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Elliottwaveretracement

US 30 Consolidating: Expect Shave after the HaircutFibo 0.62 retrace from Mar/Apr lows to the Sep high intersects lower support trendline at 24750. Lower is possible, but... just sayin'. See Chart: res ipse loquitur. The downdraft should stop and pivot somewhere between the two support lines in chart. Should. Might. Expect a 0.50 retrace up from the pivot before next move. Expect another flashcrash to test the lower support sometime this week. Panic is wearing off now, although the indexes declined today VIX was also lower most of day. This is a pattern we see in consolidation- volatility, still high, but settling off peak highs while equities continue to decline and much whipsaw price action is evident. A consolidative pattern should emerge going into week of the 22nd to complete the Zig-Zag correction that began in January, with breakout to upside anticipating the Nov election. In spite of rate hikes and t-bill yields, earnings should propel equities to higher levels by year-end, and the looming recession is not yet in sight over the horizon. A fifth Elliott Wave going into the new year might carry prices to still higher levels before the real break- probably later in 2019. A bear market will likely arrive next year. The P/C ratio and bear:bull bias are so high now the contrarian view suggests we are near a bottom. So many pundits calling for the Great Crash of 2018 it probably won't happen. Great Crashes always happen when no one expects it, and everyone is wildly bullish! Transportation index is already forming its bottom, it is a leading indicator for the industrials. DJT up 65 Monday, with Dow off 90. From Monday close there might be another 500 pt drop left in the bear wave. Risk:reward for selling short now is more risk than reward. Puts are so expensive you would need a massive selloff to realize significant gains, and the darn things run down so fast, even when you're right, you're wrong. I bought a few just in case anyway! This is purely an educational post for your amusement and is not intended as any kind of investing advice. That said, I am accumulating longs as covered call writes. Good luck!
DJ:DJI
by DaddySawbucks
2
SPX Another Selling Can Enter Index Into Buying Area?Hello Traders, SPX short-term Elliott wave view suggests that a rally to $2941.42 high ended black wave ((B)) bounce. Down from there, black wave ((C)) remain in progress as impulse structure. Where initial decline to $2912.63 low ended black wave ((i)). A bounce to $2939.86 high ended black wave ((ii)). A decline to $2883.92 low ended black wave ((iii)), black wave ((iv)) ended at $2909.64. Black wave ((v)) ended at $2869.29 low, which also completed red wave 1. Up from there a bounce to $2894.83 high ended red wave 2 as a Flat structure. Where lesser degree black wave ((a)) ended at $2890.42, black wave ((b)) ended at $2862.08 and black wave ((c)) ended at $2894.83. Down from there, red wave 3 ended in lesser degree 5 waves at $2745.46. A bounce to $2784.11 high ended red wave 4 recovery. Then red wave 5 of blue wave (1) ended at 2710 and as long as it stays above that level the index is expected to do a bounce in blue wave (2) to correct the cycle from $2941.42 high in 3, 7 or 11 swings before turning lower 1 more time entering into another possible long side at $2584.87-$2363.19 area approximately. We don’t like selling it.
SP:SPX
by Elliottwave-Forecast
4
DAX Bearish Sequence Calling For More DownsideHello Traders, DAX short-term Elliott wave view suggests that the decline to 11865.47 low ended blue wave (W). Up from there, the bounce to 12460.67 high ended blue wave (X). The internals of that bounce unfolded as a zigzag structure where red wave A ended at 12184.41 high in lesser degree 5 waves. A pullback to 12064.41 low ended red wave B in 3 swings. While a rally to 12460.67 ended red wave C in another 5 waves in lesser degree cycle & also completed blue wave (X) bounce. Down from there, the index has made a new low below 9/11 low (11865.47) confirming the next extension lower taking place. The initial decline from 12460.67 high is unfolding in 5 waves impulse structure where black wave ((i)) ended at 12174.69 low. A bounce to 12348.86 high ended black wave ((ii)). Then a decline to 11803.19 low ended black wave ((iii)). Black wave ((iv)) bounce ended at 11998.64 high. Currently, we are calling black wave ((v)) of red wave A complete at 11520.97 and as long as the Index stays above that level it is expected to continue wave B bounce in 3, 7 or 11 swings before further downside is seen. We expect sellers to appear in 3, 7 or 11 swings against 12460.67 high dont like the buying of the index.
