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Abccorrection

SGX NIFTY CORRECTIONSGX NIFTY which is traded based on our indian NIFTY, will give you an ADVANCED movements before our market opens. This will give traders an edge to take or quit positions ,sometimes loss of sleep also! Elliot waves should be drawn as per cash markets(as per Glen neely) But there is nothing wrong since this future is the mainly traded by matured participants unlike our retailers. Having said we can follow our nifty using SGXNIFTY(IND50)Charts. Bears won today by bringing nifty to 458 points from its peak(17809), wait for 2 days to allow the injured Bull to recover and again BEARS will demonstrate full power after wednesday(22/09).
IShort
by selvamB
BTC CYCLE TOP IDEA!Is BTC performing a bigger ABC corrective wave down to the 0.786 and wick to the 1.0 as in previous markets? You can see on the charts that the previous retracements were to the 0.786. On the weekly it looks like BTC may have hit the ATH and completed the 5th wave of the cycle and is potentially in the "CORRECTIVE PHASE C" with a target of $14,979. BTC is looking bearish in the short to mid term. I opened a short from $48,000 and so far is playing out really well. Safe trading.
BITSTAMP:BTCUSDShort
by Fakeoutking82
S&P 500 TOPPING PROCESSA simple Elliott wave corrective structure(A,B,C) having a target of A=C= 4613 is about to achieve this week. Several times I expected (without confirmation) s&p500 to fall in AUGUST BULL waves will end after forming an ending Diagonal which is nearing to complete. My previous counts(bearish) are criticised ,BUT NO ONE expected this recovery wave had such an euphoric strength!! Thanks to internet,young,algo,new trading community those who pulled out this index by loading lots of borrowed money. The reality comes next in the name of PUNISHMENT for over exaggeration.
SP:SPXShort
by selvamB
Bitcoin, bearish rising wedges, Fibonacci, and Elliot WaveThis post just iterates the fundamentals chart formations, support and resistance and Fibonacci retracements. When it comes to rising wedges the wedge often fully performs after a retest of the previous wedge support. As rising wedges are bearish in nature they often do not require a rejection to perform, but any rejection does set up a potential ABC correction that you can do a fib extension on. These fundamentals, in my estimation, are more important than most indicators like moving averages or MACD or RSI. Tactical sellers will be watching for BTC to show signs of weakness at the previous wedge support. Tactical buyers will be looking to buy a dip determined by the grey trendline. The market hinges on support being found on that trendline: bear or bull. ABC corrections often have the C wave as the longest corrective wave exceeding the 1.618 extension of wave A. With this last dump from the blue wedge we see support was found on the weekly time frame at the 2 level of the fib extension. A prospective retracement of the orange rising wedge price action beneath the my grey battle line and the bulls would really need to buy that line, on the weekly time frame, for this bull market to continue. Elliot Wave Rant There is this persistent myth that BTC has never traded within its all time high on a subsequent rally and this is because analysists refuse to consider the 2013 high and subsequent 80% drop and about 200 days to retake the all time high as a valid market cycle. For this reason many analysis refuse to consider that price can retrace below the 2017 high. I suggest they are in err and don't consider that the market cycle was a lot faster in 2013-14. So far the chart above shows btc playing out similarly from swing high to swing low. We have a relatively longer lasting topping formation than the one before it that initially found support on the 0.236 level. The fact that this fib draw shows the same activity provides some validation that the draw is correct. Therefore, if the draw is correct we should be watching for buyers to step up on the weekly time frame around the 0.382 level at about $20.5k if my battle line fails as support on the weekly. And that is only if the similarities still hold. After that the ultimate target is at 10k. That would set up the 1 and 2 leg of a higher time frame and is required by Elliot wave. Rant Intensifies Bitcoin has to trade within previous all time high due to simple Elliot wave theory. Wave C has to terminate within wave 4 . The chart below shows a 5 count and an ABC correction. This makes up a 1-2 Elliot wave on a higher time frame. Elliot waves are fractal, so every time we trade within a previous all time high we know we are in a ABC correction. If the grey battle line holds then at some point we will set an all time high and then trade within it. Elliot wave requires it. If they grey line holds the next fib level we should be watching for a major stall is the 2.618 at around $386k Rant Concludes I cannot guarantee that we are in a macro ABC correction that will trade within previous all time high. But I can assure you that the idea that bitcoin will and has to trade within all time high involves a fundamental understanding of Elliot wave theory, has happened before, and represented one of the best buying opportunities of all time because price never returned to those levels ever again. And you don't have to take my word for it, you can just look up the fundamentals of Elliot wave yourself. Idea Conclusion This post is basically a series of if statements and probable outcomes. If price action finds resistance at previous wedge support a retrace to the grey battle line is realistic. If the grey battle line fails as support then a bear market is realistic. If a bear market is realistic Elliot wave theory predicts that trading within a previous all time high is not only realistic, it is required depending on where we are in the market cycle. On the bullish side if the grey battle line holds as support, or price gets above the orange wedge formation then the bull run is likely to continue. Upside target is $386k, downside target is $10k based on the charting above and most of it likely hinges on a retest of the grey battle line and the outcome thereof.
