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Elliottwaveretracement

GOLD → Friday's buyback. NonFarm in the coming week OANDA:XAUUSD after breaking the global trend support and attempting to change the trend is not in a hurry to fall yet, most likely the price is looking for confirmation of which way to go. Consolidation is forming which may confuse many. In the coming week there are quite important key reports: - ISM Manufacturing PMI (analysts expect a slight strengthening of the indicator) - ADP Nonfarm Employment Change (may be followed by an improvement on the back of GDP growth) - Initial Jobless Claims (analysts expect deterioration of the indicator, last week the indicator was upgraded at the forecasted deterioration). - ISM Non-Manufacturing PMI (analysts expect a deterioration) - NonFarm Payrolls ! (Analysts expect it to worsen from 209K to 184K) - Unemployment Rate (unchanged) Against the backdrop of a rising GDP and a relative decline in inflation (unconfirmed), the indicators of the upcoming news may change relative to the expected data. If the expected data is confirmed, then the dollar may lose some ground and give a little room for gold to strengthen. From the technical analysis point of view: The price is in a sideways flat after the breakout of the global bullish channel. Everyone expected a sharp fall after breaking the support, but with the unstable fundamental background, gold is strengthening and forming a flat within 1983 - 1935. If we take a closer look, we can see a reversal set-up against the upper boundary of the range, which is a strong resistance, but on Friday gold buys back a 0.9% drop and once again questions the H&S set-up formed. At the moment the 1959.8 resistance plays a key role, the price forms a false break of the level but at the same time closes very close to this line, from the opening of the session a gap up could follow which would open the price above 1960. Since the price is flat and closed last session within the setup, the local strengthening may continue to 1980, and then we have to watch the price reaction to these levels. We should also pay attention to the fact that on the background of the news a strong bearish impulse was formed, which broke several supports and formed a correction to 1959.8. If this level is held by the sellers, the bears may send the price to 1948 for a retest (negative fundamental background is still present in the market). Regards R. Linda!
OANDA:XAUUSD
by RLinda
23
BTCUSD → Price is forming a consolidation. Retest of 0.382 fiboBITSTAMP:BTCUSD is in the correction phase. The market is forming a decline in volatility to the lows of the last few months. Globally we still have an ascending price channel and a bullish trend. The price is declining to the limits of 0.382 fibo. Consolidation is formed above this line, in this case if the price continues to consolidate near 0.382 in the absence of a bounce, a breakout may follow and the price may decline to 28474 for a retest. A positive sign for us will be a rebound from 0.382 and a breakout of 0.236 with the subsequent consolidation of the price above the level, in this case the bulls will again begin to show potential and form a retest of resistance. The medium-term view of the situation tells us that this technical correction may continue, but not for long. The price is testing the important support area MA50 - 28474. In the long term it is worth paying attention to strong support levels, and secondly to the resistance, because in the uptrend it is worth looking for reversal points and entry points and breakout entry at these areas. Support levels: 0.382 fibo, 28474, 0.618 fibo Resistance levels: 0.236 fibo, 30575 I expect the correction to continue with a possible retest of 28474, but in the long term I expect continued growth to retest 30575 with a subsequent breakout and price movement to trend resistance. Regards R. Linda!
BITSTAMP:BTCUSDLong
by RLinda
29
GOLD → Re-test of support after a heavy fallOANDA:XAUUSD is falling. After the news press release on Wednesday and Thursday, the price fell by 2.27 and this is one of the biggest drops in the last few weeks. The opening of the session begins with consolidation and repeated retest of support The price is testing the support of 1948.16 and forms a small pullback and this is a fairly predictable reaction. The position in the market quickly turns over and sellers begin to dominate again. The market cannot form a deep pullback and forms a quick retest of support in 1948. This is a strong enough signal that the market is preparing for a continuation of the fall. I think that there may be an attempt to buy back part of the fall, in which case the price may strengthen until 1959, but I am not sure that this level will be broken. We monitor the reaction of the price to the specified levels. Moving averages do not provide clean data, because a struggle between participants is taking shape in the market. Support levels: 1948, 1933.9 (important level of 1939) Resistance levels: 1955, 1960 I expect a possible rebound and another support retest, which will only increase the potential for an approaching support breakthrough. Medium-term goal 1939-1927 Sincerely, R. Linda!
