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Elliotwaveprojection

$DXY | SilverEdge Insights |Technical Confluences: Price action is in Oversold conditions in the Daily and Weekly Timeframe. Likely to see some consolidation of positioning here. Price action broke out of an Upward Sloping Parallel Channel and cleared itself out of the that Interest Zone too. Likely will see a test to re-enter that Channel due to Oversold conditions. Elliot wave count shows it is trying to compete Wave C (expected target would be to 71% Fibo Extension levels - possible to test the 100% Fibo level) A new Downward Sloping Parallel Channel is in play now and Price action needs to see it break the mid of the Channel to see a substantial move downwards Fundamental Confluences: With the expected cuts, market started unwinding their long USD positions and it is reflected in the TVC:DXY The extent of Wave C will really depend on how quick and reactive is the FED in cutting rates (the higher chances of 50bps cuts; the likelier we will see USD get sold. Building into next week, we are likely to see some traders cover their short USD positions as they size down before NFP data. However, if there is any gyration on the geopolitical front or US elections, it is possible to see the TVC:DXY reverse back to the top of the Downward Sloping Parallel Channel and top out at the Interest Zone area again
INDEX:DXYShort
by weekendanalyst
Nifty Higher Highs! Nifty has been seen gone bonkers and making swift moments upwards, without giving any breather to option writers. India VIX too marching along nifty(as suggested in previous post). Here in this study, on the left, I highlight the fund managers' chart or Quarterly Chart of Nifty. With help of #Elliot wave principles, I have marked the #Fibonacci Extension level on the lifetime chart of Nifty. Interestingly, Fibonacci levels have acted as major #Resistances. We have see big corrections only at these levels. We had expected Nifty to spend some more time at 2.6 Fib levels or 18000. But, Nifty has surpassed this 2.6 Fib Level and now heading towards 3.6 Level or ~24250. Before that I do not foresee any major correction! Note how Quarterly 50 EMA as been the lifeline or rock solid #support, even in time of distress. On the right, is the post-covid rise of Nifty on Monthly time-frame. I have plotted EMAs and MACD. Very beautifully price has mostly been above monthly 5 EMA to continue its upwards journey. Monthly 13 EMA and 26 EMA have acted like good support, ideal for swing entries. Currently price has broken out of the 2023 #Flag&Pole pattern. Zooming towards the next Target ~24250. Here I would like to draw your attention on #MACD. The rise after the covid-fall had given us positive crossover. And it is only now that we are getting a positive crossover which has now sustained with the flag breakout and aiming upwards. Isn't it a great confirmation. It is buy on dips all the way, provided you get those dips now ;-) Note: Current Monthly candle is still a running candle. It can even close at lower levels or turn negative. So is the case with the Quarterly candle. But this will not change our view. Our view will still be bullish towards our next target ~24250, just that the momentum might get slow and that we might take more time to reach our target.
NSE:NIFTYLong
by TradeRight_by_VP
2
40% up-leg incoming in Harley-Davidson!Harley-Davidson is just starting to take off in wave III. The initial "wave I'' was witnesses in the stock through the period between late Oct-late Dec. Wave II was a mere 38.2% retracement of the impulse(a sign of strength) and now the corrective pattern of the wave II seems to have completed all legs. Wave III projected target zone comes to approx. $45-50. With the kind of current risk-reward potential that the stock is offering at CMP, looks like a good pick in the up-trending Automobile sector.
NYSE:HOGLong
by neeraj_2_sharma
TAIWAN moves into wave iii of 3 and opens up to more upside!The TAIWAN market index(TWSE) is spotted moving up in wave iii of wave 3 structure. The last impulse in the index(wave i of wave 3) was seen during the months of Nov-dec and then came a subsequent correction of the same that retraced 38.2% of the rise. Now that the corrective wave ii is done, the index has started the rise again in wave iii. Wave iii of 3 can be projected moving towards the 19-19.1K zone. Wave 3 itself however, could be projected going much higher into the 20.2K-20.5K zone.
TWSE:IX0001Long
by neeraj_2_sharma
A massive wave may be coming in HINDWARE in coming monthsThe stock was seen rising in an impulsive 'wave I' structure between March-Aug 2023. Wave II happened between Aug-Nov and wave II managed to retrace 50% of wave I. In the past 2.5 months, the stock displayed a minor wave i of wave III and a retracement of the same in the form of minor wave ii. The stock now looks all geared up to move up and cover the remaining legs of Wave III. Wave III projected target is around INR 900-920, which means a good 80% upside from CMP. On the downside INR 479 can be used as a "SL".