Short
by This_Guhy
12
SPY Average True Range, Rising Wedge, Volume and FibsAverage True Range Analysis Price action on SPY has been getting tighter and tighter as it comes deeper into this rising wedge structure. This is most clearly viewed on the Average True Range. I have taken the standard 14 period look back and times it by 7 to get the weekly look back and we can see clear divergence. A falling true range means that there is a tightening of volatility in the market which suggest a big move is pending. I prefer the ATR to other measures of volatility, such as the bollinger band width because simply, it is easier for me to visualize the ATR and the divergence thereof. Taking a wider view on just the Average True Range and price action we can see that for the last 5 years when the weekly ATR is declining while price action is increasing we have a very strong move to the upside but then a very quick spill once the rising support is breached. As the chart also shews for the last 3 times each spill was worse than the one before. Rising Wedge Analysis Bitcoin and crypto is its own beast, but a quick look shows that rising wedges have been performing violently in a separate part of the broader market. In the first green instance the cloned trend line completely failed to act as support for price action and instead was resistance when price action basically teleported to the bottom of the wedge. On the current blue wedge we see that the cloned trend line has begun to act as some support. I personally think that it has a high chance of becoming a bear flag, but that still remains to be seen. This diversion to look at bitcoin was to shore up my supposition that we will see some potential action at the cloned trend line of SPYs resistance. We cant tell yet if it will act as resistance or support just yet. Fib and Volume Analysis A look at the top chart shows there has been almost no volume participation in this uptrend since $390. That is about a 13% drop from here and if the wedge begins to perform as suspect it may that 13% will be gone rather quickly. Price action above the upper value area often goes away impulsively. From there I would look for retracements that align with fib retracements from the C19 spill and we see a lot of activity between the previous high at 339 down to the 0.618 area at $292. Quite clearly I can't predict if/when support will give. I have an assumption that the 1.618 to 1.66 level will hold as resistance and we will see a lot of profit taking at that level. Which means SPY could walk sideways out of this rising wedge and have a slow roll over. That would be a minority position of mine. What we do see from the C19 dump is a very technical ABC correction. The ABC correction often sees Wave C go to a 1.618 extention of Wave A or greater. We see from the chart below that price action began to find support the 1.618 level and had a final stab down at the 2 level. Very likely if this breaks down as I suppose we will see an ABC correction and point B will give people a last chance to get out before price proceeds downwards or will give shorter a technical place to deploy their strategies. Once we see a prospective B wave completing the time to do the fib extension will be upon us. And as I look for that ABC correction hopefully point C will line up with some of the target areas from the main chart, supported by volume nodes. Not to layer t0o many suppositions on top of one another but I suspect we may see a bear flag/bwave around the potential channel support at the 1.414 level and we can take our ABC wave fib extension from there. The target will of course depend on how much upside that B wave shows. The chart below shows the NQ1!/SPXUSD. That paring gives us the most price action we can get on the Nasdaq and S&P500 but it comes at the cost of not being able to do any volume analysis. In general NDX does what SPX does, just with more volatility and the chart shews that. So far the pair price action has not been able to get into the previous wedge structure that it was consolidating in. That suggest to me that people are distributing NDX holdings more than they are SPY holdings and we may see NDX go down quicker than SPY From there I would be watching for a potential higher timeframe bull trap. I expound on the NDX/SPY paring in my linked ideas which are a couple months old at this point.
