Elliottwaveretracement
Everyone NEEDS to see this fib comparison for BITCOINI'm sure most of you know that we are definitely going up for the near term.
If you are unaware of how somewhat Elliott wave alternation with Fibonacci, its basically alternating measurements to form full 1:1 balances in forces when added together. (Example being if #3 wave within a wave 1 impulse is extended and measures to .618 of the full structure, then the next impulse wave 3 will more than likely also be extended to express the original strength of wave 1.)
You can also use it to measure lengths from one another and visualize the possibilities of price action.
This right here or at the end of the blue zone, is where you should take some profit if you planned to!
If you look at my previous posts, you'll see how the range with 2.618 right under OLD ATH can be reached.
BUT as you can see, if you take the size of the size of the first red C and place it at the end of the blue 1.618 where my proposed C would finish in the very top post^ before trend reversal , the 1:1 ratio will place it not a single dollar below the old 2017 all time high
TSLA - Gearing up for a massive bull run!-TSLA formed the 135 elliot wave and looks like we're gearing up for the wave 5 which is the next leg up.
-Gap was filled below and bounced perfectly on that .382 fib retracement
-We also have a gap above around 724 - 732 which could be the target
-Waiting for a TTM Squeeze to form on smaller timeframes.
-I'm looking at a month out expiration for options.
Btc prediction, NOT trade advice. ATH end of 2021This is merely a prediction, in which we do not trade as this is just to demonstrate Possible formations if a bullish scenario were to happen.
This is a 0ossible discovery of the true Elliot wave count, please disregard all other posts.
We have managed to remain bullish control over the greenhouse territory, if we can manage to bump our way above the green box and also stay a float above the green territory with some consolidation, we may be in for ourselves a nice Cryptober 😀
GBPUSD ShortA short position is recommended after the break of the ending diagonal of the interior wave c in wave (B), wave (C) should end near the end of wave (A) , or slightly beyond it. let me know what you think about this trade down below in the comments section, you can share your ideas too.
Wish you all a profitable week!
IRIS finishing primary correction soon, turning back to impulse?Hi. In this 1D chart I've done a retracement of intermediate Elliott waves and charted the primary waves. I've concluded that a primary correction wave is about to finish.
Symbol NASDAQ:SCWX has a similar sector, product and an almost equal Enterprise Value.
It's current price is 13.22 $ or 110 SEK.
I value $IRIS at around the same price.
Thank you. Please if you have any thoughts or comments do leave them below and I would gladly discuss or adjust my interpretations and methods.
This does not constitute financial advice.
Any prices, even if explicitly stated, are presented with intent to discuss the symbol and potential interpretations.
Any trades shown or mentioned are examples and neither recommendations or mandates.
XAUUSD Longterm Short IdeaOANDA:XAUUSD
Gold peaked at 2077 in August 2020, which was the start of the reversal from that all-time high.
Price dropped 15.01% over a period of four months to a low of 1765 in November, lets call that wave 1.
Price from December 1st to January 5th price retraced to 1960 which was a 61.8% retracement on the Fib, let's call this wave 2.
Between January 6 and March 8 price continued to fall by 14.42% to 1677, let's call this wave 3.
Price formed a double-bottom at the 1677 level and is in a corrective wave which I expect to end at the 61.8% retracement level which is on the 1850 level, let's call this wave 4.
What we can call wave 5 would be price heading down from 1850 to 1567 (a 15.2% drop in the price).
This idea is not a recommendation of a trade, merely sharing for brainstorming purposes and also because I enjoy analyzing markets. :)
Let me know what you think about Gold and where it could head.
Has the EURUSD Already Peaked?The EURUSD may have already reached a peak, despite persisting dollar weakness.
The pair has been establishing a descending channel ever since it reached a swing peak at 1.23500, which presupposes continued price depreciation. And even though the price managed to break out above its upper boundary yesterday, there is still a chance for a sharp dropdown. This would be the case if yesterday's breakout is proven to be a false one.