XETR:DAXShort
by Elliottwave-Forecast
1
AUDUSD Bearish Sequence Support More DownsideHello Traders. AUDUSD short-term Elliott wave view suggests that the bounce to 0.7316 high ended blue wave (X). Down from there, blue wave (Y) remain in progress as a zigzag structure. Where initial decline to 0.7049 low ended in 5 wave’s impulse structure & also completed the black wave ((a)) lower. Also, it’s important to note that the pair is having a bearish sequence tag & right side lower, therefore, buying is not recommended. The lesser degree cycles within black wave ((a)) ended blue wave (i) at 0.7201. A bounce to 0.7240 high ended blue wave (ii). Then a decline to 0.7051 low ended 5 waves in blue wave (iii). Above from there, the bounce to 0.7086 high ended blue wave (iv). Then finally, a push lower to 0.7049 low ended blue wave (v) & also completed black wave ((a)). Up from there, black wave ((b)) bounce can be complete at 0.7131 looking for another extension lower. As long as the price stays below 0.7131 but more importantly below 0.7316 we expect AUDUSD to extend lower, we don't like buying it as the right side is to the downside.
Short
by Elliottwave-Forecast
Tesla Elliott Wave View: Favoring More Downside To ProceedHello Traders, TSLA short-term Elliott wave view suggests that the rally to $317.51 high ended blue wave (X) bounce. The internals of that bounce unfolded as zigzag structure where red wave A ended in 5 waves at $302.64 high. Down from there, red wave B pullback ended as a Flat at $260.56 where lesser degree black wave ((a)) ended at $275.50. Black wave ((b)) ended in 3 swings at $315 high. And black wave ((c)) ended 5 waves decline at $260.56 low. Up from $260.56 low, a rally to $317.51 high in 5 waves ended red wave C & also the blue wave (X). Down from there, Tesla has made a new low below 9/07/2018 low ($252.25) confirming the next extension lower in blue wave (Y) lower. Where initial decline to $249 low ended 5 waves in black wave ((a)) of a possible Zigzag structure. Above from there, the stock is doing a bounce in black wave ((b)) in 3, 7 or 11 swings. Near-term, while bounces fail below $317.51 high expect the stock to fail for more downside. We don’t like buying it as the right side is lower & calling more downside against $317.51 high.
NASDAQ:TSLAShort
by Elliottwave-Forecast
Oil Elliott Wave Analysis: Suggesting More UpsideHello Traders, Oil Near-term cycle from 09/07 low (66.83) ended at the peak of 10/03 (76.93) in red wave 3. The internals of that move unfolded as an Elliott Wave ZigZag structure (5-3-5). From 09/07 low it ended black wave ((a)) at 09/24 peak (72.72) as a 5 wave move. Below from there, it ended black wave ((b)) pullback at 09/27 low (71.72) as triangle structure. Above, from there it ended black wave ((c)) of red wave 3 at 10/03 peak (76.93) also as a 5 wave move. Below from there, oil is in the progress of correcting the cycle from 09/07 in the sequences of 3-7 o 11 swings before the rally resumes. The focus remains towards 72.17-70.28, which is 100%-161.8% Fibonacci extension area of black wave ((w))-((x)) to end the short-term correction. The commodity should find buyers from there looking for another extension higher or for minimum 3 waves reaction higher. We don't like selling it as the right side is to the upside as long as the pivot at 66.83 stays intact.
NYMEX:CL1!Long
by Elliottwave-Forecast
EURJPY Elliott Wave Analysis: Tracking Recent Price ActionEURJPY ended the cycle from 09/10 low at the peak of 09/21 (133.121) in red wave 3. Below from there it is correcting the cycle from 09/10 in red wave 4 in the sequences of 3-7 or 11 swings. The pullback in red wave 4 is currently suggesting that it is unfolding as a Elliott Wave Double correction. The first leg lower from 09/21 peak ended black wave ((w)) at 09/28 low (131.173). The internals of that move unfolded as an Elliott Wave triple structure. Above from black wave ((w)) low it ended black wave ((x)) pullback at 10/01 peak (132.45). Near-term focus remains towards 130.50-130.036, which is 100%-123.6% Fibonacci extension area of black wave ((w))-((x)) to end the short-term correction. The pair should find buyers from there looking for another extension higher or for minimum 3 waves reaction higher.
