PVR INOX GOING ON UPTRENDTaget 2024
Entry=1663-1675
SL= 1647.50
Completed Double correction
This chart is only for educational purpose
Doublecorrection
TRIPPLE CORRECTION : ELLIOTT WAVE THEORY (ELLIOTT BABA)TRIPPLE CORRECTION : ELLIOTT WAVE THEORY (ELLIOTT BABA)
Double Correction
- Basic formation ABC
- Wave X can correct ABC to 82% but some time extended till 127-138%
- Idley wave Y must end at parallel line of O-X trendline
- O-X trendline must be retraced in half time of wave Y
USDZAR ForecastWe're trading in a double correction pattern in the weekly timeframe. We have the wave W and X waiting for wave Y completion.
GBPUSD ForecastWe are in a change of trend on GBPUSD, the price has been in a corrective phase as a double correction pattern. The correction is currently over we can expect some potential impulse moves to occur on the bearish direction.
BNBUSDT | Wave Analysis | Double Correction | Potential BulltrapDouble Combination Correction:
1. Flat with wave-A double B/C failure retraced < 0.382 of its small wave-a
2. Triangle breakout BB baseline correction but before the final correction formation completed with wave-e in triangle.
The BB baseline is broken with a potential wave-d false breakout - possible upcoming wave-e retesting the BB-line at the triangle support.
Action: Short Entry when crossed below MA20W
Gold (XAUUSD) Short Term Elliott Wave Support AreaShort Term Elliott Wave view suggests Gold ended wave 1 rally at 2081.82. Pullback in wave 2 is in progress as a double three Elliott Wave structure. Down from wave 1, wave (a) ended at 2030.21 and rally in wave (b) ended at 2059.56. Wave (c) lower ended at 1999.30 which completed wave ((w)). Wave (c) ended at the 100% – 123.6% Fibonacci extension of wave (a). We have here a clear 3 waves pullback which ended at the 100% extension area. This suggests the right side of the market remains bullish despite the pullback. From wave ((w)), the metal ended wave ((x)) at 2048.01 with internal subdivision as a zigzag. Up from wave ((w)), wave (a) ended at 2038.20, pullback in wave (b) ended at 2024.6, and wave (c) higher ended at 2048.15. This completed wave ((x)).
Wave ((y)) lower is currently in progress with internal subdivision as a zigzag structure. Down from wave (x)), wave (a) ended at 2000.6 and rally in wave (b) ended at 2022.56. The metal has resumed lower in wave (c) in 5 waves. Down from wave (b), wave i ended at 2007 and wave ii rally ended at 2022.11. Expect the metal to continue lower a few more to end wave iii, wave iv, and wave v. This should complete wave (c) of ((y)) of 2 and end the entire corrective pattern. Potential target lower is 100% – 161.8% Fibonacci extension of wave ((w)). This area comes at 1915 – 1966. Expect buyers to appear here for more upside or 3 waves rally at least.
Elliott Wave Expects Gold Miners ETF (GDX) Buyers expect soonGold Miners ETF (GDX) shows a bullish sequence from 9.26.2022 low favoring further upside. The 100% – 161.8% Fibonacci extension target from 9.26.2022 low comes at 38.3 – 45.7 area. Rally from there is unfolding as a nest where wave ((1)) ended at 33.34 and wave ((2)) pullback ended at 26.64. Wave ((3)) is in progress as another 5 waves in lesser degree. Up from wave ((2)), wave (1) ended at 36.10. Pullback in wave (2) is in progress to correct cycle from 2.24.2023 low in 3, 7, or 11 swing before the rally resumes.
Internal of wave (2) is in progress as a double three Elliott Wave structure. Down from wave (1), wave ((a)) ended at 34.38, wave ((b)) ended at 35.19, and wave ((c)) ended at 34.07. This completed wave W in higher degree. Corrective rally in wave X ended at 35.19. Wave Y lower is in progress as a zigzag structure. Down from wave X, wave ((a)) ended at 33.60, wave ((b)) ended at 34.63, and wave ((c)) of Y should reach the extreme area at 31.9 – 33.15 blue box area. From this area, the ETF can extend higher in wave (3) or rally in 3 waves at least.
