EURJPY forming wave 3 for bearishEURJPY finished the first correction wave (wave 2) and start the second impulsive wave (wave 3) that is the biggest of all waves.
Elliotwavecount
NZD/USD wave count and fib updateConsidering the wave measurements of "1" and "3", I will expect a 5th wave (wave 3 extended past 1.618 wave 1). I underlined the potential level. If we were to get a 5th wave, then we would most likely get a correction here (triangle or shallow flat). Otherwise, wave "3" could be a "W" as a 1-2-3 can be an ABC, and we would get a larger correction downward, but considering several factors, I will anticipate a wave 4 type correction and a wave 5 as I described.
My Price Prediction for ETHEREUM
keep in mind, I'm still a bit newer to Elliot waves so its a bit hard for me to draw them "in the dark", so to speak, but I think by tomorrow we will see ETH hit the resistance around 192 and you should probably take a long there for the next uptrend to begin. take this with a grain of salt but tomorrow if you see it happen then you know :D if you want to short soon wait for the B to complete somewhere above the resistance line at 198, possibly around 200 and short there to C
GBPAUD - Sell the topGBPAUD is in a big monthly corrective structure as WXYXZ triple wave combo prior to which there was an impulsive leg down.
There is divergence present the between Y and Z wave indicating the corrective structure is coming to an end.
This a good short trade to take, if the trendline below breaks its can be a big move down to test the lows.
Watch for break and correction below the trendline for confirmation of the big move.
CGC - setting up for downside CGC broke down and now consolidating for further downside move.
A good short setup on the 1hr chart .
ONT/ BTC - buy setupONT broke out, seeing some consolidation now. Good buy setup for C leg of larger degree ABC correction.
short now and sell at golden ratio 618 extension
short now. were getting ready to go test that "golden ratio" 618 extension any minute(ethereum)
Siacoin / BTC - Buy the retest of the lows SC is making large flat structure. Buy the retest of the lows or new lows for a trade to test the the high of a.
USD/CAD has a Elliot wave on 4h hour chart, Here is the Proof!!!Hello ladies and gentlemen, i hope you all having a nice weekend.
Today we have a post with educational idea of elliot waves. Let's observe together, i hope you will like it.
Rules of Elliot waves:
1- Second wave's low is higher than first wave's low.
2- If second wave makes a sharp correction, 4th wave will make a flat correction or vice a versa.
3-If 3rd wave is the longest wave, the time length of the first wave must be equal to the time length of the fourth.
4-After the 5th wave, A-B-C correction comes and this correction will take us to C level which is very close to low of 4th wave.
We are in A-B-C correction now but main problem is i couldn't define B point perfectly because market is closed right now and not sure if we were passed B point or not thats why i need to see more reaction of usd/cad to define perfect B point.
Okay what will be our setup for this trade?
-For a safe trade, you can wait till price breaks inclined support. Then aim 1.29610 as a target.
-For a more risky trade, you can jump in from these price levels and aim for 1.29310 as a target which is very close to low of 4th wave.
If you are going to decide on second trade setup, i recommend you to use less leverage for a calm trading journey.
(For example 25 or 10 times of leverage)
Stop loss for both trade setups: 1.30900
I hope you enjoyed with my analysis, i wanted to show elliot waves' rules in action.
Please support my account by sharing and liking for more educational ideas.
Thanks and have a nice weekend.
Berk.
GBPUSD short term top in sight?: GU resistance zones on 1h chartJust a quick plot to watch the three zones of interest for possible short entries.
The three zones are in my opinion resistance.
The zone marked with end of Wave (C) is most likely I think.
Barring great news regarding Brexit, I think the bounce is almost done.
Looks like an ABC correction to a down move.
