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Elliottwavecorrection

Elliott Wave View: BAC Starts the Next Leg HigherBank of America (ticker: BAC) shows an Elliott Wave bullish sequence from August 15, 2019 low, favoring further upside. The decline to 27.19 ended wave (2) and the stock has resumed higher in wave (3). The internal of wave (3) is unfolding as a 5 waves impulse Elliott Wave structure where wave 1 of (3) is expected to complete soon. Up from 27.19 low, wave ((i)) ended at 28.62, wave ((ii)) ended at 27.46, and wave ((iii)) ended at 30.72. Expect the stock to pullback in wave ((iv)) and turns higher 1 more time in wave ((v)). The 5 waves move higher should end wave 1 of (3). The stock should then pullback in wave 2 to correct cycle from October 3 low (27.19) before the rally resumes again. We don’t like selling the proposed pullback as it’s against the direction of right side tag. As far as pivot at 27.19 low stays intact, expect dips to find support in the sequence of 3, 7, or 11 swing for further upside. Potential target to the upside is 100% Fibonacci extension from August 15, 2019 low towards $31.2 – $32.2.
NYSE:BACLong
by Elliottwave-Forecast
Elliott Wave View: Bullish Sequence in DAXDAX shows Elliott Wave bullish sequence from August 15, 2019 low (11266.48) favoring more upside. The rally from 11266.48 to 12497.28 ended wave (1) as a 5 waves impulse Elliott Wave structure. On the chart below, we can see wave 3 of (1) ended at 12471.83, wave 4 of (1) ended at 12141.82, and wave 5 of (1) ended at 12497.28. Index then pullback in wave (2) and ended the correction at 11877.32. Index has resumed higher and broken above wave (1) at 12497.28, signalling the next move higher has started. Up from 11877.32, wave ((i)) ended at 12097.43 and wave ((ii)) ended at 11933.02. Expect Index to see a few more highs before ending wave 1 of (3) a 5 waves from 11877.32. Index should then pullback in wave 2 to correct cycle from October 4 low (11877.32) in 3, 7, or 11 swing before the rally resumes. We don't like selling the Index.
TVC:DEU40Long
by Elliottwave-Forecast
ORBEX: AUDJPY - End of Correction Nearing, Then Down! It looks like the corrective intermediate wave is going to end soon. The recent attempt to push prices higher is most likely going to end with a minor C or Minor Y. -Minor C: a) The correction takes an A,B,C formation. That would see wave A undone as minute wave 5 is not yet completed and could take C anywhere between 75 and 78.45 b) The correction takes an A,B,C formation. That would see wave A ended at 71.80 and C at 74.50 high. This would allow the current upside wave to be a corrective one too! -Minor Y: a) The correction takes a W,X,Y formation. That would see wave W ended at 74.50 high and wave Y to complete anywhere between 74.88 and 78.45 b) The correction takes a W,X,Y formation. That would see Wave Wended at 74.50 high and Wave Y to form a more complex pattern (likey a flat) but still trade within the limits of a) The current upside is part of the bearish intermediate wave, which could have prices sliding down to 61 long-term, 70 in the medium-term. This opportunity would be invalidated above 78.50 Stavros Tousios Head of Investment Research Orbex This analysis is provided as general market commentary and does not constitute investment advice
Long
by Orbex
Elliott Wave View: Further Downside in NetflixShort term Elliott Wave view suggests the rally to $299.5 in Netflix ($NFLX) ended wave 2. From there, the stock resumed lower and ended wave 3 at $252.03. Internal of wave 3 unfolded as a 5 waves impulse Elliott Wave structure. Down from $299.5, wave ((i)) ended at $287.45 and wave ((ii)) bounce ended at $293.81. The stock extends lower and ended wave ((iii)) at $261.89, wave ((iv)) bounce ended at $266.60, and wave ((v)) of 3 ended at $252.03. Wave 4 bounce i still in progress. Near term, while bounce stays below 299.54 expect Netflix to extend lower. We don’t like buying the stock.
