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Correctivestructure

Bitcoin Has Lost Dominance, But Only TemporarilyHello traders! Today we will talk about Bitcoin, its dominance and ALTcoins. For the beginning we want to point out that most of cryptocurrencies, even some of ALTs nicely and strongly recovered in the start of 2020, which can be easily a signal for the bottom and a reversal into a bullish mode again, but only against the USD pairs (XXX/USD). However, as you can see, the major Crypto BTCUSD is not so strong. It's actually rising, but in a much slower pace than some of ALTs and that's what we are going to talk about today. It's all about dominance in the Crypto market, sometimes BTC is the leader, sometimes ALTs and this can be clearly seen in the BTC dominance chart, which is telling us where XXX/BTC cross pairs can be headed, but of course not all of them. So, we want to to show you how this look like from Elliott Wave perspective. In the first chart above we can see that BTC is losing dominance since September of 2019, but according to the EW corrective a-b-c structure, this may come to an end soon. We are tracking a regular flat correction in wave 4, so seems like the final move up for wave 5 is still missing. If we take a look at the examples below, ETHBTC can be also trading in a corrective a-b-c-d-e triangle pattern, so once BTC dominance returns, and once it fully completes a bearish triangle, this is when we can expect a break into new lows for the final wave 5. It's very similar with EOSBTC, the only difference is that EOS is currently stronger than ETH, which means that EOS made a bigger recovery against the BTC, but it also looks an a-b-c corrective rally in wave 4, especially because of a triangle in wave »b«, so don't be surprised if EOSBTC faces limited upside around the 0.00048 resistance area. All what we want to say is that yes, most of Cryptos is turning bullish, but be very careful with cross pairs against the BTC (XXX/BTC), because most of these ones may not have reached the bottom yet, especially those which are still trading near the lows like ETHBTC and EOSBTC, while the other ones that made a bigger recovery, may just face a deeper corrective decline. Be humble and trade smart! If you like what we do, then please like and share the idea. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
CRYPTOCAP:BTC.DEducation
by ew-forecast
4
Cable May Retest The 1.33 -1.34 Resistance AreaHello traders! A quick Cable update, where we have noticed a corrective decline for the past few weeks. Well, at the end of 2020, we have seen strong and impulsive push to the upside, clearly with five waves into a wave A and then, from the beginning of January of 2020, we can see a three-wave a-b-c decline, ideally for wave B, so seems like Cable may retest the 1.33 - 1.34 resistance area for wave C of (B)/(2) before a bearish continuation into wave (C)/(3). Trade well! If you like what we do, then please like and share! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Education
by ew-forecast
3
AUD/JPY Shorting Opportunities AUD/JPY Selling opportunities presenting itself on this pair with a larger timeframe corrective channel. By using the three touch method, we can project some exhaustion before a move downwards. A few points of confluence are as follows: - corrective nature which has happened historically - three touch method at channel highs - previous area of market structure is where current price action sits - slow in momentum at current resistance zone, showing sellers creeping back in This is my take on AUD/JPY for the start of 2020. Happy trading folks!
Short
by JRonaldTrading
1
Resistance On Crude Oil Is Support On USDCADHello traders! Today we will talk about Crude oil, USDCAD and their negative correlation in the market. As you may already know Crude oil and USDCAD are in tight negative correlation, not tick by tick, but they are mostly in the same shape, just inverted. Well, want we to point out is that correlations are very important to get the right approach to the markets. And, if you combine them with EW and some other technical tools, then sometimes can be much easier to recognize the pattern and direction. Let's dig into the charts. Crude oil can be forming big triangle and now when it's trading nicely within a corrective channel and right at the upper triangle line and potential resistance, we wonder if it will break up or it will turn down. But, if we take a look on USDCAD, from EW perspective we can see quite nice bullish formation that can send the price at least towards the upper triangle line. So, if we consider all the evidences, then the next move should be down for Crude oil and up for USDCAD, at least into the projected minimum target area, if not even further. Trade smart and wait for confirmations! If you like what we do please like, share and follow us. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
TVC:USOILEducation
by ew-forecast
1
Elliott Wave View: SPX Correction in ProgressShort term Elliott Wave view on S&P 500 (SPX) suggests the rally from August 6, 2019 low is unfolding as a 5 waves impulsive Elliott Wave structure. On the chart below, we can see wave 3 of the impulsive move ended at 3155.32. Wave 4 pullback is currently in progress as a double zigzag before the rally resumes. Down from 3155.32, wave (a) ended at 3110.78 and wave (b) rally ended at 3124.53. Index then resumes lower in wave (c) and ended the zigzag move at 3070.33. This zigzag move also completes wave ((w)) in higher degree. Index should now bounce in wave ((x)) to correct the decline from November 28 high before turning lower again. As far as pivot at 3155.32 stays intact, Index has scope to extend lower to continue correcting in wave 4 as a double zigzag. Wave 4 typically ends around 23.6 – 38.2 Fibonacci retracement of wave 3. This area comes at 3040 – 3084. The Index has already reached 23.6 Fibonacci retracement at 3084, so technically it has met the minimum requirement to end wave 4. However, we are still calling a double zigzag in wave 4 as far as rally fails below 3155.32. If pivot at 3155.32 gives up, it suggests the Index has ended wave 4 as a zigzag, and Index then would be already in wave 5 higher.