The price is currently testing the 100-day MA (in blue), which is powerful enough to prompt such a retracement. But even more importantly, the EURUSD appears to be developing a major 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory. Once the current retracement leg (3-4) is completed, the pair would be ready to start developing the final impulse (4-5). Hence, the longer-term sentiment remains bearish.
Overall, if the EURUSD manages to bounce back from the 1.20700 resistance decidedly, this would open up the possibility for a subsequent dropdown towards the last swing low (point 3). Conversely, a decisive breakout above 1.20700 could allow the pair to probe breaking even higher towards the next major resistance at 1.21700.
Magic TA: The future is predicted magically!Earlier was the first to published an idea about BTC is not gonna break ATH 61800 at this point of time, instead will need a price correction before 72k! According to the observation of recent days, it is confirmed to be riding on the price correction wave. It would be a huge retracement according to the principle of elliott wave. However, after a while I've seen many analyser posted the similar chart.
My philosophy is always "sell when people buy, buy when the others sell".
Thanks to those who blindly buy (long) BTC at the peak of the hill, and so I'm getting extreme high funding fee from the trading platform on every 8 hours. ;) This may be the good timing for the newbie (especially those "smart traders" trying to "educate" me in a bad way) to understand, what's the real meaning "Do not chase ups and downs. Anyway, regardless long or short, debate / discussion with open-minded is always welcomed. Sincerely hope ALL OF US could make a fortune from crypto trading!
Again, this is not a financial advises. I'm not a professional analyser, and I've started the trading for 2 months ONLY. :) It's my hobby to analyse the pattern so it would help in my development of automated pattern trading software.
Price correction: first target - 56200Earlier I've shared an Elliott wave analysis chart and mentioned we may on the point (B) position. meanwhile, I've revised the chart, and realised there are 2 possibilities.
Note: Please google on the complete elliott waves chart and compare to my draw.
1. Yesterday 2nd April 2021 highest point as a reference, we may on point (1) of the impulse wave.
2. Yesterday 2nd April 2021 highest point as a reference, we may on point (C) of the correction wave.
So, I've decided to draw another version. (above)
Sketch of 2nd April. (C) edition of correction wave.
Combining with others TA tools, to find out the highest point and next lower support line.
It's a cup and handle, with a highest point of 68517.
Meanwhile, applying ascending triangle to the chart,
we may see a lowest point of 55492, in the case of we get a breakout confirmation at 58930+
Last, be aware of the limitation of this ascending triangle.
The main problem with triangles, and chart patterns in general, is the potential for false breakouts. The price may move out of the pattern only to move back into it, or the price may even proceed to break out the other side. A pattern may need to be redrawn several times as the price edges past the trendlines but fails to generate any momentum in the breakout direction.
While ascending triangles provide a profit target, that target is just an estimate. The price may far exceed that target, or fail to reach it.
Interesting fact: 5 waves formedFun facts: 5 waves is formed on BTCEUR pair but not on BTCUSD
on this BTCEUR chart, major point (1) and point (4) is not intersect, which is a valid elliott waves.
However, the case is different on BTCUSDT pair. The point (4) is dipping below point (1) and so it is invalid.
Anyway, BTC seems exhausted at the moment, it failed to break ATH 61800 whereas others cryptocurrency broke its records.
Congratulation for ETH hodlers, the value of ETH will not be limited to 2100USD ONLY.
UPDATE
We're now testing the EMA Ribbon lines again.
Let's be patient and wait for the next few block of candlesticks for a buy/sell confirmation.
BTCUSDT going back to 43000 before new high?? ATH of BTC 61800 is not gonna break yet?
Yes, we're still in massive bullish price zone even retrace back to 43000! By applying elliott wave principle to the BTC market, we're currently on point B of the price correction zone.
Anyone may share your thought and tell me if i'm wrong? The chart drew according to the guideline of "Elliott wave principle key to market behavior"