ETH to keep moving higherThe EW has played out perfectly. Looking for continuation higher with minimum target and invalidation level visible on the chart.
Elliottwaveforecasts
Clean impulse on $CRCT - Wave 3 to follow
It had a clean impulse on the daily chart. Now with 61% retracement done, it would be a good idea to consider Wave 3.
Momentum Indicators are bullish on the weekly chart and it has taken a support from 40-week EMA. The candlestick is a hammer pattern as well.
Classic example of resistance turned into a support or in other words, breakout and a retest.
Morning Star Candlestick pattern on the daily chart which is a Bullish Reversal Pattern.
The setup has a Risk-Reward Ratio of more than 8 with the SL being recent low and profit level being the equality level by Elliot Wave method.
With parallel channeling, the approximate time for the trade can be expected around one month.
Is the Tech bull run over?Here's my Elliott Wave Count on the Nasdaq which suggests we could see some more downside to complete wave {iv}, within the following days, to then resume to the upside.
Feel free to ask me questions, trade safe!
Dax-DE40 Perfect ForecastWe successfully reacted from the golden box, where I placed a long trade. Looking for further upside into wave {i} as we seem to find bullish structure.
Check out the linked idea on the DAX where you'll see my prediction before the bounce!
Feel free to ask me questions, trade safe!
Bitcoin potential bottom in placeLooking for further upside into wave {iii} as we seem to have a potential bottom in place.
We reached 61.8% of (c) vs. (a), where we ideally would have liked to reach equality. Looking for further upside and a break of wave (b) to then look for longs, or else we could double correct lower.
Feel free to ask me questions and trade safe!
Bitcoin Wave 2 onset and Harmonic likely to emerge soon. BINANCE:BTCUSDT Wave 2 onset and Harmonic Pattern It appears that both patterns are likely to emerge soon. Please be cautious. However, if the price can go back above 32K, we may witness a strong reversal.
Part [A] Basic of Wave PrincipleElliott Wave background
In the 1930s, R.N Elliott identified the price of the stock trends and reversed a specific pattern. This pattern is repetitive in form and, the patterns have predictive value. He decided to use this pattern (Elliott wave theory) to predict the market. The Elliott wave is not primarily a trading system. It is a detailed description of how the market acts. The Elliott wave is part of technical analysis. Also, the Wave principle is the reassembled form of dow theory.
-Elliott Wave Principle The key To Market Behavior]
Waves in the market?
We all know that price never moves in a straight line. It will neither fall in a straight line nor rise in a straight line.
Price will create highs and lows. And this high and low creates waves. Elliott wave theory is all about counting waves and, we are going to use the Elliott wave to trade the market.
Now, the concept of waves is acceptable for you.
Elliott wave theory is made of 5+3= 8 waves.
Let me show you that structure in both trends.
In bull market ( UP Trend ) :
Figure 1.1 This is the Elliott wave structure in an uptrend. As we discussed, Elliott's wave theory is made up of 5+3=8 waves. Where five waves move with the trend and three waves move against the trend.
In Bear market (downTrend)
Figure 1.2 This is an example of Elliott wave theory in the Bear market. We can see that five waves move with the trend and, three waves move against the trend.
Take a deep breath, I know you have lots of doubts in your mind. Let me solve some.
1. Elliott wave theory works in any time frame.
2. These 5+3=8 waves will give us a market edge. It will provide strong trends & trend reversals.
3. The accuracy of Elliott wave theory is 84% of you are using the wave principle correctly.
Practical Example of Elliott wave theory :
In the Bull market :
Figure 1.3 This is the TATA MOTORS 4 hour timeframe chart. I used bar charts because It is easy to recognize Elliott's waves in bar Patterns. Well, it works for me to recognize if you feel that you can recognize patterns in another chart, go ahead with bar charts!
In Bear Market:
Figure 1.4: This is the ITC daily time frame chart. It shows the beautiful Elliott wave structure in the Bear market.
Elliott wave structure :
Now, we all know that Elliott is made of a 5+3= 8 wave structure. So, Let's start getting into it!