by Elliottwave-Forecast
XLY Elliott Wave View: Trading At Equal Legs ExtremeXLY ended the cycle from 08/02 low (109.99) at the peak of 09/20 at 118.23 in blue wave (3). Below from there, the ETF has been correcting that cycle in the sequences of 3-7 or 11 swings. From 09/20 peak XLY has reached the equal legs area towards 115.55-114.95. The internals of that pullback has been unfolding as an Elliott Wave A-B-C correction. The first leg lower ended red wave A at 09/24 low (115.72). Above from there, it ended red wave B pullback at 10/01 peak (118.14). The internals of that pullback unfolded as an Elliott Wave Double correction which ended black wave ((w)) at 09/26 peak (117.76), black wave ((x)) pullback at 09/26 low (116.65) and finally black wave ((y)) of red wave B at 10/01 peak (118.14). Below from there, it reached the mentioned equal legs area (blue box) and it should see soon a bounce higher. Currently, it is trading at the equal legs extreme area (blue box) of red A-B and soon it should end blue wave (4). Afterwards, the ETF is expected to find buyers looking for new highs or for 3 wave bounce at least as long as pivot at 113.98 stays intact.
AMEX:XLY
by Elliottwave-Forecast
DXY Ending Soon The Elliott Wave Flat Correction?!DXY short-term Elliott wave view suggests that the index is doing a Flat correction coming from 8/28/2018 low within cycle red wave II. Meaning that the internal distribution of cycle from that low is showing the sub-division of 3-3-5 wave structure. Where black wave ((A)) ended in 3 swings at 95.73 on 9/04 peak. Down from there the decline to 93.81 low ended black wave ((B)) lower as double three structure with the sub-division of 3 wave corrective sequence in blue wave (W),(X) & (Y). The initial decline to 94.43 low ended blue wave (W) as zigzag structure. Up from there, the bounce to 94.99 high ended blue wave (X). Down from there, the decline to 93.81 low ended blue wave (Y) as zigzag structure & also completed the black wave ((B)) as well. Above from 93.81 low, the rally higher is taking place as an impulse in black wave ((C)) of II with the sub-division of 5 waves structure in blue wave (1),(3) & (5). Where the first leg higher to 94.40 high ended blue wave (1). And pullback to 93.95 low ended blue wave (2). A rally to 95.36 high ended blue wave (3). Then a pullback to 94.99 low ended blue wave (4). Near-term bluee wave (5) remain in progress and may or may not extend higher 1 more time within the blue box area by holding below the 95.93 invalidation level before ending the Flat correction in cycle red wave II. Afterwards, the index is expected to resume the downside or should react lower in 3 swings at least. We don’t like buying the index.
TVC:DXY
by Elliottwave-Forecast
2
Nikkei Elliott Wave Right Side Calling HigherHello Traders, Nikkei short-term Elliott wave view suggests that the decline to 22161 on 9/06/2018 low ended red wave 2. Above from there, red wave 3 remain in progress, nesting higher in an impulse structure. With lesser degree cycles showing sub-division of 5 waves structure in each leg higher i.e black wave ((i)), ((iii)) & ((v)) expected to unfold in 5 waves structure. Also, it’s important to note that the right side is up & instrument is having a bullish sequence tag available in below chart. This suggests that the selling is not recommended. Up from 22161 low, the initial rally to 22750 high black wave ((i)) in 5 waves. The decline to 22535 low ended black wave ((ii)) pullback. Then the rally higher from there ended black wave ((iii)) at 24120 high. The pullback to 23817 low ended black wave ((iv)). Above from there black wave ((v)) of 3 remain in progress, looking to extend higher as long as the pivot at 23817 stays intact. Afterwards, the index is expected to do a wave 4 pullback in 3, 7 or 11 swings before further upside is seen. We don’t like selling it & expect buyers to appear in 3, 7 or 11 swings against 23817 low.