TVC:SPXLong
by Elliottwave-Forecast
2
EW Analysis: Cable Can Be Forming A TriangleHello traders! We have noticed an interesting pattern on Cable (GBPUSD). It's a corrective triangle consolidation, which is also a continuation pattern that usually occurs either in wave (B) as part of a correction or in wave (4) as part of an impulse and as you can see, in our case it can be as part of wave (4) that can send the price into new highs for wave (5) at least towards first target 1.3200 area or maybe even higher towards 1.3600 second target in case of an extended waves, but we always consider minimum expectations and if goes higher then even better. From a technical perspective you can see that it's nicely trading within an Elliott Wave channel and right now is sitting at the channel support line, so we would not be surprised if we see GBP rally soon, especially because a triangle could be already finished since we noticed the final wave E of (4). However, triangle might still be even more complex and sideways, so to confirm our view the price needs to break above 1.2985 region, while above 1.2820 invalidation level. If you like what we do, then please like and share! Trade well! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Education
by ew-forecast
1
ORBEX: EURUSD - Are We Going Lower After Minor 4's Completion?It looks like the corrective minor wave 4 has ended a tad above the strong 1.1025 resistance, taking our breakeven stops. The recent attempt to push prices higher is most likely done for now and fresh lows could be expected. Minor wave 5 is expected to end below the most recent low of 1.0880, where intermediate wave 3 will also see its end. The intermediate wave 3 is part of the primary A,B,C zigzag with waves A and B at 1.13 and 1.1816, respectively. C will finish this correction with an intermediate 5. The minute upside correction is part of a bullish flag which could have prices sliding down to 1.07/1.06 medium-term This opportunity would be invalidated above 1.1063 in the short-term, but in the medium-term, we could see an upside completing a deeper correction closer to minute wave 1 low near 1.1195. A break above the latter would most likely invalidate bears in the longer-term. Stavros Tousios Head of Investment Research Orbex
Short
by Orbex
USDTRY possible running flat as tension rises In the Dollar & Turkish Lira pair we could potentially have finished a running flat abc correction (in a running flat the c waves doesn't reach a new high or low point). Its still to early to say whether we have broken out of the structure to the upside but this pair should definitely be monitored, as a new impulsive move to the upside could be in play. Trump already announced he would "destroy" Turky economically if they proceed with their actions in Syria.
by JonasBenjaminFriedrich
1
EURGBP SA L O H A - Have been watching this for about a week now and momentum has finally picked up. Currently in a tight bear flag heading downward. Impulse early morning while Hawaii traders were asleep, did not set an entry order but okay as the market always corrects. This is a nice potential entry I am eyeing out at the break of the structure or at the top for a double top, scoop within the 15m/1hr time frame. Bears are kicking in so not looking for any longs for a while. Headed to bed now, will set an entry order and see what happens. Have a great night and may you have a profitable week! Mahalo. What do you guys see?
Short
by Reid_Hicks
Potential Shortswing coming in USD/JPY keep on WLA interesting setup with a good chance to risk ratio could play out in the USD/JPY. I expect this pair to be in a corrective channel making a 3-wave corrective structure to the upside. Once we reach the highlighted target area the pair should be observed more carefully. Please dont make an entry blindly there needs to be confirmation in the smaller timeframes as well as in the price action. As of now its just something for the WL.
by JonasBenjaminFriedrich