OANDA:XAUUSDShort
by RLinda
24
BTCUSD → Expected correction within consolidation BITSTAMP:BTCUSD forms a false breakdown of the key resistance after which the format of the movement passes into the correction phase. The price is consolidating between 0.236 and 0.382 fibo Paying attention to the chart we see the continuation of the ascending price channel formation. The price indicates a rather high interest on the part of buyers, as the price after long consolidations continues to strengthen and does not give deep corrections. A correction is forming within the new movement, which may reach 0.382 fibo in the near future. The rebound within the bullish trend can follow both from this level and from the level below - 28474. The trend at the moment is bullish, although recently the price has not reacted much on the hype around BTC-ETF, but the potential is still on the side of buyers. The hash rate continues to grow, glassnode in its reports claims that the price is coming out of the capitulation mode, SEC accepts applications of funds for spot BTC-ETFs for consideration - these nuances give some bullish prerequisites. Support levels: 0.382, 28474, 0.618. Resistance levels: 0.236, 30575 I expect the correction to continue, I don't think this movement will last long. Another retest of the nearest strong resistance will provoke a new impulse. In the medium term I expect a retest of 30575 and growth to 34000. Regards R. Linda!
BITSTAMP:BTCUSDLong
by RLinda
8
GOLD → Dollar allows gold to break trend support OANDA:XAUUSD is weakening while the dollar is starting to strengthen. The only fundamental factor affecting this is inflation, which the FOMC is still trying to combat XAUUSD is breaking uptrend support and forming a retest of flat support at 1959. There is a key liquidity zone below this boundary that could become interesting for the market, and price is likely to enter this zone on the backdrop of what is happening. If the price fails to reach this mark on a retest of 1959, a rebound will begin to form, which could reach one of the key areas of resistance before a further (possible) fall as part of a counter-trend correction. On D1, price is forming a false resistance breakout and on H1, an H&S is forming which hints at a possible decline. Within the flat market, 1935 level may be interesting (but it is not accurate). MA-50 is resistance and MA-200 is support, which may be tested in the near future Resistance levels: 1965, 0.236, 0.382 Fibo Support levels: 1959,8 I expect a correction to resistance for a possible retest, followed by a fall to flat support and the possibility of further declines. Regards, R. Linda!
OANDA:XAUUSDShort
by RLinda
21
GOLD → Correction after the LH update. Growth may continue OANDA:XAUUSD continues to execute active movements in the direction of price strengthening. This time the price is testing the resistance 1987.5, which indicates a high bullish potential and a strong trend The price is forming a correction after the impulse. In the zone of interest we have the level of 1981. The price is testing the support and if the market can hold this area, the price will head towards 1993 in the nearest future. A false breakdown scenario is possible and in this case the price will go to the support of 1970 before further growth. On the background of weakening dollar and news about weak inflation, the price of dollar is falling, which positively affects the price of gold. In the future, after fixing the price above 1981.7, such targets as 1993 and 2000. Support levels: 1978, 1970 Resistance levels: 1981.7 At the moment the key role is played by the level of 1981.7. The price may continue to test the area for a breakout in the near future, or make a rebound, but on the subsequent retest of 1981.7 the level may be broken and the price will show an impulse to 1993 Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
25
GOLD → A temporary respite after a high jump OANDA:XAUUSD continues to form a bullish trend, indicating strong interest in the market. The strong rally is moving into a narrow consolidation, which may hint at certain implications Yesterday we saw a breakout of the local consolidation and a gorgeous 200 pips momentum. The price is testing the resistance at 1981.7 and forming a 110 pips wide fljt. Gold may test the support and start strengthening again or form a consolidation near 1981.8. At the moment, since there is a strong trend, we should consider either a rebound from 1970 or a breakout of 1981. The growth may continue and the price may test 1993 soon. The moving averages indicate a strong bullish trend. The daily timeframe is forming a candlestick that gives a prerequisite for a breakout of 1981 in the near future. Support levels: 1975, 1970 Resistance levels: 1981.8 I expect consolidation with the subsequent breakout of 1981.7. In the long term I expect growth to 1993 and 2000. Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
28