NASDAQ:NFLXShort
by Elliottwave-Forecast
1
Bitcoin Correction Ahead Before Big Bullish WaveBitcoin have formed 5 waves up which signal that we have started a new direction in trend which is a bullish one. However I do expect a big correction to the downside to form a wave 2 before the big bullish wave continue. We are approaching a very strong supply/resistance area on the chart between $11,500-$13,500. Once the bearish correction start I can see it going all the way down to $5.800-$8,500 to complete a wave 2. After the completion of wave 2 I will look for Bitcoin to head higher to create new highs above $20,000
COINBASE:BTCUSD
by JjohnsonBeGreat
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
ORBEX AUDUSD: Correction to Wave (4) Could Validate Bears!I am not certain whether the current structure on the AUDUSD structure is corrective or not. Fibo levels suggest it is, but this could be easily invalidated. It is a minor 5 down to 0.6676 and either a a) reversal, where an impulse 5-wave move is going to take place, or a b) correction that is going to complete intermediate wave 4 and head lower near 0.66 -(100% FE of intermediate wave 1, or else, duplication of intermediate wave 1). Since we have not received an invalidation at the 0.7000, or a sign of a stronger bullish bias as of yet by breaking outside the descending channel, I analyse scenario b). In case prices stop by the descending trendline resistance or at 70c. and reverse down, the chances of reaching 66c would increase. The validation would be supported after a successful breakout below the previous low at 0.6676. Should bears take over once again we could head minimum down to 0.6800 nevertheless. Stavros Tousios Head of Investment Research Orbex This analysis is provided as general market commentary and does not constitute investment advice.
Short
by Orbex
Elliott Wave View: Oil Outlook After Refinery AttackOil gapped up almost 20% early this week after the news that Saudi Arabia’s oil refineries got attacked by drones. It has since retraced after Saudi Arabia said they can restore most of the lost output within days. In the chart below, we label the rally to 63.39 as ending wave C of (X). It’s therefore part of an expanded Flat structure which started from June 5 low. The internal of wave C unfolded as a 5 waves impulse as an Expanded Flat is a 3-3-5 structure. Wave ((i)) of C ended at 58.76 as a diagonal, and pullback to 54 ended wave ((ii)) of C. It then gapped up higher to 63.34 and ended wave ((iii)) of C after the news. Wave ((iv)) of C pullback ended at 58.77 and wave ((v)) of C ended at 63.38. This rally also completed wave (X) in larger degree. Oil is now currently bouncing in wave ((ii)) to correct the decline from 63.43. Afterwards, as far as pivot at 63.43 high stays intact, it should extend lower at least 1 more leg lower.
NYMEX:CL1!
by Elliottwave-Forecast
S&P500: can we get some downside to ignite the upside?Currently, IMHO the ideal setup would be a small c-wave down into the ideal wave-4 target zone followed by a rally to SPX3045-3075 which would then provide for a nice setup for a larger decline into late next month to adhere to the pre-election year seasonal average pattern this market has been tracking well all year so far (see here ). A break below SPX2940 from current levels would put this Bullish thesis on high alert as then only three waves up have been made: a b-wave. However, it seems somehow all roads somehow lead to Rome, where even that b-wave scenario can see SPX2700+/- 50 without any impact on the bigger picture move to SPX3800-4200 going forward. I posted about these bigger picture scenarios here . Trade safe!
