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Correctivewave

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
NDX: no impulse up off August low. Expect lower pricesThe NASDAQ100 (NDX) broke below its August 22 high and therewith invalidated its potential to do five (i, ii, iii, iv, v) waves up off the August lows. Instead it became only three: corrective. Namely, when a new move starts, even if it is five waves up or down, we can never know beforehand with all certainty if that move is an impulse (wave-1 of a 1,2,3,4,5 move) or part of a larger correction (wave-A of an ABC move). See my tweet here for example. Hence, why we must label such initial advance as wave-1/a, the retrace as wave-2/b, and the subsequent advance as wave-3/c, until one (1,2,3) or the other (a,b,c) is disproved by the markets. In this case the impulse was disproved as price overlapped with wave-i/a meaning the current decline can not be a wave-iv and so there will be no wave-v and thus thus the entire rally was a wave-a,b,c UP. Simple! In addition the wave-iii/c was only seven waves up, which means it is corrective as impulses travel in 5,9,13, etc waves. Another line of evidence pointing towards the recent rally having been corrective and not impulsive. Now that we have proper, intellectually honest Elliott wave labeling out of the way, lets look at the bigger picture options. Price can do a nice c-wave down into the orange target zone based on the standard c=a to c=1.618x a Fibonacci extensions and as long as it doesn't move below the June low it can still be a larger wave-ii of an even larger 3rd wave. IF it breaks below the June low, and especially in a five waves down move, then we have a lower low on our hands. In addition price can then not be in a (red) wave-ii anymore because 2nd waves can't go below the start of the prior same degree 1st wave, and we are then looking for a much, much larger ongoing correction, which I would label as major wave-c of Primary-IV, well into 2020. Trade safe!
TVC:NDQShort
by intelligent_investing
XRPUSD Swing BuySwing Buy opportunity for XRPUSD Buy limit activated at @ .27250 SL: .26750 TP1: .31565 TP2: .31825** TP3: .39150 Notes: The last impulse to the upside took a while but played out eventually. The contraction/consolidation we’re seeing now is ideal for strong uptrend that would come - after a heavy fakeout down. There will be more eyes on the market now that big upside potential has been shown, and that also means more aggressive wicks to stop out retail traders. We’ve got a low risk space for order liquidity to hop in the market before a move to the upside after trapping impatient sellers. Patience is the key to big moves in these markets.
BITFINEX:XRPUSDLong
by david_eke
S&P500 complex enough for you?!My last update I ended with " Lastly, note that I label the larger waves as i/a, 2/b etc, because we can never know before hand if a move -even if 5 waves- in either direction is the start of a new impulse (i,ii, etc) or part of a correction (a,b,c) where wave a and c are also 5 waves... So to prevent hubris, always label them as both initially until the market eventually tells you which it is. Yes even c-waves can be made up of three waves, and are not always and necessarily comprised of five waves! " Well, we indeed only got three waves down, thus that was corrective: anticipate, monitor, adjust if necessary. With today's rally, which is still also and only three waves up off last Friday;s low, and those three waves down last week, the best pattern that fits the current price action right now is a triangle (a,b,c,d,e) with wave-e now underway. Triangles are one of the hardest patterns to forecast and foresee (nobody knew with all certainty early August this pattern would transpire, and how could one?!). Today's high could already be enough for wave-e (the final wave), but we can set a target zone of SPX 2920-2935 right into the upper trendline depending a bit on how strict one draws it. Above that -and especially above SPX2945- and something else is going on. Note that the previous two monster gap ups at open were filled and I expect the same to happen in the not too distant future. Trade safe!
SP:SPX
by intelligent_investing
10
GBPAUD Trade IdeaI think that this may be a great setup on GBPAUD for next week. I noticed that the Elliott Wave has ended and I think that a head and shoulders pattern will lead it into a corrective wave. The point of the head of the head and shoulders should be a good entry point for a long position. I would most likely take out a small lot size at the top of the head and then a bigger one at either the neck (draw a line from shoulder tip to shoulder and the neck is where the line hits the head) or the tip of the right shoulder (where it hits daily support). The daily resistance zone is about 280 pips from the tip of the head on the head and shoulders but price could very well smash through and go up about 600 pips. There will also be some good scalping opportunities within this uptrend which I plan on taking full advantage of. These are all just my thoughts on what will happen with GBPAUD in the upcoming trade week. I have only been trading since March and I'm no guru at this moment. I know that God bless me with that distinction one day but for now, I'm still in the newborn phase. I am learning quite a bit though. Before you get in a trade, make sure that your confirmations are hit with whatever trade strategy you are using. Please remember to always practice proper risk management!!
Long
by BlackDiamondFX
2