To understand the wave principle, we have divided the wave structure (5+3=8) into two Phases which are an Impulse phase/structure & a corrective phase/structure.
Figure 1.5 This picture illustrates Two phases of the Elliott wave principle.
The impulse phase is made up of 5 waves and, the corrective phase is made up of 3 waves.
Figure 1.6: This picture divides the wave principle into two phases.
1. Impulse phase/structure ( which includes five waves and, which moves with the trend you can see in bull market impulse phase is going upward and in a bear market, impulse phase is going down which is directional move.)
&
2. Corrective Phase/structure ( which includes three waves and which moves against the trend, you can see that in bull market corrective phase is going downward and
In bear markets, the corrective phase is going upward, which is a counter-trend move.
Figure 1.7 , Elliott wave has 2 phases. motive/Impulse phase ( directional move ) and corrective phase(counter trend move). We can divide these 2 phases into two types of waves. Impulsive waves and corrective waves.
Let’s zoom in on the impulse phase to understand the underlying structure and wave behavior.
Motive/Impulse Phase :
Important things about the impulse phase
1). Motive/Impulse phase is a Five wave structure that includes wave1,2,3,4 & 5.
2). motive/Impulse phase is a directional move ( moves with the trend.)
3). The Ending point of the impulse phase is the starting point of the corrective phase.
4). motive/Impulse structure is powerful than corrective structure.
5) Impulse phase can divide into two types of waves
i) Impulse waves: 1, 3,5 ( move with Trend of impulse Phase )
ii) Corrective waves: 2,4 ( Moves against the trend of Impulsive Phase)
Let me give you a quick understanding because we are going to cover these waves in-depth,
Impulsive waves are trend-following moves. We can find this type of wave structure in both phases. Impulsive waves create trends. Impulsive waves are (1,3,5,A,C). Corrective waves are counter-Trend moves. We can find this type of wave structure in both phases. Corrective waves provide pause to continue the trend,
Corrective waves : (2,4,B)
Motive/Impulse Phase in Bull market
Figure 1.8(A) , wave 1,3,5 is an impulsive wave of impulse phase because The trend of impulse phase up and, Impulsive wave are following the trend and heaving upward move.
And
wave 2,4 is the corrective wave of an impulse phase because the trend of the impulse phase is up but, the corrective wave is moving down, which is against the trend.
Figure 1.8(B) , wave 1,3,5 is an impulsive wave of impulse phase because the trend of Motive/impulse phase down and Impulsive wave are following trend and heaving downward move.
And Wave 2,4 is the corrective wave of an impulse phase because the trend of the Impulse phase is down but, the corrective wave is moving upward, which is against the trend.
Corrective Phase/structure :
Important things about the impulse phase
1). The Corrective Phase is a three-wave structure that includes waves A, B, C.
2). The corrective phase is a counter-trend move ( moves against the trend.)
3). The Ending point of the corrective phase is the starting point of the Impulse phase.
4) correction phase can divide into two types of waves
i) Impulse waves: A, C ( move with Trend of correction Phase )
ii) corrective waves: B ( moves against Trend of correction Phase )
Corrective Phase in a bull market:
Figure 1.9(A) : wave A, C is the impulsive wave of the Correction phase because the trend of the correction phase is down and Impulsive waves are following the trend and heaving downward move.
And
Wave B is the corrective wave of a Correction phase because the trend of the Corrective Phase is down but, the corrective wave is moving upward which is against the trend.
Figure 1.9(B): wave A, C is the impulsive wave of the Correction phase because the trend of correction phase Up and Impulsive waves are following the trend and heaving Upward move.
And
Wave B is the corrective wave of a Correction phase because the trend of the Corrective Phase is Up but, the corrective wave is moving down, which is against the trend.
Impulsive wave structure:
1. Impulsive waves are directional moves that are bigger than corrective waves.
2. Impulsive waves create trends.
3. Impulsive waves are subdivided into five waves.
( that means wave 1,3,5, A, C which moves with the trend will have five sub-waves.)