NLong
by Elliottwave-Forecast
BAUSCH Elliott Wave View: Pullbacks Should Remain Supported Good afternoon Traders, BHC short-term Elliott wave analysis suggests that the pullback to $20.28 low ended black wave ((2)) pullback. Up from there, it is in a possible 5 waves Elliott Wave structure higher. The first leg higher in black wave ((i)) ended at 09/13 peak (24.13). The internal structure of that move unfolded as a 5 wave impulse. It ended blue wave (i) at 09/11 peak (20.98), wave (ii) pullback at 09/11 low (20.67). Above from there, it ended the wave (iii) at 09/12 peak (24.12). Below from there it ended blue wave (iv) pullback at 09/12 low (23.22) and above from there it ended blue wave (v) of black wave ((i)) at 09/13 peak (24.12). Below from there, it ended black wave ((ii)) pullback at 09/17 low (22.07). The internals of that pullback unfolded as an Elliott Wave double correction in blue wave (w)-(x)-(y). Up from there it ended black wave ((iii)) at 09/21 peak (25.26) and the pullback in black wave ((iv)) at 09/25 low (24.32) after reaching the 100-123.6% extension area from 09/21 peak. And any long trades from that area (blue box) should be risk free by now. As long as it does not break 09/21 peak (black wave (( iii )) ), a double correction lower in black wave ((iv)) can't be ruled out. As long as the pivot at 20.09 stays intact we expect the stock to extend higher and we don’t like selling it because the right side is to the upside.
NYSE:BHCLong
by Elliottwave-Forecast
Nike Elliott Wave View: Further Upside Expected.Hello Traders, NKE short-term Elliott wave analysis suggests that the pullback to $78.78 low ended red wave 2 pullback. Up from there, it ended red wave 3 at 09/21 peak (86.26). The Internals structure unfolded as a 5 waves Elliott Wave structure with a extend wave ((iii)). It ended black wave ((i)) at 09/04 peak (81), wave ((ii)) pullback at 09/05 low (78.78). Above from there, it ended the extended wave ((iii)) at 09/19 peak (86.09). Below from there it ended black wave ((iv)) pullback at 09/19 peak (84.40) and above from there it ended black wave ((v)) of red wave 3 at 09/21 peak (86.28). Down from there, we are calling red wave 4 pullback complete at 09/25 low (80.69). The internals of that pullback unfolded as an Elliott Wave ZigZag structure which ended black wave ((a)) at 09/24 low (84.15), black wave ((b)) pullback at 09/25 peak (85.24). Below from there, it ended black wave ((c)) of red wave 4 at 09/25 (80.69). As long as the pivot at 78.78 stays intact we expect NKE to extend higher and we don’t like selling it because the right side is to the upside.
NYSE:NKELong
by Elliottwave-Forecast
BAC Elliott Wave View: Ready To Resume Higher?Hello Traders, BAC short-term Elliott wave view suggests that the rally to $31.49 low ended red wave X bounce. Down from there, the decline to $30.08 low ended red wave Y & also completed blue wave (2) pullback. The internals of red wave Y unfolded as double three structure where black wave ((w)) ended at $30.62 low as zigzag structure. Up from there, the bounce to $31.09 high ended black wave ((x)) bounce. Then finally, a decline to $30.08 low ended black wave ((y)) in 3 swings as Zigzag structure. Above from there, the stock is expected to resume the next leg higher in blue wave (3). However, a break above $31.91 August peak remains to be seen for final confirmation of next leg higher. Up from $30.08 low the initial rally higher to $31.37 high ended black wave ((i)) as impulse structure. Near-term focus remains towards $30.48-$30.35 100%-123.6% Fibonacci extension area of blue wave (a)-(b) to end the 3 wave correction in Minute wave ((ii)) against $30.08 low cycle. Afterwards, the stock is expected to resume the upside looking for more upside. We don’t like selling it.