SP:SPXLong
by intelligent_investing
9
BITCOIN - Double Three - Elliott Wave Triangle StructureVolatility in the crypto market is nothing new. Its also the secret sauce that traders on platforms like BitMex, Binance, and Huobi thrive on. Owing to that, it should come as no surprise that the moment a ripe opportunity for wrestling the markets up and down presents itself, market makers pounce on the chance. Volatility is a traders best friend. Whether a market goes up or down makes no difference as long as there is enough price action in either direction to capitalize on. As a trader, the one thing you dont want is a flat market. As a HODLer rather than a trader, volatility, like weve been experiencing over the past week, is certainly far from ideal. If youre hanging on to a position rather than trading it, youre probably looking to add to your bags at what feels like a recent low. However, with prices swinging so violently and falling knives dropping from the sky, a buy that felt genius a few days ago may seem catastrophic today. We wish we would allay your fears by telling you its going to be alright, that all will bounce back (which they are certainly doing today), but the crypto narrative appears to be shifting. A changing of the guard is underway in the blockchain world, and nothing is going to be as it was before. After streaking across the sky like a boundless rocket headed for the moon, Bitcoin starry trajectory appears to have broken down. As usual, lead analyst has revealed crucial levels for BTC as well as a few scenarios with a high likelihood of playing out. At current, Bitcoin, along with the rest of the crypto market, is dangling in a no man’s land that represents the most dangerous trading environment imaginable. There are multiple scenarios at play, and many ways this thing could shake out, but throwing your hat in the ring here takes serious commitment and an ultra-fine stop loss. Our lead analyst has parsed through a trove of data to arrive at four potential BTC scenarios with favorable likelihood. Here are a few versions of where we think price may be headed according to Elliot Wave theory 1. At breakout support from consolidation triangle, support around $9300K - Bitcoin can count on some modicum of support between three levels $8K to $8.2K, $8.7K to $8.9K, and $9.1 to $9.3K. 2. If BTC breaks below $9k on the daily, $8.5K - 7.5k is a next support 3. If $12K is reclaimed, $12.4K, $13K and $14K are next It’s possible that we’ll see what is known as an ‘extension wave’ up to the $16.2K mark. That’s because the current parabolic fractal is nearly identical to the one from "14 bottom to "17 top – if compared according to Elliot Wave principles. Both have an extended wave 5 with equal length to their wave 3. Resistance is trapping us all the way from $10k to $11K. Regaining the $11K mark is what it would take for us to cast off our bearish bias and start looking toward new highs at and above the $16.2K mark. If, and that’s a big if, we break above $13K decisively, chances are BTC will visit $16.2K with some resistance at $14.6K along the way. However, this is only one side of the coin. Both bull and bear scenarios are equally possible in the current market with the levels needed to be gained or lost for either direction to occur not entirely clear. Theres really no preamble to give this bit of news – Trump tweeted about Bitcoin. Crazy, we know. He stated that he is “not a fan” of Bitcoin or the thousands of crypto assets which make up the market, and that they aren’t “real money.” Its not worth your (or our) time to parse through these humorous soundbites since the real action is what they indirectly mean. Donald is arguably the most well-known person on the planet at the moment. His Twitter account is followed by 62 million people and is quoted across every source of media, large and small, in the world. Regardless of DTs position on BTC, this is – you guessed it – amazing for Bitcoin. Exposure on this level might be the boost needed to send this market over the top. The fact that the POTUS just name-dropped Bitcoin and sees it as an adversary gives the crypto narrative real legs in the eyes of normies everywhere who have heard of cryptocurrency, but haven’t taken it seriously. Is days ago, the market saw a capitulation occur during which traders put their beloved bags on sale at incredible discounts. The mass sell-off took most digital assets down with double-digit losses which, considering the recent high-level exposure for the digital asset market from the likes of top politicians, took many by surprise. The intensity of the bearish vibes being projected toward the alt market has been turned up a few notches as many begin to seriously reconsider whether alts have any staying power at all. Bitcoin market dominance has been steadily climbing back toward 70% to reflect that. Whether this is a classic Oracle of Omaha “blood in the streets” moment or a real reconfiguration of the space is something that only time can clarify. Good Luck God above all
BITMEX:XBTLong
by ferGOD
11