4. Impulsive waves are easy to recognize.
(Impulsive waves can also be called motive waves)
5. Ride of impulsive wave can give us a high probability trade setup with high Rewards
We are going to cover impulsive wave formations in the next part.
(diagonals,extensions,Impulse,Truncation)
Figure 1.10: As we discussed, Impulsive waves subdivide into five waves.
Here wave 1,3,5, A, C has five subwaves which you can see in the chart.
See you in the next part.
@forextidings
How to Count Waves Using Chart Patterns?We can count waves using traditional patterns like Head and shoulders, Double Top and Bottom,
Triangle, cup & handle, etc. This article is about how you can count waves by identifying chart patterns.
I have covered Three chart patterns in this article,
1) Triangles
2) Head and shoulders
3) Double Top and Bottom
1) Head and shoulders:
In addition, the two lows formed when the price failed to rise and fell back down were basically at the same level. The horizontal line is often referred to as the "neckline" When the price fails to fall back for the third time neckline will break. So "head and shoulders" was officially established.
Changes in volume with head and shoulders:
During the formation of "head and shoulders", the left shoulder has the largest volume, the Head has a slightly smaller volume, and the right shoulder has the smallest volume. The phenomenon of diminishing trading volume shows that when the stock price rises, the chasing force is getting weaker and weaker, and the price has the meaning of rising to the end.
Operation plan after the Head and shoulders appear:
When the head and shoulders formed, you can decisively follow up the short order. The formation of the head and shoulders indicates the beginning of a new round of decline in the market, and the minimum drop is the distance from the head to the neckline. The profit is very substantial. Therefore, studying the formation of the Head and Shoulders is also a necessary analysis process for band enthusiasts.
Wave Count:
The left shoulder: wave 3/A.
The first touch on the neckline: wave 4/B
Head: wave 5/C
The second touch on the neckline: wave A/1
The right shoulder: wave B/2
The ending point of the right shoulder: wave C/3
2) Triangles:
These are the most commonly used triangle patterns. In this motion, we are going to understand the triangle in terms of the Elliot wave. We'll be talking about the classical triangle pattern in an upcoming educational series.
Wave Count:
A triangle forms in corrective waves. There are Four corrective waves in Elliott wave theory. The corrective waves are 2,4, B, and X.
There are four waves in a triangle which are A, B, C, D, E.
The starting point of wave A of the triangle is the ending point of impulsive wave 1/3/A/W. After the completion of wave E of wave 1/3/A/W, the Impulsive wave will initiate.
3) Double Tops and Bottom:
In the chart, you can sometimes see the stock price fluctuations. The stock price fell back after reaching the highest price. After some sorting, it rose again to near the previous stock price level and then fell back. Two "normally highs" The high point is formed on the circuit diagram and will not be seen again in the short term.
Wave Count:
In a Bull market, The first Top of the pattern represents the completion of the impulsive wave. The ending point of the Impulsive wave is the starting point of the corrective wave.
I started the wave count from the first Top and labeled it as A, B, and C waves.
In a Bear Market, The first Bottom of the pattern represents the completion of the impulsive wave. The ending point of the Impulsive wave is the starting point of the corrective wave.
I started the wave count from the first Bottom and labeled it as A, B, and C waves. After wave C is complete, we can ride the impulsive waves.
ETH looking to start to take offAs you can see from my EW count, looking for upside resumption in ETH, as we have successfully retraced in a wave (ii), clear three wave structure and we are now looking for a completed five wave move into wave i and a potential completed three wave move in wave ii.
CRWD to continue higherInteresting EW setup here fro CrowdStrike. Looking for continuation higher into wave 3 as we have just reached equality of wave (c) vs. (a).
If I am correct we shall see an acceleration to the upside soon.
Dax to be supported soonI am looking at the possibility of a potential flat in wave 2 as we keep falling in what could be a wave {c}. Equality of wave {c} vs.{a} is where I would like to start seeing some support and that would be at the beginning of the golden box.