NSE:HINDWAREAPLong
by neeraj_2_sharma
Wave 3 in AARTIDRUGS can push price up by 80%!!The Stock witnessed a five-wave impulsive rise beginning in March 2023 and ending in July 2023. The impulse move led to a 105% rally in the stock in a matter of just 5 months. Since the completion of the wave 1 in July however, the stock went into the corrective wave 2 structure between July-October. The corrective phase can be marked as an Elliot wave Zig-zag(ABC) and led to a 50% retracement of the wave 1. This phase ended in October and between October-November the stock displayed a slow moving leading diagonal as the first sign of reversal from the bottom of INR 444.This tiny diagonal is the only starting piece of the massive leg that is yet to unfold in the stock, taking it towards the INR 900 mark. The diagonal and its correction can be labeled as wave i&ii of 3 respectively and now the stock has "jump-started" the wave iii of 3 on 18DEC with a +4.2% closing alongside uptick in volumes. Upon successfully surpassing INR500 level, the stock shall be at the INR550 in 'very quick move'. INR 900 is the projected target region for the Wave 3. On the downside INR 470 can be used as 'SL'. Note*- The views expressed are based on personal opinions and observations. Please do your own research before making any trading/investing decisions.
NSE:AARTIDRUGSLong
by neeraj_2_sharma
The Pound: A Falling Star-- On the 30-minute chart, GBP/USD is trading in a downtrend. The pair has broken below its key support level at 1.2100, and is now targeting the 1.2000 level. -- On the 4-hour chart, GBP/USD is also trading in a downtrend. The pair has broken below its key support level at 1.2200, and is now targeting the 1.2050 level. -- On the daily chart, GBP/USD is also trading in a downtrend. The pair has broken below its key support level at 1.2300, and is now targeting the 1.2000 level. Technical Analysis Tools and Guidelines -- Elliot Wave Theory: GBP/USD is currently in a correction. This suggests that the pair is likely to continue to decline in the near term. -- RSI: The RSI indicator is oversold on all timeframes, suggesting that GBP/USD is due for a bounce. However, the overall trend is bearish, so any bounce is likely to be short-lived. -- MACD: The MACD indicator is below the signal line on all timeframes, suggesting that the bearish momentum is strong. Conclusion The overall outlook for GBP/USD is bearish. The pair is trading in a downtrend on all timeframes, and the technical indicators suggest that the decline is likely to continue in the near term. However, the RSI indicator is oversold, so there is a possibility of a short-lived bounce in the near future. I hope this post is helpful. This analysis represents is based on the information at the date it is posted. This analysis does not represent professional and/or financial advice. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content found on this profile before making any decisions based on such information. Any feedback is encouraged and appreciated. Thank you and have a nice day!
Short
by YExplore
2
EUR/USD: What to Watch ForTechnical analysis Elliot Wave Theory perspective - the price is in a small corrective uptrend, as marked in the chart. Don't get too hyped on this and remember, the market is unpredictable, but for now I will mark this as LONG, for a short time. On the 30-minute chart, the EUR/USD currency pair is currently trading in a range between 1.0685 and 1.0695. The 200-period moving average is acting as support at 1.0685, while the 50-period moving average is acting as resistance at 1.0695. On the 4-hour chart, the EUR/USD currency pair is trading in a downward trend. The price is below the 200-period moving average, and the MACD indicator is showing a bearish crossover. On the daily chart, the EUR/USD currency pair is also trading in a downward trend. The price is below the 200-period moving average, and the MACD indicator is showing a bearish crossover. Overall, the technical outlook for the EUR/USD currency pair is bearish. The price is trading in a downward trend on all three timeframes, and the technical indicators are showing bearish signals. Conclusion: The fundamental and technical outlook for the EUR/USD currency pair is mixed. The US economy is performing better than the Eurozone economy, but the Fed is also expected to raise interest rates more aggressively than the ECB. This could lead to a weaker EUR/USD in the coming months. I hope this post is helpful. This analysis represents my thoughts at the date it is posted. This analysis does not represent professional and/or financial advice. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content found on this profile before making any decisions based on such information. Any feedback is encouraged and appreciated. Thank you and have a nice day!
Long
by YExplore
AUD/USD: Technical AnalysisThe technical structure on daily chart is still very interesting, our short term setup has been corrected (see chart below), but now the pair is approaching an important long term resistance around 0.6880 area. That said, we still don't rule out some bullish consolidation in short term, but once the impulsive structure on 1H chart is completed, we expect an interesting corrective structure. OUR SHORT TERM ANALYSIS SETUP Trade with care! Like 🚀 if my analysis is useful. Cheers!