NZDUSD → Long retest. High chance of a false breakdown FX:NZDUSD is forming a retest of the resistance at 0.63809. We seem to have a bullish trend after breaking the downtrend, but there is a high probability of a false breakdown and correction. On the daily timeframe the price approached a strong resistance area. A retest of the 0.63800 level, formed in early May, is being formed after quite a lot of time and a large pool of liquidity has been formed above this area, which can prevent the price from going up from the first time. The scenario is as follows: from the resistance 0.63800 may be followed by a decline either to 0.63050, or a pullback less and a quick retest of the resistance, which will form a pre-breakdown consolidation and break the level. Countertrend trades should be opened with reduced risk. In the medium term, the price may continue to strengthen on the background of a weak dollar. Support levels: 0.6305 Resistance levels: 0.63800, 0.6515. I expect a correction in the near future and a slight decline to 0.236 or 0.382 fibo followed by a retest of resistance and an attempt to breakout. Regards R. Linda!
by RLinda
13
GOLD → Active strengthening, retest of a previously broken lineOANDA:XAUUSD has been strengthening during the last two weeks. The signal for this was a false break of support 1907, formed back in March 2022. The price is approaching strong resistance and its growth is starting to slow down. What's next? Gold is strengthening towards the 1963-1965 area, with a key resistance line close by, which is the previously broken trend support. On Friday, gold draws a false break of one of the local resistances and forms a bearish candle. The session in the first half of the week could be bearish, but for now there are signs that the upside will continue. Although the Fed is still aggressive, but their policy is not considered as tough as before among traders, speculators and investors. The dollar has weakened quite a bit and continues to fall. The index has broken through a key support area and has entered a range within which it could fall to 95 and even 90, which would be a strong enough momentum for gold to strengthen further to 2000, 2050 and even 2100. There are several important news releases this week and it is worth paying attention to expectations and the general fundamental background before they are released, as harsh statements can have a strong impact on the price. From a technical analysis point of view, a strong resistance may be followed by a technical pullback before a further rise. Globally, the situation is neutral and looks even more bearish than bullish, but against the backdrop of the dollar may draw some conclusions. Regards R. Linda!
OANDA:XAUUSD
by RLinda
15
GOLD → Resistance breakout is directed towards a trend changeOANDA:XAUUSD is finally confirming a trend change. The price passes through a key liquidity area and forms a strong momentum. What's happening? Pay attention to the D1 chart below. The price is breaking the trend resistance. A rather interesting picture is developing in which gold is gaining upside potential towards 2000. The price is testing the resistance at 1959. Probably, the price can form a correction to the previously broken boundary and the chance for this is quite high. But with a strong consolidation of the price above the level of 1959, a bullish impulse to 1970 or even to 1981 will be formed. The Fed is talking about rate hikes and aggressive policy, but at the same time inflation is showing a green signal and is starting to weaken from 4% to 3%. Investors and analysts are not expecting a long-term complication of the situation, the dollar is likely to continue to weaken. The moving averages show a strong support area. There is strong resistance at 1967 ahead. It is worth paying attention to it. Resistance levels: 1959, 1970, 1981 Support levels: 1955, 1945, previously broken channel boundary. I expect consolidation relative to 1959. The market needs to decide on the potential. A correction is possible from the level, but if the bulls hold the area of the key level, the growth will continue. Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
25
MASKUSDT → Tandem signal: resistance breakout and SMA crossing BINANCE:MASKUSDT is forming a correction in the format of a descending wedge. A rather strong consolidation is forming at the base of the uptrend under the resistance of the wedge. What to expect from the price? The coin breaks through the formed descending resistance and begins to form a bullish impulse. Since the bullish signal is formed at the base of the trend, the price demonstrates a rather weighty potential of 70-120% We have a tandem signal: moving averages crossover + wedge resistance breakout. Altcoins have recently improved dynamics and are starting to show good results, which suggests that the cryptocurrency market may come to life in the medium term. Support levels: 3,335, trend support, previously broken wedge boundary Resistance levels: 3,650 I expect a retest of the 3.650 level followed by a breakout. The buy signal is quite strong and there is a high probability that the coin will show bullish dynamics and rise to 4.840 or 6.00. Regards, R. Linda!
