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Abcpattern

USDSEK HIts new YTD HighsSEK weakness continues to reign , previously we saw a potential double bottom (DB) form with the February low (pattern later confirmed with a break of the neckline in April) and had further reason to be convinced of the reversal with an A-B-C reversal pattern forming off the same Feb low. After reaching a YTD high of 8.9159 we saw a ner retest of the DB neckline but have now advanced to a YTD high of 8.96 and threatening a test of pysch level 9.00 as well as the pivot support from April 2017 at 9.10. IF we see price advance above these milestones then the next target is the 2016 high at 9.44. Traders should look to get tactically long either on breakouts or pullbacks to prior pivots. Be wary of entering on overstretched bars, we may see a short term advance followed by a pullback to 9.00, an entry could then be taken from the next close at a new high Good luck
Long
by TJP_Trader
Filtering Out The Noise: A Broad Picture?It has been quite a challenge making sense of the price movements in this market, with continuous short and long squeezes appearing from out of nowhere. In this view, we overlay Elliott Waves on the major price movements on the 4h chart. There are some clear wave counts, though the more common wave length ratios are somewhat shortened. In particular, the anti-corrective B wave, which is typically quite a large bull trap, seems to have been checked to be quite shallow, intent as the market was to correct lower, quicker. Also, the typical 1.618 fib. ratios of 3rd waves are somewhat shortened as well. Some things to note: price has just moved below one of the long-term trend lines which is the 1st line of major support that has been broken. Also, a large bullish bear wedge has formed at the end of wave 1, which should contribute to realizing wave 2. Wave 3 is aligned with the second important support level corresponding to a previous support level of the "Great Correction" from $20k to $6k, specifically $6425. The 3rd level of support is the low of the Great Correction corresponding to $6k. The 4th level of support corresponds to a support zone prior to the Great Correction at $5400. And finally, the broad long-term trend line corresponds to the final major level of support. This is a hard support, and corresponds to the $5k price territory. As mentioned previously, a large bullish wedge has formed at what appears to be the end of wave 1. The RSI also shows clear price divergence on two separate occassions. This strongly suggests a temporary reversal is imminent. That said, with the blatant price manipulation that is rampant in this market at present, almost anything is possible. But I do think that the manipulators only exaggerate natural market trends in order to further capitalize from them and milk them for all they're worth. It would be too costly, even for deep pockets, to go against the market outright, except for very short-term squeezes and head-fakes. Target: $5k-$6.4k
BITFINEX:BTCUSDShort
by dalmazio
3
XAUUSD (Bullish Impulse) - Daily 0-1 There was a Cypher Pattern, which gave us point 1 completion at -0.618. 1-2 ABC Pattern was formed. 2-3 Bullish impulse from ABCs and X-A of Gartley Pattern. 3-4 Type of ABCD formation that gave us D completion of Gartley Pattern exactly at 0.786. 4 to 5 I expect Channel to be completed by reaching point 5 at top. I measured bullish Flag by placing 0.236 at top of consolidation and got 0.618 as perfect support for the entire consolidation, -0.27 - 1.618 area would be take profit (1.618 from Trend-Based Fib Extension). MACD shows Flag much easier with an ABC structure for our bullish impulse. Good Trading - Daily Chart
FX_IDC:XAUUSDLong
by DanielParra99
EURCAD (Cypher Pattern) -4h ChartConfirmations for Cypher Pattern: - A to B must touch 0.382 but cannot exceed 0.618 (on this case B is at 0.5) - B to C must touch 1.272 but cannot close below 1.414 (Trend-Based Fib Extension) - C to D must touch 0.786 of X to C - First TP at 0.618 of D to C (Fibonacci) - Second TP at 0.382 of D to C (Fibonacci) ABCs inside left leg gave bearish impulse for ABCD pattern iniciation, so we can get a clear bullish impulse towards D completion at 0786 for our Cypher Pattern. I expect price to be bullish until that point (0.786) for Cypher Pattern confirmation and sell. Good Trading.
