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Correctivewave

BTC CORRECTIVE STRUCTURE - NOW Hey Traders and Hopeaholics! Quick run-through current corrective structure from an ELLIOTT WAVE pov! TRIANGLE (YELLOW) Triangle formations are corrective patterns that are bound by either converging or diverging trend lines. Triangles are made up of 5-waves that move against the trend in a sideways fashion. These triangles can be symmetrical, descending, ascending, or expanding. FLATS (PINK) Flat formations are simple sideways corrective waves. In flats, the lengths of the waves are GENERALLY equal in length, with wave B reversing wave A’s move and wave C undoing wave B’s move. We say generally because wave B can sometimes go beyond the beginning of wave A. ZIGZAG (AQUA BLUE) Zig-zag formations are very steep moves in price that goes against the predominant trend. Wave B is typically shortest in length compared to Waves A and C. These zig-zag patterns can happen twice or even thrice in a correction (2 to 3 zig-zag patterns linked together). Like with all waves, each of the waves in zig-zag patterns could be broken up into 5-wave patterns. Information from Babypips for education purposes only. ********************************************** If you are unsure of direction or feel you are over trading I have a moto. IF IN DOUBT SIT IT OUT! There is no shame in not being in a trade. Stick to your game plan, wait for a set up to be confirmed, and ONLY take a trade if it all aligns. So please I welcome your comments and CONSTRUCTIVE FEEDBACK - ALL HATERS WILL BE FLAGGED AND REPORTED! And remember, there is NO RIGHT OR WRONG in trading - just money management! REMEMBER IF YOU ARE PRACTICING SAFE... TRADING ALWAYS USE PROTECTION (minimize your risk, use a stop loss. Especially in Margin Trades) ALWAYS!!!!!!!!!!!!!!!!!!! <3 Lisa DISCLAIMER: The Legal stuff - I'm not a financial adviser. Just a few quick thoughts - remember you sit at your computer, you push the buttons... PS make sure you give me alike, that way you get updates as I post them.... :) <3
BITFINEX:BTCUSD
by LisaNEdwards
19
SPY SHORTConsidering the following, 1. For the Fib scale M-N and fib scale L-N, the retracements 61.8(L-N) and 76.4(M-N) coincides almost at the same level. 2. For the ABC corrective wave, the AB part of the wave retraced to 38.2, so I believe BC should extend to -61.8(290.48), which also coincides with the levels mentioned in (1). 3. 281.47 is a key level and cannot be ignored, but I believe it's a high probability that it won't stand. 4. The zone 288.70-291.74 is also a key resistance where all the fib levels mentioned in (1) and (2) lies. 5. MA(50) is also a factor I believe will stop the movement of the market upwards. I won't take a SHORT position exactly at the zone 288.10-291.74, I would rather wait for an entry reason(s) such as a bearish engulfer or a downward momentum shift, etc. Sorry, the chart's too messy Let me know what you guys think. Thank you
AMEX:SPYShort
by AtitPatel