Long
by RLinda
10
GOLD → Difficult situation: price drop or breakthrough? OANDA:XAUUSD is forming a local ascending channel, at the moment it is too early to talk about global strengthening and change of the global channel, as it needs good reasons for that. What is happening? The dollar index is breaking the support and testing the next one. The dollar may strengthen a bit, which will provoke the gold to fall, but apparently the dollar is in a different mood and the price may break 101 and go lower. In this case we will have to watch the 1933-1939 area on the gold chart. A breakout of 1933 and consolidation (or pattern) relative to the level may form a sell signal and the price will show us a fall. Or another scenario may develop on the chart. In this case, if a bounce from 1933 is formed, we will wait for consolidation near 1938-1939 and an attempt to break the resistance. A breakout of 1938-1939 resistance will form an attempt to change the global trend and in this case, against the backdrop of the falling dollar, gold may quite confidently change the global trend and the price will begin its strengthening towards 1950-2000. Support levels: 1933, MA-50 Resistance levels: 1938-1939, channel resistance I expect that gold is now in a difficult situation, while the Fed is aggressively pursuing its policy, the dollar is still weakening. There may be an increase in volatility, keep an eye on these levels. Good luck in trading! Regards R. Linda!
OANDA:XAUUSD
by RLinda
24
NZDUSD → A break of the triangle resistance will form an impulseFX:NZDUSD is forming an attempt to change the downtrend on the background of weakening of the dollar. A resistance retest is being formed. What to expect from the price further? The price left the channel last week, all this time a consolidation in the format of an ascending triangle is being formed. The price continues to test the triangle resistance and 0.62359 for a breakout as we see a weakening dollar, consolidation after the resistance breakout and several other indications that the price is preparing to continue rising. A false break of resistance could form a pullback to nearby support, but based on the potential, price could continue to head towards resistance. Support levels: 0.61911 Resistance levels: 0.62200, 0.62359 I expect a pullback from resistance and another retest on the background of an attempt to change the trend. If resistance is broken, our target will be 0.63000 and 0.63810. Regards R. Linda!
Long
by RLinda
10
GOLD → A retest of resistance could turn into a breakoutOANDA:XAUUSD is strengthening within a bullish counter-trend correction. The price is testing a strong resistance area, but at the same time there are signals that may allow the price to break the resistance. On the daily timeframe we observe interesting things: the correctional wave reaches the level of 0.618 fibo of the third wave and also tests the area of 0.382 fibo of the global movement. Most likely, a rather strong rebound may follow from this area. Earlier we observed a breakout of the global trend support. At the moment the price is forming counter-trend correction to the level of 1939, which plays a key role. If this resistance is broken, the price may strengthen to the previously broken line or to the area of 0.382 Fibo (1967). The situation on the market may change dramatically when the resistance of the upward correction is broken. We are watching the price reaction to the mentioned area. Resistance levels: 0.5 fibo, 1938, channel resistance Support levels: 1924, 1920, 1912 I expect the price to test the breakout of the channel resistance. At the moment bears are still strong and they can push the price down, but with the breakout and consolidation of the price above the level there will be a chance to see a strong impulse to 1959. Regards R. Linda!
OANDA:XAUUSD
by RLinda
19
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
BITSTAMP:BTCUSDEducation
by forextidings
2
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.
NASDAQ:TSLAEducation
by forextidings
3
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
BITSTAMP:BTCUSDShort
by TradewithLu
GBPCHF I Impulse correction and continuationWelcome back! Let me know your thoughts in the comments! ** GBPCHF Analysis - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support!