NYSE:BAC
by Elliottwave-Forecast
BCH - Analysis - Primary Wave 1 & Wave 2 Correction - $423BITFINEX:BCHUSD is in a Primary Wave 2 Correction. BCH has completed an Elliot Wave which had TWO extensions which were the 3rd and 5th impulse waves. Look for a pull back to $423.00 then wait for confirmation that the correction has ended. (ie, Micro Wave) Correction: Flat + ZigZag Flat: A flat correction is a horizontal formation that occurs in between two impulses. Like all corrections, this corrective wave is also made up of three waves. Unlike in a zigzag where Wave A is made up of 5 sub waves, the Wave A in a flat is made up of just three waves. This by itself signals a lack of strength to correct deeply the prior impulse wave. Wave B inherits some of this characteristic and ends near the start of wave A, and unfolds in 3 sub waves (remember in a zigzag, Wave B ends some distance away from the start of Wave A). Once Wave B is completed, the ensuing Wave C unfolds in 5 sub waves, but once again, unlike wave C of a zigzag, this wave C will finish at or just beyond the terminal point of Wave A. A flat is usually found in the fourth wave position. Wave C in a flat tends to finish at the 138.2% projection of Wave A. You can safely use this as a simple and easy to remember guideline. ZigZag: This is the simplest form of correction, (A, B and C) where Wave A is made up of five waves and Wave B has 3 internal waves. Wave C is always made up of 5 waves in any correction, irrespective of the category.Waves A and B, you will compute the 100%, 138.2% and 161.8% projections. If a zigzag occurs in Wave 2 position, the maximum distance it usually travels is to the top of wave 1 of the preceding lower degree. Where is the top of Wave 1 of the preceding lower degree? $422.96 In the case of an irregular correction, however, the B wave tends to go beyond the starting point of Wave A and just when everyone is convinced that the original trend was probably back in place, the price turns around and comes down rapidly as the C wave to complete the correction. An irregular correction is frequently spotted at the end of an extended fifth wave, because an extended fifth wave is subject to what is known as double retracement. Hourly: 3HR: 6HR: Will update. -AB
COINBASE:BCHUSD
by FibMarketWatch
Tesla Elliott Wave View: Dips Expected To Remain SupportedHello Traders, TESLA short-term Elliott wave view suggests that the decline to $252.27 low ended blue wave (W). Up from there, it is correcting the cycle from 08/07 in the sequences of 3-7 or 11 swings in blue wave (X). Above from $252.27 low, the rally higher ended red wave W at 09/18 peak (303.26). The internals of that rally unfolded in a 3 waves structure as a Elliott Wave double correction. Up from $252.27 low, the initial rally to $287.60 high ended black wave ((w)) at 09/10 peak. The pullback to $273.40 low ended black wave ((x)). Then the rally higher towards $303.26 high ended black wave ((y)) of red wave W. Down from there, the pullback to $275.68 low ended red wave X. Above from there, it broke red wave W peak, confirming that the next short extension higher has started. Up from 09/18 low (275.68) it ended black wave ((w)) at 09/20 peak (306.84). The internals of that move unfolded as a ABC structure higher. Below from 09/20 peak it is currently in the progress of correcting cycle from 09/18 low in the sequences of 3-7 or 11 swings before more upside should be seen. Near-term focus should be on the equal legs extreme area of blue wave (a)-(b) towards 290.24-287.28 where a reaction higher is expected to take place as long as the pivot at 275.68 stays intact. The right side is to the upside we dont like selling it.
NASDAQ:TSLALong
by Elliottwave-Forecast
Netflix Elliott Wave View: Dips Expected To Remain SupportedGood Afternoon Traders, NFLX short-term Elliott wave analysis suggests that the pullback to $335.67 low ended blue wave (2) pullback. The internals of that pullback unfolded as a Flat correction. Where red wave B bounce ended in 3 swings at $374.09 high. Down from there, red wave C unfolded in 5 waves impulse structure. And the initial decline to $360.01 low ended black wave ((i)). Up from there, black wave ((ii)) ended at $364.50, black wave ((iii)) ended at 341.60. A bounce to $350.54 high ended black wave ((iv)). Then finally a move lower to $335.67 low ended black wave ((v)) and completed red wave C of (2). Up from there, the stock is showing higher high sequence favoring more upside within blue wave (3). Where the initial rally to $374.09 high ended black wave ((i)). The internals of that rally higher unfolded as 5 waves structure with lesser degree cycles showing sub-division of 5 waves structure in its leg higher i.e blue wave (i), (iii) & (v). Down from $374.09 high, the stock did a 3 wave pullback as zigzag correction & completed the black wave ((ii)) at $350 low. After reaching the blue box at $356.01-348.90 100%-161.8% Fibonacci extension area of blue wave (a)-(b). Above from there, the stock has made a new high above $374.09 high suggesting that next leg higher can have started. Near-term, while dips remain above black wave ((ii)) low ($350) and more importantly above $335.67 low the stock is expected to resume the upside. Alternatively, if it breaks below black wave ((ii)) low ($350) then it can be doing a Flat correction from $374.08 high still within black wave ((ii)) before resuming higher again provided the pivot at $335.67 low stays intact. We don’t like selling it and prefer more upside against $335.67 low.
