BNC:BLXShort
by BitcoinMaximus1
BTC Elliott Wave - ABC Correction in progressThis is my primary count - We had a leading diagonal A wave and are now in a complex WXY correction. The Y wave we are in currently looks to be forming a flat but could also turn into a triangle. If we see support in the 7342 area, I will stay with this count and look for one more small move up to the top of the channel around 7670. I will short in that area to catch the Y wave move down. If we DO NOT see support in the 7342 area, I will then look for support in the 7270 golden zone of this most recent move upward. That would be more indicative of a triangle formation. Thanks for looking, and good luck in your trades!
COINBASE:BTCUSD
by ZigZag618
1
ORBEX: GOLD - Expecting a Complex Corrective Structure? It looks like we have a triangle. Since they usually appear in wave B or 4, and it doesn't look like we are on a B wave, the corrective structure hints to a complex w,x,y minute wave. The complex correction is part of minor wave 4, which has a termination level above 1600, where intermediate wave 3 is likely to complete. After minor 3 top at 1557 markets corrected with a zig-zag pattern that has a 61.80% (b) wave and 100% (c) extension wave. With subminuette wave 4 nearly completed, subminuette wave 5 is likely to end near w minute low and form a flat pattern. Unless if minuette wave (a) extends below 1454 we could expect this pattern to form a different structure. The completion of (a) should see prices moving higher for a (b) minuette and then slide lower. In case the decline to (a) stops at minute w low, (b)'s top would be the 1513. Anything above would invalidate the flat, but could indeed become an expanded flat (unlikely). This opportunity would be invalidated above 1536. A break below 1480 would be an early sign of validation towards (a). Stavros Tousios Head of Investment Research Orbex
FX_IDC:XAUUSDShort
by Orbex
Bitcoin - Wyckoff and Elliott description of current correctionI wanted to create a Wyckoff and Elliott wave based description of the current correction that has been lasting nearly 3 months now. During the beginning of the correction we have seen a Three Falling Peaks pattern which created a strong supply line. Three falling peaks acts as a reversal at the end of an uptrend. The strong supply line created by the 3FP's has eventually pushed the price below the ice in phase D. If bulls can not regain price above the ice then we might fall deeper into the river. Currently Bitcoin has corrected down to the fourth wave of one lesser degree. This could be creating a Spring opportunity as a potential end of a WXY. It would seem the correction started with a Flat (3-3-5) leading into a "Any Three ABC" followed by what I assume is a Zig Zag pattern. Many didnt believe the first ABC to be a flat because the B leg didnt retrace 90% of the A leg. A break back above $9350 signals a good Long position Falling below $7500 would give a good Short position. Current sentiment is cautious. Phase E should begin soon to reveal if the correction is over or if distribution continues.
COINBASE:BTCUSD
by KondrackiKarl
SPX500 swinging up and downLast week was interesting. This week is less promising as the picture across different markets is less clear. SPX500 has to finish upward move and reverse. On Friday it was stopped by 200MA on 1 and 4 hr chart. Strong resistance level is in sight though not yet reached. The price could pierce through the resistance early this week and decline throughout the rest of the week. I'll be posting live updates and report on my trading in Telegram channel - t.me If you up for some fun, feel free to subscribe.
FX:SPX500
by Fomenka
1