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Correction

Elliott Wave Impulse Decline in XOM Suggests Further DownsideShort term Elliott Wave view in Exxon Mobil (ticker: NYSE:XOM ) suggests that the decline from 4.28.2023 high took the form of a 5 waves impulse. Down from 4.28.2023 high, wave (1) ended at 115.64 and rally in wave (2) ended at 117.30. The stock resumes lower again afterwards. Down from wave (2), wave 1 ended at 114.45 and rally in wave 2 ended at 115.22. Stock resumes lower again in wave 3 towards 109.29 and wave 4 rally ended at 111.39. Final leg wave 5 ended at 108.15 which ended wave (3). Stock then rallies higher in wave (4) towards 109.81 and then extends lower in wave (5) towards 105.5. This completed wave ((A)) in higher degree. Wave ((B)) is currently in progress to correct cycle from 4.28.2023 high. Internal subdivision of wave ((B)) is unfolding as a double three Elliott Wave structure. Up from wave ((A)), wave A ended at 109 and dips in wave B ended at 105.80. Wave C higher ended at 110.97 which completed wave (W). Pullback in wave (X) ended at 108.1 and the stock has resumed higher again. Potential target higher for wave (Y) is 100% – 161.8% Fibonacci extension of wave (W) which comes at 113.5 – 116.8. Near term, as far as pivot at 119.9 high stays intact, expect rally to fail in 3, 7, 11 swing for further downside.
NYSE:XOM
by Elliottwave-Forecast
Bitcoin broad perspectiveMost would agree that cryptocurrency is experiencing a significant correction, if not in the middle of a bear market. Zooming out, and taking the long view, what appreciation can we reasonably expect bitcoin to have? The blue trend line is the most important part of this chart. It assumes an annual return of 250% based on the trend set from August 2015 to April 2017. After that, bitcoin began a new trend resulting in gains at a pace of 1000% annually until the end of 2017. In order to get back on track to the 250% return line, BTC prices will need to reach some painfully low levels. The most optimistic curve appears to me to be the least likely.
BITFINEX:BTCUSDShort
by rgerhards
BTC - Correction Started ❗️Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. As per my last analysis (attached on the chart), we know that the correction already started as BTC broke below the last H1 low. Now what? 🏹 BTC is still overall bearish, and we are expecting a movement till the lower bound of the orange channel which is also lining up with the previous daily low in green. 📈 As per my trading style: As BTC approaches the purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...) UNLESS the green daily low is broken downward. In this case a deeper correction movement till the 25,000 support would be expected. Which scenario do you think is more likely to happen first? and why? 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
by TheSignalyst
28
Russell 2000 (RTY) Looking to Break LowerRussell 2000 (RTY) Cycle from 4.3.2023 high is in progress as a 5 waves diagonal. Down from 4.3.2023 high, wave (i) ended at 1752.7 and rally in wave (ii) ended at 1825.43. The 1 hour chart below shows the chart starting from wave (ii) peak. The Index then resumes lower in wave (iii) towards 1731.7. Internal subdivision of wave (iii) unfolded as a 5 waves impulse. Down from wave (ii), wave i ended at 1794.8 and rally in wave ii ended at 1814. Index resumes lower again in wave iii towards 1733, wave iv rally ended at 1748.80. Final leg wave v ended at 1731.7 which completed wave (iii). Index then corrected in wave (iv) with internal subdivision as a zigzag Elliott Wave structure. Up from wave (iii), wave a ended at 1762 and wave b pullback ended at 1742.20. Final leg wave c higher ended at 1796.50 which completed wave (iv). Index resumes lower again in wave (v). Down from wave (iv), wave i ended at 1720.4 and wave ii ended at 1778.9. Wave iii ended at 1716.70. Expect wave iv to fail and Index to resume another leg lower to end wave v of (v) of ((i)). Afterwards, Index should rally in wave ((ii)) before it resumes lower again. Near term, as far as pivot at 1825.43 high stays intact, expect rally to fail in 3 ,7, 11 swing for further downside.