by DanielParra99
Short Squeezes, Pumps, and Dumps, Oh My!This market seems rife with short and long squeezes as evidenced by the many rapid red and green cliff-hanger price movements. However, the market does appear to genuinely want a correction after the recent bull move from $6k to $10k. The bear squeezes seem to be an attempt to shake out the highly leveraged shorts, who are (perhaps inadvertently) contributing to the high market volatility. Corrections are normal, without corrections there would be no infusion of new capital thus providing foundation and support for new highs. But highly leveraged shorting in crypto is just asking for trouble. Any professional trader worth his salt will advise against leveraged trading in crypto, unless you are okay with living on the edge and getting your account wiped out. But this is crypto and so we must deal with all the market manipulation and extreme volatility, and try to find our way through the forest and the trees. As far as TA goes, we seem to be in the 2nd leg of a C wave of an ABC correction. Looking at the above chart, the first A wave of the correction brought us down to $8200. One thing that's interesting is the appearance of a "black swan" truncated 5th leg that stops a little above this low, instead of proceeding past it as 5th waves normally do. This is followed by the B wave consisting of a triangle ABCDE correction, which is very apparent and shown in orange. Then begins the C wave of the broader ABC correction, in which we have completed the 1st leg, and part of the 2nd leg. Additionally, the end of the 3rd leg and 4th leg correspond to broad 0.618 and 0.5 fib. retracements which are common reversal/inflection points. Also interesting to note is that the $7500 target seems to coincide with the broad 0.707 fib. retracement which many traders attach much significance to. All this suggests a price target around $7500 before we begin a broader bull move, possibly to new highs. However, it's worth considering an alternative formulation. It's possible that the ABCDE correction in orange actually comprises the 4th leg of the broader A wave, and the recent $8100 low, is actually the 5th leg of that broader A wave. Which means that we are just beginning the B wave of the broader ABC correction, which has a tendency to be a bull trap as it can be quite deep. This could mean that we might see some higher prices first, up to as high as $9k, before resuming the downward trend. If this scenario plays out, it means that the final target will probably be a little lower, perhaps around $7k-$7.2k instead of $7.5k. In any case, we can be sure of one thing: it's going to be a thrilling ride. Target: $7500
BITFINEX:BTCUSDShort
by dalmazio
4
AUDUSD (2618 and ABCs) - Daily Chart2618 Setup - double floor - measure impulse - retracement at 0.618 - TP at -0.27 and -0.618 Double Flooe + 0.618 = 2618 There's a perfect support and retest for that double floor that gave us this bullish impulse towards -0.618, at this point a major retracement is needed for further bullish movement, ABCs gave us that by consolidating and reaching 0.786 for major retracement. MACD shows lower low expecting bullish impulse. Good Trading. - Daily Chart
Long
by DanielParra99
LONG ABC Correction is coming, Multiple Time frames analysisGood Morning Traders! We saw a sharp decline in 5 waves down to the 3 month low. From This point, I expect at least ABC correction in this market to 38% Fib lvl -0.51% . Nevertheless UK economy is in a SLEEP MODE and chances of another Intrest Rate hike by BOE in May is nearly 0. From Daily chart, we can see that Price is hovering near 200 MA and uptrend channel line from where we can see this ABC correction. As well We can see that price is about to retest the previous counter-trend-line thus there can be lots of bulls waiting to enter into this market. All the best, VW.
Long
by I0_USD_of_Warren_Buffett
ABC Correction is coming, Multiple Time frames analysis Good Morning Traders! We saw a sharp decline in 5 waves down to the 3 month low. From This point, I expect at least ABC correction in this market to 38% Fib lvl -0.51% . Nevertheless UK economy is in a SLEEP MODE and chances of another Intrest Rate hike by BOE in May is nearly 0. From Daily chart, we can see that Price is hovering near 200 MA and uptrend channel line from where we can see this ABC correction. As well We can see that price is about to retest the previous counter-trend-line thus there can be lots of bulls waiting to enter into this market. Best Regards, VW.
Long
by I0_USD_of_Warren_Buffett
BITCOIN : ELLIOT IDEA FOR LONGAfter having finished the ABC correction wave, we may enter in a new impulse wave on the long-term. The impulse wave I drew thanks to Fib retracement, indicates the different zones where we could find tops and bottoms. During the next few weeks, bears would dominate the market until we reach the buy zone located between $7826 and $8255. That zone matches the 50%-61.8% zone of the Fib retracement in which the wave two often completes. I would update that idea if some changes happen in the market.
BITFINEX:BTCUSDLong
by HatrekoS
WTC to come down to be in a good spot for a buyReasons for WTC coming down Bearish MACD Elliot wave count Bearish RSI Current ABC pattern forming a bullish triangle I think WTC is looking good in the long run it is in a good position for a big wave up aiming for the 0.618 retracement on the fib to start stacking some buys around $0.88c Looking like it will be a breakout if it breaks the upper most trend line could be around 3 to 6 weeks rough guess This isn't advice this is me thinking out loud don't listen to it :)
WLong
by StoneyStark
A couple of BTCUSD Tradeshere you can see the triangle breakout caught. Rose up to inflection point at $8189.00 then produced nice breaish Hammer Candle and I closed out for around $650 gsain Went shot for a quick retrace to the 61% fib level and coinsiding with moving averages. This produced another $150 gains New order placed for just above 10SMA to catch next run up to $8220.00 level Lets see - pls be gentle in reviewing....... Have a great night traders - Happy Hunting.
BITFINEX:BTCUSDLong
by SVPARKER
2