Get started

Elliotttriangle

Gold Completes Elliott TriangleSince the selloff started in early August, gold has fallen into a consolidation, forming a symmetrical triangle. The gold was trading above support level 1939 throughout the week but has broken below a rising trendline the day after FOMC. The bearish wave after FOMC has also marked an end to an Elliott triangle which could potentially send the gold further south. Last Friday has shown a significant pullback and therefore, we can look to sell gold in the coming week as soon as the market is opened next week.
OANDA:XAUUSDShort
by AlgoVenture
#BITCOIN - Triangle Pattern In Elliott Wave Theory - Part 2 -BTC Decision Time Will the $9K Fortress Fall? There is a seriously crazy amount of stuff happening in the world!. - Global pandemic. - A very just and long overdue fight for equal rights. - Economic turmoil. The list can certainly go on, but we'll only add one more thing to it — DECISION TIME FOR BITCOIN. It is very likely that Bears will once again storm the $9K BTC fortress, but will they finally succeed where they have been soundly defeated on several recent occasions? The Last weeks, bulls were routed, trounced , decimated , by staunch $10K defenders when it blasted clear of the five-digit mark only to violently crash back into the $9,000 region. Here are a few of the predominant factors holding BTC under. Focus on Traditional Markets Retail traders are nowhere to be found, as has been the case since civilians were completely and utterly "REKT" after the 2018 bear market. That leaves the vast majority of price action up to the pros who have a lot on their hands as of now. Compared with traditional market traders, there are far fewer traders whose sole focus is on cryptocurrency. Meaning most traders are dabbling across several different types of assets — and not all of them digital . With the irrational-but-widely-accepted ongoing bull market in the Dow Jones; S&P500 and Nasdaq showing little sign of letting up, the spotlight on digital assets has dimmed. There Is Still a Pandemic. (In Case You Forgot) Simply put, there is still a pandemic on. This thing is just throwing a curveball no matter how you look at it. Currently, it is impossible to say if the pandemic is a boon or hindrance to Bitcoin's fortunes. But, logic might tell us that under such circumstances, an unabated rally to the moon is just not in the cards yet. From prior experience, Bitcoin always loves a good counter-trend rally, with the recent move from the $3,000s back to $10,000 being another one for the books. Nonetheless, the insecurity around the economy and the whooping America has taken at the hands of the virus (being the world's leading source of BTC trading activity) means the bull-case is still psyched out. $10,000 Is a Major Psychological Hurdle!. Certain numbers are powerful. For Bitcoin, 10,000 is just such a number. Try as it might, BTC hasn't been able to completely break free of the orbit caused by 10,000's gravity. Even after posting major gains and sustaining prices near the $20K mark, the Bitcoin pendulum has swung wildly even without the myriad forms of turmoil seen today. Getting near the $10K mark has already been a very wild ride, and breaking through it will be one, too. The reason we've seen such swift rejection at or above $10,000 recently is that bears need to exert immediate and definitive downward pressure to keep the psychological barrier in play. Too much time spent above $10K will give hope and gather forces on the other side of the equation. So far, bears have shown more power in defending their fortress, but the longer that fortress remains sieged by prices hovering nearby, the sooner we can hope it will fall.
BYBIT:BTCUSD.PShort
by ferGOD
4
SPX OVernight Top in Place? Lower before Higher; Correction Inc!Chart says all. Been shorting too soon as usual, but the 7-wave Triple combo is a rare and confusing pattern. Overnight ES futurez tapped the intersection of long-term TL and near-term TL in this wedge; they converged at 3056. China says they were just kidding and wont get serious with the Great Donald, such a big surprise! Expect to fill the gaps from past weeks, get support around 295 on SPY and bulls may try again for the 9th wave. A real Bearish Correction can start anytime; but seasonally Feb-March would be a likely scenario with trade and election worries looming. On Wednesday 60% of trading was selling, only 40% buying to reach new ATH; RUT and DJT diverged, Transports just got killed; these are leading indicators. Broader market is not in step with the indexes, which advance on progressively smaller volume and fewer issues with each successive bull wave. VIX is sub-13 again and in a compressing wedge, expect a big pop in volatility very soon! Play the VIX with UVXY calls if you dare! This is an idea and does not in any way constitute investment advice- trade at your own risk! GLTA!
CME_MINI:ESZ2019Short
by DaddySawbucks
37
USDJPY - CONTRACTING TRIANGLE COMPLETE - TERMINAL WAVE IS NEXTThis Elliott Wave contracting triangle has been playing out for the last few years. It is now very nearly the time to take advantage of this structure. This is a longer-term structural play. I will personally be looking to build core positions along the way and to trade against them as we enter into new corrective models. These opportunities do not come around very often. Will you be the one missing out, or cashing in?
Long
by ImreSG
2