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Abcpattern

Bitcoin is getting ready to start a bull runAccording to the 4H chart, it seems that the price has completed the flat corrective pattern. According to the chart, it also seems that wave 1 was formed from the upward trend and we are currently in wave 2, which is probably forming an "abc" zigzag corrective pattern. Waves "a" and "b" of the zigzag pattern are complete, and for the end of wave "c", I have identified two zones that overlap different Fibonacci levels. One of the zones is around 62000$ and the other is around 60800$. In my opinion, the second zone is a stronger zone for the end of wave c of wave 2 and the beginning of wave 3 of the uptrend. I expect the price to reach a new historical high after this.
Long
by Mr_elliottt
XAUUSD👑 GOLD KEY LEVELS TO WATCH 👀 AND WHYHello traders and welcome, Today, we are delving into the world of gold, and it's high time for a fresh analysis of this precious metal. On its weekly chart, gold has formed an ABC or 123 pattern. Let's dive deeper into the concept of the ABC pattern: Traders base their buy and sell decisions on the analysis of historical price data and the identification of patterns that help predict future price movements. To trade patterns successfully, it's essential to spot trends, consolidations, support and resistance levels, as well as reversals to establish stop-loss and take-profit levels. In our discussion, we will zoom in on one of the primary reversal patterns and illustrate it with examples: The basic ABC pattern has proven itself as a consistently reliable trading signal. This pattern is the building block of numerous other patterns. If you delve into the Elliott Wave theory, you'll find it as waves 0, 1, and 2 (0A, 1B, 2C). The ABC pattern is also commonly known as the 1-2-3 waves. It appears within other patterns such as the Gartley pattern, the AB=CD pattern, as well as within shapes like pennants, triangles, rectangles, head and shoulders, double tops, and double bottoms. What's fascinating is that anyone can learn to identify and trade the ABC pattern. Furthermore, this knowledge is transferable to recognize and trade many other patterns because of its fundamental structure, which is present in several patterns. Traders can apply their understanding of ABC patterns across different market conditions, underscoring its adaptability as a critical element of trading success. Once you've pinpointed the ABC pattern, you can incorporate it into other adjacent patterns. A prime example of this is the 121 pattern, where two ABC patterns occur in succession. The 121 pattern can manifest as either a continuous or a reversal pattern and tends to have a high success rate when it takes shape. The ABC pattern is widely regarded as one of the premier patterns to trade, equipping traders with valuable tools for technical analysis. For those eager to learn how to identify the ABC pattern, you can find a guide here: ( Now, let's observe how this knowledge applies to the gold market. On the weekly gold chart, a bullish ABC pattern has materialized, with the C retracing to approximately 50%. In addition, a bullish AB=CD pattern has emerged, and the price is currently trading above the A point, affirming a potential completion of the ABC pattern. We've identified an enticing long entry level at $1913.940, with the price trading above previous highs. Furthermore, there's the exciting possibility of a new Wave 3, with a projected target at 162% of AB, which amounts to $2349.185. It's worth noting that potential resistance may be encountered along the way, particularly at the 62% AB level, at $2094.715. In summary, the gold market presents an intriguing opportunity with the ABC pattern, and we've outlined key entry points and potential targets for your consideration. Happy trading!