by TheAnonymousBanker
6
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
Bitcoin Elliot 5th Wave - Swing LongElliot wave rules: Rule 1 - Wave 2 cannot retrace more than 100% of Wave 1 Rule 2 - Wave 3 can never be the shortest of the three impulse waves. It doesn't necessarily have to be the longest, but it cannot be the shortest. Rule 3 - Wave 4 cannot overlap Wave 1 The Guideline of Alternation suggests that Wave 2 and Wave 4 will alternate, or be different in their complexity. If Wave 2 was a simple correction (a simple ABC structure), Wave 4 is likely to be a complex correction (such as a triangle, a flat, or a combination correction), and vice versa. The Guideline of Equality proposes that in many cases, Wave 5 will be approximately equal in length to Wave 1. When it's not, Wave 5 tends to be either 61.8% of Wave 1 or 161.8% of Wave 1. With all these said, we can confirm that wave 2 has a simple correction but wave 4 has a more complex correction. And, since the wave 3 can not be the shortest, so wave 5 has to be smaller than that and end before 36000 and if it tends to go around 61.8% of wave 1, we can target 32000 as the end of wave 5 Also, if this wave 4 wants to go lower, it can not pass 25200. This approach gives a good risk to reward ratio with these targets: Entry: 27200 - Stop Loss: 25200 - Take Profit: 32000
Long
by NoaTrader
10
🌊 Elliot Wave Cheatsheet📍 What Is Elliott Wave Theory? In technical analysis, the Elliott Wave theory is the analysis of long-term trends in price patterns and how they correspond with investor psychology. These price patterns, referred to as ‘waves’, are built on specific rules that were developed by Ralph Nelson Elliott in the 1930s. Specifically, they were designed to identify and predict wave patterns within stock markets. Importantly these patterns are not intended to be certain, but instead provide probable outcomes for future price movements. 📍 How Do Elliott Waves Work? Within Elliott Wave theory, there are different forms of waves, or price formations, from which investors can glean insight. Impulse waves, for example, include both an upward or downward trend that carries five sub-waves that may last hours or even decades. They possess three rules: the second wave cannot retrace more than 100% of the first wave; the third wave cannot be shorter than wave one, three, and five; wave four cannot surpass the third wave ever. Along with impulse waves, there are corrective waves, which fall in patterns of three. 📍 Impulse Wave The impulse wave in Elliott Wave Theory is the wave that pushes the prices in the same direction as the trend at one larger degree. It’s the action wave. While the corrective wave is the reaction to the first wave. Therefore, the corrective wave moves in the opposite direction of the main trend. The impulse wave is composed of 5 waves according to certain conditions & rules. Impulse waves are always composed of five waves, labeled 1,2,3,4,5. Waves 1,3 & 5 are in the direction of the main trend. Whereas, waves 2 & 4 are in the opposite direction 👤 @AlgoBuddy 📅 Daily Ideas about market update, psychology & indicators ❤️ If you appreciate our work, please like, comment and follow ❤️
Education
by QuantVue
4
Bitcoin Reversal with Highest Volume of 2023?I Want to point out a few things about the last bitcoin's possible reversal point: 1- We had the highest volume on daily candle since 2023 with a bullish pin bar 2- The price rejection is from the previous cycle ATH around 19700$ which makes it an important level (Maybe the strongest support till 16000$) and also near the bottom of the ichimoku cloud Now, IF we consider this as a reversal , there are a lot of things happening here: 1- A huge channel has appeared beginning from 16300$ which I draw as a Fibonacci channel 2- Trading View's Elliot Wave chart pattern shows the targets with its wave projection considering the end of wave (a). And here are a lot of Resistances on the way (If you needed to read more about Volume Profile here is the link ): 1- Around 21500$ is both VAL of the Volume Profile and a technical resistance around the end of the wave (4) as the first target of the wave (b) projection 2- Around 23000$ is both POC of the Volume Profile and around the top of the ichimoku cloud as the last target of the wave (b) projection 3- Also we have a bearish trend line on the way And don't forget that Today and Tomorrow we will have the least volume and price movement according to the averages (linked the script on the related ideas), so Monday will be the real deal.
Long
by NoaTrader
BPP | Wave Analysis | Bullish Divergence Uptrend Target +25%Price action and chart pattern trading setup: > ABC correction - main downtrend channel breakout in TFW and bullish Anti Nenstar pattern - possible a major trend reversal pivot point > Indicator: MACD / RSI bullish divergence - strong reversal signal in TFW > Entry @ Breakout retest zone SMA50 - 20 > Target @ TP1 17.2 + 15% Inverted Head & Shoulders Target / TP2 18.7 + 25% - Falling Wedge Target - 0.618 Fibonacci retracement and volume profile POC > Stop @ Inverted head position -7% > Risk reward ratio: 2:1, 3:1 Always trade with affordable risk and respect your stoploss - nothing 100%
SET:BPPLong
by dukeposh
Bitcoin Intraday analysis; ABC to upside completed!Bitcoin has completed an ABC correction to the upside in which we had an intial 5 wave impulse wave off the $18200 lows to form A wave , we then had a 5-3-5 sub wave structure to form the B wave at a low of $18650 before embarking on a C wave incline which was extremely impulsive with clear subwave structure as identified on the chart. Notably; price rejected on the ~1.382 fib extension of A wave to a tee, and appears to have formed 5 waves to complete the C wave. Where does price head from here? There is possbility that a WXY complex corrective structure has been completed; essentially a triple zig-zag forming a Wave 2 completion. Of which a 3rd wave to the downside could be imminent to the $15500 area, if you have followed my previous ideas, it is conceptualised that a possible 1,2 , 1,2 impulse structure to the downside has been formed from the MACRO WAVE 4 TOP at ~$25200 which can take Price towards $10,800 area, of course targets will be more easily projected as price progesses. Confirmation of bearish sentiment depends on how support areas at $19650-$19800 react aswell as other regions bitcoin has consolidated in the previous month. Please like and follow for more advanced elliot wave forecast!
Short
by NICKVASS10