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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
by EuroMotif
7
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.
by thillygoosth
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?
FOREXCOM:XAUUSDLong
by ashaman
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
BTCUSD: Elliot Wave 2014 vs 2018, The Case for the Bulls!!!Intro: By now you should be sick of the 2014 vs 2018 BTC comparisons BUT there are uncanny parallels between these two corrections regarding their ABC corrections and the Fibonacci Extensions. Here's what I'm seeing: 1) Three Lower Lows in 2014 and 2018 create our A correction (Zig-Zag Pattern). 2) The A correction DROPS about 70% in both 2014 and 2018. 3) Both C waves have a 0.786 Fibonacci extension. 4) A symmetrical triangle formation develops after the ABC correction to the downside. 5) An ABC correction forms to the upside. 6) The C Correction to the upside COULD reach the 1.618 in 2018 just like it did in 2014. What Invalidates this analysis? A drop below the 2018 low ($5774.72 on Bitstamp). Disclaimer: This is not advice. Entering a trade at this moment presents a massive reward and a low risk if the C wave extends to 1.618 Fib number and we hold the 2018 low. Even better, reaching the 1.618 fib extension means higher highs and a confirmation of a reversal. Please comment and like: This is a learning community and your comments or questions make a difference. BITSTAMP:BTCUSD Take a look at my Gann Fan Analysis:
BITSTAMP:BTCUSDLong
by tvlester
NZD/CHF DailyIt is at the first fork. Small ending diagonal 1hr. But there are 2 ways I can label this 5 wave, this is one where we would get an ending diagonal, or shortening of impulses as a wave 5 so keep that in mind. There are a lot of levels for price to hit so I would recommend being careful and patient for an attempt at a large up move, we are in a strong downtrend and impulse waves are fractal, but I expect at least a correction to be coming from this strong fib area. If it gives us a larger ending pattern, which would take some time (see NZD/USD buy I posted from the low) that would be the type of setup I would look for exact entry and 50-62% retrace of 5 wave down. It can come up some from right here but, be careful. See Weekly chart I posted
by thillygoosth
NZDUSD Elliott Wave Analysis: Double Correction Taking PlaceHello Traders, NZDUSD short-term elliott wave analysis suggests that the decline to 0.6543 low ended red wave 1. The internals of that decline unfolded as impulse structure with lesser degree Minute wave ((i)), ((iii)) & ((v)) unfolded in 5 waves structure. Above from there, red wave 2 bounce is taking place as double correction higher with lesser degree cycles showing sub-division of 3 wave structure its each leg higher. Up from 0.6543 low, the rally to 0.6719 high ended black wave ((w)) of 2. The internals of that rally also unfolded as double three structure where blue degree wave (w) ended at 0.6639. blue wave (x) pullback ended at 0.6609 & blue (y) of ((w)) ended at 0.6719 high. From there, the pullback in black wave ((x)) remains in progress as a Elliott Wave Flat structure to the areas of around 0.6626-0.6603 (Blue box area). Near-term, as far as dips remain above 0.65389, we expect pair to resume the next leg higher in black wave ((y)) of 2. We don’t like buying the pair and like to stay on the sidelines for now.
by Elliottwave-Forecast