NASDAQ:NFLXLong
by Elliottwave-Forecast
1
EURAUD Elliott Wave View: Trading At Equal Legs ExtremeHello Traders, EURAUD short-term Elliott wave view suggests that the rally to 1.6353 high ended blue wave (1) higher. The internals of that degree unfolded as impulse structure with lesser degree cycles showing the sub-division of 5 waves structure. Below from 1.6353 high, the pair is doing an blue wave (2) pullback in 3, 7 or 11 swings before upside renew. We don’t like selling the pair as the right side tag favoring more upside. Down from 1.6353, the pair is doing a 3 wave pullback with lesser degree cycles showing the sub-division of 5-3-5 structure thus favored it to be doing a zigzag correction. The initial decline to 1.6282 low ended black wave ((i)), black wave ((ii)) bounce ended at 1.6339. Black wave ((iii)) ended at 1.6152 & Black wave ((iv)) ended at 1.6192 high. Then finally a move lower to 1.6136 low ended black wave ((v)) & also the red wave A. Up from there, the bounce to 1.6332 high ended red wave B bounce in lesser degree zigzag correction where black wave ((a)) ended at 1.6285. Black wave ((b)) ended at 1.6226 and Black wave ((c)) of B 1.6332 high. Currently, it is trading at the equal legs extreme area (blue box) of red A-B and soon it should end blue wave (2) pullback. Afterwards, the pair is expected to find buyers looking for new highs or for 3 wave bounce at least. We dont like selling it and the right side is to the upside as long as pivot at 1.59692 stays intact.
Long
by Elliottwave-Forecast
EURJPY Elliott Wave Analysis: More Upside Has StartedHello Traders, EURJPY short-term Elliott wave analysis suggests that the rally to 130.85 high ended red wave A of a Zigzag structure. The internals of that rally higher unfolded in 5 waves impulse structure. Down from there, the pullback to 127.83 low ended red wave B pullback. The internals of that pullback unfolded as double three structure with the sub-division of 3-3-3 swings in Minute wave ((w))-((x))-((y)). Below from 130.85 high, the initial decline to 128.54 low ended black wave ((w)) in lesser degree zigzag structure. Up from there, the bounce to 129.97 high ended black wave ((x)) bounce as double three structure. Then finally, a decline towards 127.83 ended black wave ((y)) & also completed the red wave B pullback. Up from there, the pair has managed to make a new high above 130.85 creating a cycle from 8/15 low (124.91) incomplete to the upside & also confirms the red wave C. Near-term, while dips remain above 127.83 low pair is expected to see more upside. The 100%-123.6% Fibonacci extension area of red A-B comes at 133.76-135.18 to the upside. We don’t like selling it as the right side & sequence tag is suggesting more upside, therefore, expect buyers to appear in 3, 7 or 11 swings against 127.83 low.
Long
by Elliottwave-Forecast
1
BTCUSD Bull Run? Elliot Wave & Schiff Pitchfork 2014 & 2018Intro: Light at the end of the accumulation tunnel. Why a BULL Run is possible when comparing 2014 & 2018 Elliot Wave ABC Corrections and Schiff Pitchforks: 1) W correction is about a 70% price drop in both 2014 & 2018. 2) Both Y corrections extend to the 0.786 Fib Level. 3) A correction retraces to mean in the Pitchfork. 4) B correction extends to about the 1.5 Pitchfork line. 5) C correction retests the 0.5 Pitchfork line. 6) Current correction has touched the WARNING line (2.0 Pitchfork extension in a red dash line) and found support back in the 1.5 Pitchfork line. Disclaimer: This is not advice but any trade entries at this point carry low risk and high reward if 2014 correction were to repeat itself. Support: Comment & like if you agree or disagree. This is a learning community and feedback is always welcomed for my own learning curve.