Long
by BKTradingAcademy
1
Gold looking BEARISHGold has had a fantastic bull run since December 2015, however this trend may be due for a reversal ahead. The Green wave 5 seems to have completed, so an entry on a short position can be taken at the current price of 1960.39 Further size can be added to the short if the price reaches 2068.32 as this could be the final push upwards before the reversal. The weekly RSI is "bearishly diverging" meaning we are seeing higher highs in price with lower highs in the RSI, although in this case the highs in price are at the same level. A conservative target that will commonly be reached is the 0.382 retracement of all 5 green waves at the 1641 level. Given that this is on the weekly chart, this could take between 6-12 months to play out. Entry 1 = 1960.39 Entry 2 = 2068.32 Take profit = 1641.51 Stop loss = 2185.85
TVC:GOLDShort
by TradewithLu
Render's Rally ending? Trading Insights & Retrace AspectsThe rally in Render appears to be reaching its conclusion. Over the past few months, Render has been an intriguing trading token, outperforming BTC by surging from 0.9 to its monthly resistance level of 2.93 (Bybit). Based on my wave count analysis, it seems that we are approaching the end of the rally at this resistance point. I observe a potential ending diagonal pattern, consisting of a fifth wave within a fifth wave within a fifth wave, characterized by declining volume. A final upward push towards the monthly resistance, accompanied by RSI divergence, could serve as a short trigger. Alternatively, a more cautious approach would be to wait for the breach of the extreme point of wave 3 within the ending diagonal. If a retracement occurs, the target could be a return to the previous fourth wave of a lower degree. This area coincides with a monthly resistance level, Fibonacci 0.618 retracement level, and the fixed range point of control for wave 4 according to my highest count degree. In conclusion, the success of this swing trade will depend on the extent of the upward movement before encountering divergences or a reversal. If realized, this trade has the potential for a risk-to-reward ratio of approximately 3.85. I will closely monitor Render for further signs of weakness, which could present a short-selling opportunity, or to observe if it breaks through the monthly support level accompanied by notable volume
RShort
by Ingvar77
Gold Future - Elliott WaveGold should reach around the 50% retracement (around 1842) of wave ((3)) and continue for the wave 5 of 5 ? Trade Strategy : The Stochastic Weekly momentum bearish reversal are made but be aware of the Stochastic daily, the momentum bullish reversal it's near to the OS (Oversold), so it should be sideway to down for a couple of days before the momentum trends rally again for few days ( or 2-3 weeks ?) and go down to the 50 % retracement. Let me know in comment, what do you think and if you like my opinion give me a blue thumb ! 👍🙌
COMEX:GC1!
by TradingX30
2
UPDATE ON XAUUSDHere's an update: 1st Scenario: Still on complex correction, the time XAUUSD hit all time high at 2078 was not a motive according to fibonacci (subjective), there's still a chance XAUUSD to go sideway until CPI or Core PPI release. 2nd Scenario: subwave v of (v) was truncated --> Ready for Major Correction. I prefer to wait until structure and pattern formed. Elliott Wave is high subjective, i will post if there's a new update on my perspective. Trade safe, Everyone! Cheers
OANDA:XAUUSD
by MarioSianipar_
BNBUSDT Short (Longer term view)Here we have a longer term trade for BNBUSDT shown on the daily chart. The Elliott Wave pattern shown in the image is an "ABC" pattern. Blue wave (A) moves upwards and consists of 3 waves: A,B, and C (in yellow). Blue wave (B) moves downwards and consists of 3 waves: A,B, and C (in yellow). In accordance with the theory, wave C in an ABC must end with 5 waves, which is what we see with blue wave (C). Blue wave (C) also formed an "ending diagonal" which usually signals that a sharp reversal is due ahead. Entry price 1 is so that the position can be entered in case we continue down from here and is at 311.03 Entry price 2 is there in case the market pushes higher one last time before moving down and is at 347.35 Be cautious not to over allocate capital at Entry price 1, otherwise your risk:reward ratio will go down to around 1:1 Profit target 1 is at 253.77 Profit target 2 is at 235.74 As always this is not financial advice and is only intended for educational purposes
Short
by TradewithLu