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Correctivewave

W-X-Y Correction Predicts a BTC Bottom On June 29, 2020 Type Of Correction: The main difference between a regular A-B-C correction and a W-X-Y is the sub-wave count. While the A-B-C formation often has a 5-3-5 or 3-3-5 wave count, every wave in the W-X-Y correction consists of three sub-waves, amounting to a 3-3-3 correction. Since the W and Y waves often have the same length, this correction could end in June 29, 2020. Possible Bottom : The decrease from the top of the W wave to the top of the X wave was 37.41%. It would make sense for the decrease from the bottom of the W wave to the bottom of the Y wave to be similar since the W and Y waves often have the same length, giving a low of $2200. Future Movement: : It seems that the price is in the C sub-wave of the larger Y wave. This is expected to be an extended wave, similar to the C sub-wave of the W wave. Please leave a LIKE & COMMENT to support my future analyses.
BNC:BLXShort
by BitcoinMaximus1
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
EURUSD updateSo guys its been a while since this pattern showed up on the radar... Still bullish bias Clusters at ab=cd and the 23.6% retracement, indicates that the buyers should be stepping in to the market around these levels, especially when you see how price reacted. Besides that, its not a bad idea to go in the direction of a harmonic pattern after a pullback to 38.2%... You should know that harmonic patterns is but Elliot corrective waves. This then leads to the opportunity of getting in at motive wave 2. Still I would not recommend that you blindly place your entries around these levels, since Elliot waves are very complex and most of the times you are not looking at a fresh wave count. Dont forget to like the chart if you enjoy the analysis and make sure you comment your thoughts below! God bless and happy trading
Long
by MikulovicFOREX
Elliott Wave View: GDX Rally Remains CorrectiveShort term Elliott Wave view on Gold Miners ETF (symbol: GDX) suggests it is now correcting cycle from November 1, 2019 high (28.22) as a double three Elliott Wave structure. Decline from November 1 high (28.22) ended wave A at 25.98 as a 5 waves impulse. Wave ((i)) of A ended at 27.65 and bounce in wave ((ii)) of A ended at 28.05. Index then resumed lower in wave ((iii)) of A towards 26.02 and wave ((iv)) of A ended at 26.43. Finally, wave ((v)) of A ended at 25.98. Wave B bounce is now in progress as a double three. Up from 25.98, wave ((w)) ended at 27.50 as a zigzag. Wave (a) of ((w)) ended at 27.09, wave (b) of ((w)) ended at 26.44, and wave (c) of ((w)) ended at 27.50. Wave ((x)) pullback ended at 26.14 and wave ((y)) of B is unfolding as another zigzag. Expect the ETF to find support in short term pullback for further upside to end wave ((y)) of B. Expected area for wave ((y)) of B comes at 27.6 – 28 to end cycle from Nov 12 low before the ETF extends the decline or pullback in 3 waves at least.
AMEX:GDXShort
by Elliottwave-Forecast
ORBEX: EURAUD Correction Likely To Lead To Further Upside!EURAUD could move higher to complete minor wave 2 above 1.6800 levels. Before continuing higher, it is necessary to complete the minute correction that started at 1.6800 top. With a low at 1.618% FE at 1.5900 round level, which is also a double bottom level, the correction could have either ended as a single zigzag or has another bearish leg down between 1.59-1.55. Look for a valid break above 1.6300 top but before reaching there focus on whether a potential upside is limited to 1.6240 -the 50% FR of 1.6435-1.6045 (minute x wave top to current low price). Stavros Tousios Head of Investment Research Orbex This analysis is provided as general market commentary and does not constitute investment advice.
Long
by Orbex
SPY from here: Not an expert wave counter by any means but can't make anymore sense out of price action then some sort of textbook impulse wave up from January 2019 into some type of flat pattern. I keep thinking triangle of some sort but not sold on that. It also doesn't appear to be an ending diagonal nor in the A position as a leading unless I'm missing a bigger picture. Well we'll see what happens. Either way I expect a break-down of some sort before any new higher-highs are made especially if we want some sort of Santa Claus rally come December. Cheers.
AMEX:SPY
by VelvetHammersTrading
ORBEX: EURNZD - Will This Correction Increase Long Bets?It looks like the corrective minuette wave ii completed or it's going to complete its bearish course near 1.7156/1.7300. The recent attempt to push prices down brought the pair lower where a subminute ,otive wave can be expected. This would add to validation components that could have minuette iii completed. SHould that effectuates, participants could look at the completion of minute iii, and perhaps minor 3. As part of the correction, we can also expect a more complex decline. However, so far market structures hint to a simple corrective formation. The current decline could go down to 1.70 without getting invalidated. This would form a complex flat pattern with the minute ii being shifted. The short-term opportunity would be invalidated below1.7156 with short-term signs of failure appearing below 1.73 (unless if this turns to the upside any moment) Can also expect a double bottom at minuette ii Stavros Tousios Head of Investment Research Orbex This analysis is provided as general market commentary and does not constitute investment advice.
Long
by Orbex