Background:
This is an update to my last short term Idea looking for the dip and bounce
My GU adventure started with a search for top of uptrend around Sept 20th
Then came the big drop, which I caught most of. Then I started looking for bounces to short
After catching a few scalps and a couple big rides down, I was then waiting for a pull back again
During the pullback, I managed to get in a few short scalps but with tight stops
Then, just before NFP, the Pound started getting some good news and showing signs of bullishness so I threw some longs down
Which brings me to the current plan, looking for an ABC correction to end soon
GBP/NZDGN rejected pitchfork as it broke 1.236 extension of a potential WXY pattern for a "B" wave. It either did a contracted flat for more upside or it is still in corrective structure. By looking at the divergence and 2 shark fins on the weekly, I feel like we can get some downside. The move it has been making up is a corrective move (all waves overlapping, following a long move down). There is some very large downside coming on this pair, but it can push up further in structure if it wanted to. I would prefer to wee it make a wick out of fork and 1.236 extension considering this last wave, but I will begin looking for sell setups on it, as GN is in the position in the wave count that a "C" wave can come from. A "C" wave can either finish out a correction for a continued trend or is a reversal wave. GN can keep chopping up, can even shoot up, but that won't change the fact that a drop is coming at some point, potentially to break the low even, creating a large weekly corrective structure. But like NU, I would like to see a smaller correction to confirm it is ready.
XAU Macro Elliott Wave analysis. Is the correction finally over?FX_IDC:XAUUSD
OANDA:XAUUSD
FOREXCOM:XAUUSD
IMHO there is a very distinct possibility that XAUUSD has completed a full triple combo corrective sequence: Triangle + Zig Zag + flat.
The upwards move the last couple days has a distinctly impulsive feel to it, with the bulls very much in control. I am very much looking forward to discovering whether this is the start of a bullish impulse or more corrective wave nonsense.
In other news, I'm seeing quite a few toppy patterns in multiple stock indices - both US and international. The NASDAQ in particular looks quite disgusting on the daily - 3 giant bear spikes sticking up out of a rounded top. To me, it seems only natural that the start of a bullish impulse in gold might coincide with a corrective reversal in the stock markets.
Thoughts?
ETH - watch this breakout for a long to 270$ETH is doing more complex corrrective pattern.
Its consolidating right now after making impulsive move up so would be expecting another leg to retest the previous highs atleast.
SPX 500 - Running flat or Expanding Flat in the making SPX 500 is currently correcting, since we broke the top there can only be 2 possibilities for this correction - either a running flat or expanding flat depending on whether C wave breaks the A wave low or not.
Short the breakout for nice short setup SPX. Expect this move to be swift very similar to one we got towards the beginning of the yr.
AMD - Correcting before next impulse up. AMD is currently in correction. Watch out for some kind of flat type correction here seems most probable from the looks of right now before it breaks up to make the next impulsive leg.
BTC - short setup BTC broke down and formed a 3 wave corrective structure.
Good short setup for a test of 6000 ranges.
ETH - short setupETH has been making consolidation / flag for another short setup.
Short the breakout of this corrective.
It can break down from here or make another impulse then breakdown.
TLRY - Don't short now. Long the breakout for a bounce!TLRY saw a massive dump after completion of wave 3.
TLRY is completing A leg of the ABC correction. Watch for a breakout for long opportunity on the bounce.
ETH - short the breakoutETH is also forming corrective 3 wave structure.
Its basically moving sideways we made just slight higher high but overall picture is still the same.
CGC - Short for the big incoming correction.CGC has completed 5 waves up on the weekly chart. Get ready for a big long ABC correction down to around $22-$25.
APPL - short the breakdown to 214-216$Watch and wait for breakout for short opportunity to around 214-216$ to complete the corrective structure.
ETH - Major Dump before the big PumpETH very similar to BTC has completed a corrective pattern - expanded flat.
It broke the low and the broke the high of wave A making this an expanded flat.
Since it formed a corrective pattern instead of making a new impulse, should expect another wave down before any kind of reversal in Ethereum and rest of the crypto market altcoins.