AMEX:SPYShort
by This_Guhy
15
EURUSD: Weekly Forecast 1st August 2021EURUSD broke above a falling wedge as it climbed for 4 consecutive days before facing resistance on the last trading day. The bullish reversal came about from the bottom of a bigger range as well as a key demand zone at 1.1760 area. With a strong breakout and reversal from a key level like this, this could already be the beginning of a new short-term bullish trend. Taking a deeper look, the reversal is due to the completion of a bearish Elliott wave as well as an ABC corrective wave. As of current, after EURUSD found resistance at the 61.8% of the falling wedge, both highs and lows are clearly getting higher. This week, we will look for buying opportunities as the beginning, looking for entry from 1.1830 onwards. If this new bullish trend continues well, it could potentially retest 1.20 psychological level again soon.
Long
by AlgoVenture
EURUSD: Weekly Forecast 25th July 2021Today, we want to visit the weekly timeframe instead of the daily timeframe. For the past few weeks, both the highs and the lows are trading lower and the recent symmetrical triangle has been breached and rendered invalid. From here, we can clearly see that the current bearish trend that started from 1.2250 is (1)not showing any signs of reversal yet and (2) in the midst of fulfilling the similar volume as the previous bearish wave. This is the ABC corrective wave of the previous motive waves that started at the beginning of the pandemic, and right now is the last C wave of the ABC corrective wave. Otherwise, this can also be seen as a AB=CD pullback pattern. We have seen the dollar strengthened amid rising inflation which caused the market to raise expectation for an earlier tapering from the Fed, and this could persist for a little longer and aids the current bearish wave to complete an ABC corrective pattern. As such, we will be looking for a couple more selling opportunities towards the demand zone that sits right above the major equilibrium level 1.1580.
Short
by AlgoVenture
2
Fiber, 1 Wave, 2 Sells, 1 BuyTurns out the second scenario was correct: A (possibly) simple ABC corrective structure And it looks nicer for taking trades than scenario #1 3 nice trading setups, the first one happened early and the opportunity was also gone so fast that I couldn't share the idea, (I took the short term trade from the line to the current position) But these 2 nice setups (as shown on the chart) are on the horizon for the next week. 😍👍 Happy Trading, Stay Green! ✌️ 💬 Please let me know your view about the idea ➖➖➖➖➖➖➖➖➖➖➖➖➖ 📌 Kindly note that Forexian is not a signal provider. The published idea is ONLY our views and analysis of the market! Forexian does not take any responsibility for your decisions and/or trades.
Short
by Forexian
EURUSD: Weekly Forecast 20210620The dollar climbed the most in 15 months and the EURUSD tumbled amid a hawkish Fed that signals to tighten monetary policy. EURUSD fell from a range top and has broken the bottom of a 3-month rising channel together with the 262 ma. The short-term sentiment for EURUSD has turned bearish but is also extremely oversold and a strong pullback is inevitable. This week, we expect EURUSD to quickly find support and pull back towards the equilibrium level near 1.20. We will only look to sell after the pullback and mainly target the bottom of the current range around 1.80 with strong demand. If the price continues to go lower, we expect it to reach 1.1650, completing an ABC corrective wave.
Short
by AlgoVenture
BTCUSD - Outlook UpdateGuys I have cleared my charts and had a simpler look at Bitcoin from an Elliott Wave perspective, with my limited knowledge and have come to an analysis of what I anticipate as a result of the more recent price action. Bitcoin has completed 4 of the 5 legs of the bearish triangle. ABC and D Legs have been completed and we now wait on the E Leg, which is taking quite some time to form. Since May 29th the E Leg has been trading up to sideways on the 4 hour chart. So far price has completed a minor abc correction from the May 29th low of 33395.80 ending at the current high at 38832.05. Leg E appears to be shaping up as a possible zig zag leg. It is our anticipation that price would give us a measured move up into the 100% Fib Expansion or the Fibonacci measurement of wave:A from wave:B arriving at 40116.80, which would complete the E Leg and this would be considered an overthrow of the E Leg. I have also added some time projections which line up with the 40116.80 target between June 2nd and 3rd. This analysis should play out if price can maintain above 36903.95, which is the 50% line of the triangle.
CAPITALCOM:BTCUSDLong
by AsproTrader