BITSTAMP:BTCUSDLong
by tvlester
US 30 in Complex ABC Correction WaveThis is a complex ABC correction coming off the August highs. Did not quite get to the Gartley Fibo at 26268, but within 100 pts of it for Fibo 1.55 will have to do. There is a clear corrective 5 wave impulse evident in the A down leg, which is an organized, complex actionary impulse (labeled 1-2-3-4-5). This is not like the WXY pattern we saw in early August, it's true corrective trend actionary impulse and will likely carry index to significantly lower levels. This represents early technical breakdown. We are near the end of countertrend reactionary B wave, which challenged Fibo 0.786 and then again came up to 0.618 before falling back. This is a bull trap reaction wave. Most recently, thanks to the Donald, a third rally attempt Friday to reclaim the highs was crushed. Thanks be to Trumptweets! Given the constant tweeting, ongoing trade uncertainty and most importantly, cash outflows from mutual funds as parents return from vacation and withdraw assets to pay for prep schools and new cars for their college kids, it seems unlikely the markets will rally high enough to challenge the August low-volume highs. It's no secret; people take their money out of the markets in September because they want to spend it. Real simple- seasonality. And what better time to cash out than at the alltime high?! 'A' wave carried Dow -362; B retraced 224 pts at Fibo 0.618; C will be rough, at least as deep as A length, quite possibly 1.618xA = -586, as low as index 25,335 (target zone). Look for a weak rally attempt early in the week of 10 Sep; before tweet Friday a rally was starting up and it is likely the bulls will try again once more. Look for H&S and ascending wedges as the market struggles to regain higher price levels to enter shorts. Short entry above 26000 will likely be profitable. As always, I post these opinions purely for speculative amusement and education, this does not in any way constitute investment advice; trade at your own risk! Good luck!
DJ:DJIShort
by DaddySawbucks
2
GBPUSD Elliott Wave Analysis: Calling Further UpsideGBPUSD short-term Elliott Wave analysis suggests that the rally from 8/15/2018 low at 1.2660 to 1.3042 high ended red wave 1. The internals of that rally higher took place in 3 wave corrective sequence i.e double three thus suggesting that the pair can be doing a Leading diagonal structure. Up from 1.2660 low, the initial rally to 1.2935 high ended black wave ((w)) of 1. Black wave ((x)) of 1 pullback ended at 1.2798 low. Black wave ((y)) of 1 ended as a zigzag structure at 1.3042 high. Down from there, the pullback to 1.2785 low ended red wave 2 pullback as a Flat structure where black wave ((a)) ended at 1.2959 low. Black wave ((b)) bounce ended at 1.3006 high and black wave ((c)) of 2 ended at 1.2785 low. Above from there, the pair has managed to make a new high above 1.3042 peak confirming the next extension higher in red wave 3. Near-term, while dips remain above 1.2785 low, any dip is expected to remain supported in 3, 7 or 11 swings for further upside towards 1.3162-1.3252, which is the 100%-123.6% Fibonacci extension area of red wave 1-2 to complete red wave 3. Afterwards, the pair is expected to do a pullback in red wave 4 before further upside is seen. We don’t like selling the pair and prefer more upside against 1.2785 low in the first degree.
Long
by Elliottwave-Forecast
AUDUSD Elliott Wave View: Downside Pressure RemainsHello Traders, AUDUSD ended the cycle from 08/21/18 peak (0.7383) at the low of 09/03/18 (0.7166) in black wave ((w)). The internals of that move unfolded as an Elliott Wave ZigZag structure, which it ended blue wave (a) at 08/23/18 low (0.7238), blue wave (b) pullback at 08/28/18 peak (0.7363). From there it ended blue wave (c) of black wave ((w)) at 09/03/18 low (0.71667). Up from there, it ended black wave ((x)) pullback at 09/06/18 peak (0.72106). The internals of the pullback unfolded as an Elliott Wave triangle structure. As long as pullbacks stay below 0.72106 we expect AUDUSD to extend lower towards the equal legs extreme area of 0.6993-0.6942 from black wave ((w))-((x)) before a reaction higher can be seen. Due to the right side tag, the right side remains to the downside we don’t like buying it.
Short
by Elliottwave-Forecast