OANDA:XAUUSDLong
by TradeChartPatternsLikeThePros
5
GOLD, will we see 1920 in wave 2 [UPDATE]Welcome back everyone! Gold followed my long term view and could have finished the wave B pullback within a wave 2 according to Elliot wave analysis. We are now at a very important important resistance zone 2072 - 2090 and got a first bearish reaction from here. The long term idea is that Gold ended impulsive wave 1 with the new ATH and now started an ABC correction in wave two. A move down in a wave C from here could develop in a large wave C correction with the main target at 1920. As this is a huge move I don't want to miss this and will observe the upcoming price development. I will update this analysis regularly, so feel free to follow my TV channel. Important support zones 2042 - 2053 2009 - 2019 1970 - 1980 1908 - 1938
FOREXCOM:XAUUSDShort
by Kyrean
Sunworks correction/turnaround soon? ABC, potential to 2.70Sunworks suffered a lot already, and the stock almost in the graveyard. I am following it a while, was a nice short on the way down. Finally posted a tiny bit more positive earnings compared to expectation. Meanwhile a falling wedge formation created. Also moving in a big downward channel. There are two scenarios for counting the waves, one scenario suggests, that the wave 5 down could be finished (1.618 extension was put in a few days ago), and we are up for at least an A-B-C upside correction. Possibly (but not guaranteed) we just starting to put in the Wave "A", so far. Consodilation in a smaller channel happening, with one breakout to the top,which could fall back. Important thing in order to have this idea a basis, is not to put in a new low (0.7252), and not to stay below comfortably 0.78. If that happens, then I need to assume new lows are coming. It is possible, that this 0.78 level will be retested, I am following SUNW's actions now more closely. On the daily, RSI is started to come up a bit, trying to leave the oversold levels. MACD coming up, a little bit week still. The 9/15 SMA's starting to turn updwards, currently being a possible support. 21day EMA so far rejecting price actions, so we are squeezed in between those. 52day EMA/180 EMA, 200SMA coming down, 52 in a higher speed. On the weekly, 200 SMA up at around 3.92; it is far away (to be a resistance) Weekly RSI is on oversold levels (could drop more of course), trying to leave it, now showing sign of possible normalization, MACD indicator could start to converge (in a few weeks could be divergenced, but no guarantee) I have opened a long position( accumulation purposes), regardless of this idea. I plan to open an other one for swing-trading, IF we restest the 0.78 fib level and popping back up from that (meaning possible wave 3 starting to the upside, and wave 2 is in) Also be aware, as of now, the 1st quarter 2023 results,conference call and webcast was postponed, which might heavily influence the price actions (and sure it has a reason behind it.) Resistance at 0.92, next resistance at 1.12. No GAP below, next GAPs upwards:1.12; 1.62
SLong
by tommtajlor
34
EURUSD in Intraday Correction Phase, Bullish on the SwingEURUSD 4h ABC corrective wave AS EURUSD is in Bullish Trend, this a counter trend trade with loss Risk: Reward. This trade will be not valid if the price action breaks the 1.1010 and close. SL @ 1.10105 Entry @ 1.0960 TP 1 @ 1.0852 TP2 @ 1.0820 Note: This analysis is for the educational purpose. Note: Trading is the subject to market risk. Always trade with the tight Risk management to stay the long run. Safe Trading, Happy Trading.
Short
by TraderJaggu
EURUSD Short Corrective ABC wave @ 4HR Timeframe.EURUSD Short Corrective ABC wave for few pips. In this trade entry was took at 1.09237, TP1 @ 1.09523, TP2 @ 1.09636. SL 1.09033. We can trail the stop according to the ADR levels. After this short correction, we can expect the another correction for downside. Note: EURUSD is Bullish Long on Daily, Weekly, Monthly as per my analysis. Kindly, note this analysis is for educational purpose only. Trading is the Subject to the market risk. Trade safely.. Happy Trading.
Long
by TraderJaggu
👑 EURNZD 🗝️ LEVELS TO WATCH 👀Greetings, fellow traders! Let's dive into the exciting world of forex trading and explore a promising opportunity in the EUR/NZD currency pair. Our focus today is on EUR/NZD, which has displayed a compelling ABC bullish pattern on its daily chart. This pattern presents a potential pathway for traders to capitalize on. As we analyze this setup, we can observe that the price is currently trading above the critical level of support at EL: 1.77224. To manage risk, it's advisable to set your stop-loss just below point C at ST: 1.75311. Now, let's talk about potential targets. The ABC pattern suggests some interesting levels to consider: Target 1: Aim for the 62% retracement of the AB leg, which sits at 1.83435. Target 2: For a more ambitious goal, look at the 79% retracement of the AB leg, at 1.85685. Target 3: If the market really starts to run, consider the 127% extension of the AB leg, which is at 1.92064. Target 4: For those with an appetite for further gains, the 162% extension of the AB leg could be your ultimate destination, reaching 1.96628. Happy trading, and may the pips be ever in your favor!
Long
by TradeChartPatternsLikeThePros
1
MO Altria Group possible A=C plus bear flag Let's discuss it.Hi , Well, first of all, it's important to note that I have an open position in this dividend-paying stock because I want to hold it for the long term. However, we should not ignore the fact that we will start wave C of a possible ABC correction soon. We can also see a bear flag shape. Both have a price target of ~$14 to $15. Regarding the fundamentals, some important things: Traditional tobacco companies have to face the fact that their products are becoming more and more expensive, thus many people buy cheaper products. Vapor and liquid alternatives are increasingly popular among the younger generation. Because they are fragrant, tasty and cheaper. Although these companies have made a lot of profit in the past decades, they are now facing another challenge. If they want to stay competitive, they have to develop to catch up with their competitors who produce products based on new technologies. Altria Group is constantly working to achieve this. However, the transformation of the production technology and the necessary permits (e.g. FDA) are essential for its success. It's all money and time. All in all, I think that stocks of traditional tobacco companies are still a good long-term investment. However, it should be taken into account that they may underperform in the coming months. And they can hit new lows. That's why I didn't use all my resources that I intended for this stock. Because if we actually reach the ~$15 zone, then I want to significantly increase my position size there. Please tell me what you think about it. And share your thoughts. Do not forget. This does not constitute investment advice. Do your own research before entering a position.
