Correctivewave
BTC: Be mindful with your longsTho bitty is still in an uptrend, I expect a wave C of this corrective wave to either retest the 42.5-43k support or to drop further down to 40.5k (0.786 fib of the previous wave). From there we could expect a return to the uptrend when the mfi be in the oversold region for long enough.
I would place a short order at 49k (0.618 of wave A) and 50.5k (0.786 of wave A), tp at 42.5-43k and sl at 52k.
Happy trading guys!
BNB: Take off after correctionBNB is basically copy-pasting its previous move. I expect price to drop to around 410 (0.382-0.5 fib retracement) to finish wave E then begin wave 3 of the uptrend. Target 420.
S&P 500 TOPPING PROCESSA simple Elliott wave corrective structure(A,B,C) having a target of A=C= 4613 is about to achieve this week.
Several times I expected (without confirmation) s&p500 to fall in AUGUST
BULL waves will end after forming an ending Diagonal which is nearing to complete.
My previous counts(bearish) are criticised ,BUT NO ONE expected this recovery wave had such an euphoric strength!!
Thanks to internet,young,algo,new trading community those who pulled out this index by loading lots of borrowed money.
The reality comes next in the name of PUNISHMENT for over exaggeration.
DO YOU SHORT NIFTY ?Elliott wave correction rule(ZIGZAG) says that , ''C'' wave will move either 1.382 or 1.618 times of wave''A''
Any upmove will be POSSIBLE only if NIFTY crosses 16709 (1.382*A).
Tempting to short the NIFTY will be dangerous since it has the potential to go 17720(1.618*A).
Then what is our trading idea? Lets wait for bears action ,until 16107 breached no positional shorts.
EURAUD I Double wick rejection on daily Welcome back!
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EUR/AUD is currently displaying double wick rejection on the daily and due for a correction. Target is 5970!
Be sure to follow the entry criteria rules for your strategy and keep this on your watch list! Best entry is at resistance zone if price pulls back.