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Corrective

BTC Log Scale Historical corrective patterns and PEAKs - retestBeen a while since i used log scale however started reviewing charts with it. Im sure its on everyones mind including myself whether this BTC has finshed its corrective structure or not. No matter how good your analysis is, nothing is perfect so we look for other ways to reassess our analysis. Givem the recent moves in crypto space, some coins 1x2x3 etc of their value since a few/few weeks ago. Ok, then whats happened to the market cap?? It seems there are some whales in the thin crypto market manipulating the prices and moves of certain coins. You can see some coing that pump, then dump and then another pumps, then dumps, but the market cap doesnt seem to change. Hhhmmm,... obviously there are some larger fish playing games as the real money is not in the market, so,... I had a detailed look into the historical corrective patterns to look for some more signs of whether the correction is over and if the bull run is about to start,... let me tell you,... its far from looking like complete;.. HERE IS WHAT I FOUND; Check on the charts; 1. every previous peak is retested, all the previous peaks on my chart have been boxed in grey, you will notice that the bull run only start after its been test or touched. Has this happened yet??? NO, we are still yet to touch the old peak before we move to the new one,... That is one massive sign for us to see and this is the only time that it hasnt been tested, 2.Every corrective pattern from a birdseye view appears to be a simple zigzag, ABC or complex WXY, have we completed this on our current correction?? Hell no... This level is about $4000-4500. 3. You will notice the blue trendline above the initial channel before the breakout above and gave us a massive bull run. I found a potential wave count which matches perfectly but may also give opportnity for the price of BTC to drop doen to 3k. As the initial wave moves up and above ut of the channel, we could count this as wave 1. Our massive bull run then reached the 20k level which also matches our current wave 4 correction. Now this wave is able to go down but not enter wave 1 (wave count in big red), that level is at the $3k area. - -
BITSTAMP:BTCUSDShort
by joe2411
Nzd/cad updateNcad appears to be producing a buy setup. The sell long term (on the weekly) is what you want. Cad is looking like it may retrace. Should Ncad continue to breakout and continue to produce buy setups we may get something that goes all the way up and breaks the high and possibly breaks trend line. Remember that it never reached. I believe it completed a corrective wave pattern up, so I am expecting correction. Doesn't mean we can't get a large expanded flat that goes up and breaks the high.
Long
by thillygoosth
Waves 101: Basic wave characteristicsHi all, I would like you all to have a basic understanding of how waves (Elliot Waves essentially) feel like. Impulse waves (the 1, 3 and 5 you hear of quite often) are generally easier to "feel". See the chart for example. The fall from 11.7k to 8.3k was pretty easy to detect as a downtrend. There is little scope of confusion during these waves. Corrective waves on the other hand (the 2 and 4 waves and well, many different forms. Mind it, they are not just simple ABC waves as commonly believed) are pretty complex. They are generally combinations of different types of waves and create confusion of bullish/bearish nature on shorter tf. Here for example, we have been correction the impulse wave down and if you are active on the chat, you will see sentiment swing every few hours owing to the complex nature of the wave. Note: the impulse wave down can even be a part of corrective wave of a higher degree. Don't get confused here, just want everyone to know how to detect these waves.
BITFINEX:BTCUSDEducation
by RyanPal
BTC - Going Down?Bitcoin has been following an ascending channel since the beginning of 2017, and price action has been keen to respect the limits of this pattern every time it has reached the upper or the lower limit. Now that we reached the upper limit of the channel a couple days ago, which price heavily tested, a correction is likely to take place towards the supply demand zone below, which is congruent with the area near the lower limit of the channel. However, despite the fact that the 200B Market Cap psychological level was reached some days ago, it has started to decrease fluctuating from that point, meaning that a deeper correction is very likely. In a less possible scenario, Bitcoin might continue upward movement if Market Cap continues to expand, but considering the strong resistance that represents the channel's upper limit this would take a lot of volume and buying power. Let's see how it develops!
BITSTAMP:BTCUSDShort
by CoinMajesty
6
NVDA / D1 : Time to exit and retrace back to major supports.Strong reversal pattern here to retrace current bull wave back to subwave 4 support in two corrective waves. The ending diagonal is very accurate and the overshoot is now being reversed. We've seen Sinewave plotting a bull break signal but the prices never managed to break up the target line and that was the limit not to cross. This false breakout is very likely to be wrong footed within the next few days. Standard targets are overlapping the subwave 3 then reaching subwave 4 support to call again, eventually... Regarding the entry signal.. Momentum didn't give a signal but Sinewave confirmed the end of the cycle and in this case we can confirm the top using candles. We can clearly see a beautiful island reversal here... So obviously the stop on this scenario is place slightly above the current top and offers a very confortable 1:5 ratio. This is counter trendy and should of course not be considered to try with leveraged positions... Hope this idea will inspire some of you ! I'ld appreciate any like/follow if you feel like it deserve it ;) You can check my indicators via my TradingView's Profile : @PRO_Indicators
NASDAQ:NVDAShort
by PRO_Indicators
Practical Exercise - Identify 1st Market ScenarioUnderstanding that market moves in an impulse or corrective nature, we can now further categorise market moves into 3 scenarios. Here we will illustrate the 1st scenario - an impulse move, followed by a corrective move. Practical Exercise 1) Find an example of such scenario in the market. It can be any currency pair, any timeframe. 2) Record down what's the next move after this scenario. 3) Repeat this practice to gather a total of 10 examples. *Refer to the first comment below for a sample of this practical exercise.
TVC:DXYEducation
by KarYong
1
Practical Exercise - Identify Impulse and Corrective MovesMarket moves can generally be categorised as either an IMPULSE move or a CORRECTIVE move. A fast and strong move is described as an IMPULSE move. A slow and weak move is described as a CORRECTIVE move. Practical Exercise 1) Pick any currency pair, any timeframe, and identify the IMPULSE and CORRECTIVE moves on the chart. 2) Draw a line on the IMPULSE move; draw a box on the CORRECTIVE move. 3) Post your chart on the comment section below. 4) Repeat this practice on 2 other currency pairs. *Refer to the first comment below for a sample of this practical exercise.
TVC:DXYEducation
by KarYong
3
USDNOK Elliott Wave Application (feedback appreciated please.)I was reading over the weekend and really trying to understand how to identify inner waves of the larger Wave to get a better idea of structure inside of waves. Another area of learning for me was the correction waves, going over simple and complex and that brings me to this example here. As we are coming off a large 5- Wave completion, we got a ABC correction where C corrected 100% of Wave A. Following the correction the sub-wave count of the next push was a inner 5-wave move, not ABC, which makes me believe that the correction is actually completed and Wave 1 of next move is confirmed. Giving that situation i believe the sub-wave count can start for Wave 2 and we can find entries to get in on the 3rd Wave. Any feedback, input or clarification is highly appreciated guys, always a student of the charts!! Happy trading
by CroomFX