CME_MINI:RTY1!
by Elliottwave-Forecast
Elliott Wave View Suggests Silver (XAGUSD) Correction continueSilver (XAGUSD) ended cycle from 3.10.2023 with wave 1 at 26.08 as the 45 minutes chart below shows. The metal is now correcting cycle from 3.10.2023 low in wave 2. Internal subdivision of wave 2 is unfolding as a double three Elliott Wave structure. Down from wave 1, wave a ended at 24.78 and wave b rally ended at 25.31. Wave c lower ended at 24.62 which completed wave (w). Corrective rally in wave (x) ended at 25.48. The metal resumes lower in wave (y) with internal subdivision as a zigzag. Down from wave (x), wave a ended at 24.76 and wave b ended at 25.35. Wave c lower ended at 24.47 which completed wave (y) and ((w)) in higher degree. From there, the metal formed wave ((x)) connector with internal subdivision as a double three in lesser degree. Up from wave ((w)), wave (w) ended at 25.22 and pullback in wave (x) ended at 24.49. Wave (y) higher ended at 25.9 which completed wave ((x)) in higher degree. The metal then turns lower in wave ((y)) with internal subdivision as a zigzag. Down from wave ((x)), wave (a) ended at 24.86. Expect rally in wave (b) to fail in 3, 7, or 11 swing for further downside. Potential target lower is 100% – 161.8% Fibonacci extension of wave ((w)) which comes at 23.31 – 24.29 area. Near term, as far as pivot at 26.08 high stays intact, expect rally to fail in 3, 7, 11 swing for further downside.
FOREXCOM:XAGUSD
by Elliottwave-Forecast
1
Should break and make double top Gold is in a good position to buy before big drop occurs. I bet 1986 area can hold and the support is pretty strong ; tug-a-war with sell pressure but I know the bulls can take this and handle it there.. break the pressure and bring the buyers pressure to overcome it and should get exhausted until hit about 2060 or 2080 area for a sell off. The Feds had confirmed that USA will have a mild recession at the end of 2023 and should expect the big drop before end of 2023 4Th Quarter or before end of 3rd Quarter of 2023. Trade safe and watch any reversals
OANDA:XAUUSD
by JoyBoyVegae
1
$BTCUSD holds steady around shortterm POC $27k but how for long?The macro trend for BITSTAMP:BTCUSD is.. And this publish looks at the Intermediary Wave 4 in further detail by studying the characteristics of Minor Wave 5. Here are the 2 possible scenarios to play out in the days and weeks to come: Scenario 1 Intermediary Wave 4 is not yet completed, despite touching 0.328 retracements, and will play out in a triangle, as Waves 4 usually do. This means Minor Wave 5 will break down further, possibly towards 0.328 fib targets of $26.4k. This is the stronger scenario that I will lean on. Scenario 2 Intermediary Wave 4 is completed, aka Minor Wave 5 is also completed. This means Intermediary Wave 5 is underway, aka Minor Wave 1 is also on its way. Aka we've seen the bottom for the year, although I do not lean towards this scenario, here's one for cautious optimism. Sidenote 0: Divergence on the shorter timeframes. Volatility. Sidenote 1: Waves 1 are typically motive/impulse waves accompanied by cautious exuberance, but the news is rather stale at the moment. Dullness. Sidenote 2: As of pixel time, Coinbase NASDAQ:COIN is sueing SEC for lack of regularity clarity. It's scary time indeed. Uncertainty. Sidenote 3: FOMC meeting in 8 days and 84% (today) expectations that we'll see 500bp for the first time since 2017. Sell pressure. Sidenote 4: Last month saw the Mt Gox CRYPTOCAP:BTC redemptions which will go on until near end of year. Sell pressure. Sidenote 5: China is smiling at crypto again, while Binance lifts its Russian restrictions. Bullish.
BITSTAMP:BTCUSD
by googooboyy
XRP/USDT 4HInterval check the current situationI invite you to review the XRP chart in pair to USDT, also on a one-day interval. First, we will use the purple lines to mark the downtrend channel in which the price is currently moving. Moving on, we can move on to marking support areas when we start a larger correction. And here, the first support is at $0.45, the second support is at $0.43, the third support is at $0.41, and then the fourth support is at $0.39. Looking the other way, we see that the price has reached the first resistance at $ 0.48, which so far has no strength to break. However, if it manages to break out above, the second resistance is at $0.51, the third at $0.53, and then the fourth at $0.55. At this point, it is worth looking at the EMA Cross 10 and 30, which indicate that we are on the verge of returning to an uptrend. The CHOP index indicates that most of the energy has been used, the MACD indicates that we are moving in a local uptrend, while the RSI has a return to the upper part of the range, which may give a moment of recovery before further growth.
by cryptodailyuk
USDCAD I Key resistance broken. Expect pullback and more growth!Welcome back! Let me know your thoughts in the comments! ** USDCAD Analysis - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support!
Short
by BKTradingAcademy
13