TSLA (TESLA) Favors Further DownsideTSLA Showing impulse Elliott Wave sequence as ((1)) higher started from 1/06/2023 low, which ended at $217.82 high on 2/16/2023. Below $217.82 high, it favors pullback in 7 or 11 swings correction in ((2)) against January low before upside resumes. It placed (W) of ((2)) at $163.91 low & (X) connector at $208 high on 3/31/2023. Below (X) high, it ended A of (Y) at $176.11 low & proposed ended B at $189.19 high.
Below (X) high, it placed ((i)) at $192.20 low & ((ii)) at $198.74 high. ((ii)) was 0.382 Fibonacci retracement of first leg. It placed ((iii)) at $179.74 low & ((iv)) at $186.39 high. Finally, it ended ((v)) as A wave at $176.11 low in (Y). It proposed ended B wave $189.19 high in 3 swings bounce as 0.382 Fibonacci retracement as aggressive view. Alternatively, the bounce can be ((a)) ended at $189.19 low & favors corrective pullback in ((b)) leg followed by upside in ((c)) to finish B connector against (X) high as less aggressive view. In either the case, it favors weakness to continue in C of (Y) leg towards $154.03 – $120.61 area to finish ((2)). Below B high, it favors lower in (i) of ((i)) of C leg. It needs to breaks below A low to confirm the downside in C of (Y).
USD/CAD Bearish Double CorrectionPrice is trading slightly bullish, but from a technical view, we are turning into a bearish bias as a double correction pattern.
Waves/ legs (W) and (X) have occurred we have to look at how wave (Y) unfolds but it can be any corrective pattern. We can look for bearish trades at the current price or wait for the first leg of the correction pattern and trade the last leg, for example with a Zig-Zag you would trade wave C.
USDCAD Double Correction Continues In The Bearish TrendUSDCAD is trading in a short term downtrend as a double correction W-X-Y. Wave Y will most likely form a zigzag correction pattern. We can use wave W's distance to measure wave Y target. The USDCAD is trading in a series of 1-2 1-2's so price is currently trading in a wave 2 phase.
AUDCAD Price Starts Trading BullishFor a while, we have been in a corrective state on AUDCAD and recently price is turning back up in an impulse move. Chances are we will continue moving in the same direction.
Dow Jones Incomplete Bearish Sequence It can observed from the chart of Dow Jones Industrial Average Index we are in the mid of the correction happening right now.
The Elliott wave sequence are as mentioned below:
1. We made an internal WXY in miner degree.
2. We have completed W-X wave of higher degree WXY.
3. We are in Y leg of the higher degree WXY.
4. Out 3 wave of Y leg we have completed A wave.
5. We are currently in B wave of abc of Y wave.
6. Invalidation level is mentioned on the chart.
Any doubt you may directly ask me on comment section.
This is not a trade recommendation but only a view.
Thank you.
Regards
EURGBP Double Correction Sell-OffThe EURGBP is still maintaining the downside direction. We are trading in a Double zig-zag correction pattern. But we must see the (X) wave initially make a minor zigzag correction in the upside direction. The upside correction might not be very deep it might not even reach the 61,8 Fibonacci level.
What you have to realize is that we had a similar pattern on USDCAD in the 2020 financial crisis. The pattern was between 16 May to 27 April 2020. The patterns are less the same so we can expect it unfold the same way.
Total Crypto market cap - EW analysis - Bearish sequence The structure so far unfolding as per expected as per previous post. It seems like ended (3) of A and bouncing in (4), so expecting sideways move and one more low to end A of (y) red. Yet there is a possibility of larger sideways correction of (x) in case it invalidates the invalidation level doing double correction. But until it stays below invalidation, it expect more downside towards 1.5T or lower.