NYSE:MO
by XOX_XOX
6
Bears Beware of B WavesPrice stopped fall at the 0.618 retracement ~4321 SPX and held for an intraday double bottom ~4310. Holds above the previous Friday's finish after a mad V rally. Stonks remain in a downtrend but this countertrend move may be only halfway up the flagpole. C wave ought to carry index to the upper trendline of falling channel, another 100 pips above. Confirm Monday. Price action 10/13 was indeed spooky, from where came this mad gap up, but it vaporized in under an hour and the rest of session was spent testing the 20 DMA. If you short it here you may well be selling at the bottom, be ware! GLTA
TVC:SPXLong
by DaddySawbucks
TSLA SYMMETRY TRADING ABC BULLISH Greetings, traders! Today, we're spotlighting Tesla, Inc. (TSLA) and delving into a technical analysis anchored by the ABC Bullish Pattern. Technical Overview: - Chart Formation: TSLA's daily chart showcases an ABC Bullish Pattern, a pivotal structure in technical analysis. ABC Pattern Explained: 1. A to B Leg: This initial phase, in the context of our bullish pattern, signifies an upward trajectory. Conversely, in a bearish setting, it would indicate a decline. 2. B to C Leg: Post the A to B movement, the price often retraces but doesn't fully negate the initial surge. This phase, representing a partial pullback, is the B to C leg. 3. C to D Leg: After this retracement, the price typically resumes the direction set by the A to B leg. In bullish scenarios, it often exceeds the A point's peak, making this the opportune moment for traders to enter, forecasting the pattern's culmination. Noteworthy Characteristics: - Forecasting Ability: The ABC pattern's symmetry, especially between the A to B and C to D legs, can be instrumental in predicting subsequent price actions. - Retracements: The B to C leg frequently resonates with renowned Fibonacci retracement levels, including 38.2%, 50%, 61.8%, and 88.6%. These levels offer traders valuable insights into potential pivot points and reversal zones. - Extensions: The C to D leg might correspond with Fibonacci extension benchmarks, aiding traders in establishing profit milestones. The provided targets, such as "62% of AB" or "127% of AB," presumably allude to these extensions. Trade Parameters: - Entry Point (EL): 225.87 - Safety Net (ST): 210.58 Anticipated Targets: - Primary Target (Target 1): - 62% of AB: 302.72 - 79% of AB: 327.61 - Secondary Target (Target 2): - 127% of AB: 399.05 - 162% of AB: 450.38 It's paramount to remember that while the ABC pattern is a robust analytical tool, its efficacy is amplified when combined with other indicators, in-depth fundamental analysis, and a stringent risk management protocol. Always be attuned to the inherent risks of trading.
NASDAQ:TSLALong
by TradeChartPatternsLikeThePros
2
USDCAD: Short Term Technical AnalysisTechnically the FX:USDCAD pair seems to follow 12345 bullish impulse structure on intraday chart. Having said this, it is possible to follow 2 setups (bearish and bullish) on levels shown on the chart. On the short side, it is good to monitor and manage the position closely and move stop loss to breakeven as soon as possible. In this case the expected pullback could take the form of ABC or ABCDE Pattern. Levels may change, so follow our updates below or on our website. Trade with care Like | Share | Comment
by TheAnonymousBanker
4
GBPAUD ABC BULLISH PATTERN Hello Traders! Let's Have a Look at GBP/AUD Presenting a Great Trading Opportunity The GBP/AUD pair is showcasing a promising trading opportunity. On its hourly chart, it has formed a symmetric ABC bullish pattern, which is a strong indicator of a potential upward trend. Here are the trade details: The price is trading above the entry level (EL) at 1.95613. Stops are set at 1.94869 to limit potential losses. Profit Targets: Target 1: 62% at 1.96699 Target 2: 79% at 1.97176 Target 3: 100% at 1.97786 If you appreciate this trading idea, please support it with a like, and don't forget to follow for more insightful trading alerts. Your support fuels our motivation to bring you more profitable opportunities. Happy Trading!
Long
by TradeChartPatternsLikeThePros
1