Feel free to ask question, trade safe!
Bitcoin Analysis - 2023.06.15INDEX:BTCUSD
CMP: 24955
BTC has completed wave 4 (black color) - which is a triple three WXYXZ (blue color) type of correction - around 24770, which is also the top of Wave 1 (black color).
- Confirmed by internal wave counts of WXYXZ.
- Hourly TF shows positive RSI Divergence
- Hourly TF shows early indication of MACD crossover with MACD line crossing above signal line
- Hourly TF shows increased volume
One can go long from here for target of 30800 - 32300 - 34600.
SL should be daily close below 24800.
DAX Looking for upside resumptionEverything has been moving as expected from the last forecast. We successfully took profit on wave (v) and now we seem to be in wave {ii}.
Feel free to ask questions, trade safe!
BTC Moving as expectedNot much to add really, you can find attached the link to my previous forecast and see how it moved exactly as predicted.
I entered a long position yesterday, looking to add more if it starts moving as forecasted.
Feel free to ask questions, trade safe!
looks like BTC wants up before falling againlook at those triangles folks, full of it every where which made me count the whole wave as a wave 4!
good possible we go up till max 27400 ( to finish wave c of 2) before falling down and make a new low (wave1 of 5 in the wave 3)
no trade advice, just an idea ;)
Pls share the channel, if you like the content so more people benefit
feeling lucky on the DAXLooking for upside resumption on the DAX to complete wave (v) of {i}. If I am correct we should be moving higher soon
ETH only bullish count leftMy last bullish scenario for ETH is looking at a wave (i) completed to then resume higher into wave (iii). The yellow area is where I expect support.
1500$+ prediction on the DJIHere's the afterward of my forecast on the Dow Jones Industrial(us30).
You can find the old idea attached to this post. Looking for more upside.
Feel free to ask questions, trade safe!
BITCOIN to find support at 25kAs the downmove from the 31k top seems to be a corrective move, being three wave structured, I am looking for a potential ending diagonal in wave {c} of 2. If I am correct we should briefly break the 25300 low, find support around 25k and then resume higher.
Feel free to ask me questions and trade safe!
Reliance Elliottwave update 9th June 2023Hello everyone,
Reliance is just completed corrective B wave, now C wave is starting, target is 2430.
Note: we have shared this info for education purpose only, not a recommendation, we are not responsible for your profits or losses, always trade with your own risk.
Coca Cola near the bottom Ticker symbol NYSE:KO looking for one last move lower into wave {v} of C to potentially reach equality of C vs. A to then resume higher.
Questions are always welcome, trade safe!
NVIDIA to infinity and beyondLooking for an extension into wave 3 as we seem to be having every pullback to be supported.
Take a look at the link on the nasdaq to see how I predicted the current bull run.
Questions are more than welcome, trade safe!
BTC Getting Ready to DROP - Read for more info!Bitcoin could enter a strong 3rd wave down soon which would likely send the price down to as low as 20700.
Due to the formation of the 5 clear waves in orange, the next major move looks like it will be a steep drop down.
A good entry on the short is at the Entry prices shown below.
The volume profile on the left hand side shows a significant amount of volume at the 28000 price level. This price is also at the 50% retracement of all 5 orange waves, so this would be an excellent place to enter a short position. In addition, we have the upward sloping white trend line and the 0.618 (golden ratio) retracement at 28740 which would also be an incredible place to enter a short position.
The stop loss is placed at the top of orange wave (1) because if the price goes beyond this level this count becomes invalid, although this seems highly unlikely to be reached.
The take profit shown below is at the price equal to 1.618 * the length of waves (1) to (5) taken from the 0.618 retracement of all 5 orange waves. This is a common ratio for price to reach during a '3rd' wave down (which this would be if it plays out). According to Elliott Wave Theory "The 3rd wave is usually the longest and strongest".
Entry Prices: 28741, 28056, 27387, 26897
Stop Loss: 31085
Take Profit: 20700
Disclaimer: Not financial advice and only intended for educational purposes
